Cryptocurrencies powering NFT ecosystems have been gaining notable attention. According to recent data from Santiment, a leading crypto analytics platform, three NFT-related coins have emerged as top contenders to watch in May based on their notable development activity over the past 30 days: Decentraland (MANA), Flow (FLOW), and Metaplex (MPLX).
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Decentraland (MANA)
Decentraland is a decentralized virtual reality platform built on the Ethereum blockchain.Users can purchase, develop, and monetize virtual land parcels within the Decentraland metaverse using the platform’s native cryptocurrency, MANA.
Currently trading at $0.4021, MANA has experienced a 1.83% decrease in the past 24 hours. Despite this short-term decline, Decentraland’s market cap remains substantial at $767,297,221, securing the 95th position in the cryptocurrency rankings. With a 24-hour trading volume of $48,405,334, MANA has demonstrated notablemarket activity.
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Flow (FLOW)
Flow, a fast, decentralized, and developer-friendly blockchain platform, has been gaining traction due to its focus on enabling the creation and trading of unique digital assets. Developed by Dapper Labs, the team behind the popular CryptoKitties NFT project, Flow aims to provide a scalable infrastructure for the next generation of NFTs and decentralized applications (dApps).
Currently trading at $0.8225, FLOW has experienced a 3.38% decrease in the past 24 hours. However, the cryptocurrency boasts a market cap of $1,230,790,795, securing the 63rd position in the rankings. Flow has a 24-hour trading volume of $37,809,59.
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Metaplex (MPLX)
Metaplex, a decentralized protocol built on the Solana blockchain, has been gaining attention for its innovative approach to creating and managing NFTs. By leveraging Solana’s high-speed and low-cost infrastructure, Metaplex aims to provide a seamless and accessible platform for artists, creators, and collectors to engage with the NFT market.
Currently trading at $0.3262, MPLX has experienced a 10.11% decrease in the past 24 hours. Despite this short-term decline, Metaplex’s market cap stands at $80,755,658, securing the 480th position in the cryptocurrency rankings. With a 24-hour trading volume of $1,215,974, MPLX has shown notable market activity.
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As the NFT market continues to slowly gain momentum, the underlying cryptocurrencies powering these ecosystems have become increasingly important to investors and enthusiasts. Decentraland, Flow, and Metaplex have emerged as top NFT-related coins to watch in May, showcasing notable development activity and strong market presence.