TL;DR
To gain exposure to the NFT ecosystem, one option is to buy NFT coins, meaning fungible tokens connected to NFTs or to the NFT sector. These are more liquid than NFTs themselves and are a simple option to include in a crypto portfolio. Some interesting tokens to watch include ApeCoin, AnimeCoin, and the Memeland project’s MEME token, there’s also TNSR from the Tensor NFT exchange, and the incoming ME token from Magic Eden, and for broader ecosystem plays related to Web3 gaming, there are RON and OAS, from the Ronin and Oasys blockchains, respectively.
In case NFTs make a comeback you might want to have some exposure to the sector, and while you can do this by loading up on JPEGs–that’s what NFTs are all about, after all–an alternative is to go down the altcoin route and grab some NFT coins instead.
This is advantageous if your don’t have time to research NFT collections, or if you just want more liquid assets that you can trade easily, and in either case, it can make sense to pick up some regular, fungible tokens that are connected to NFTs, and have good potential if the NFT ecosystem picks up some bullish momentum.
To get an idea of where to start with these kinds of coins, let’s run through some NFT-related tokens that might perform well in future.
ApeCoin
Arguably the highest profile NFT-related token is ApeCoin, because it’s connected to one of the most famous NFT collections, Bored Ape Yacht Club. Although it was officially created by the ApeCoin DAO–not by Bored Ape founder Yuga Labs–ApeCoin was airdropped to holders of Yuga NFTs and is the native token of ApeChain, an incoming new Layer-3.
ApeChain is being developed as an Arbitrum Orbit chain, and the project this week saw the announcement of its first product: a trading simulation game called Top Trader that was created by a team within Yuga called The Workshop, and which uses ApeCoin to fund its prize pool. You can read more about the details of ApeCoin and ApeChain in this recent report–What Is ApeChain?
AnimeCoin
Another big name coin connected to a big name PFP collection is AnimeCoin, which is related to the Azuki project. Azuki launched back in 2022 and has weathered market ups and downs relatively strongly, all the time working on anime production alongside building a new Layer-3 blockchain (this one is also an Arbitrum Orbit chain) called AnimeChain, on which there will be an anime-focused platform simply called Anime, using AnimeCoin as a native token.
The Anime platform is all about consumer crypto, with a focus on bringing in newcomers without the crypto component being upfront or even noticeable (as highlighted in a video posted by Azuki founder Zagabond). AnimeCoin itself is not live yet, but you can join a platform waitlist and mint some stickers on the Anime website, and with both a niche cultural focus and a connection to Azuki, this one has clear potential.
Memecoin
And for one more token connected to an NFT project with solid foundations, there’s Memecoin from the Memeland development. Having been launched by 9GAG (a Hong Kong-based website that is all about meme culture, and has over 40 million registered users), Web3 venture Memeland has strong backing and is home to multiple NFT collections, including The Captainz, The Potatoz, and You the Real MVP.
Memecoin is the native token of the Memeland platform, and makes a point in its whitepaper of being “completely useless and for entertainment purposes only”. That’s maybe good for legal reasons (it doesn’t sound much like an investment contract, for sure), but it also fits in naturally with the culture around meme tokens–a sector where lack of utility can be a selling point rather than a criticism.
Tensor
Besides checking tokens from specific NFT projects, another possible approach is to pick up tokens from NFT exchanges, and in that case, the TNSR token–from NFT marketplace Tensor–is worth a look.
Tensor is a dedicated Solana NFT exchange that launched in 2022 with an advanced trading interface that put it ahead of its rivals, and its own NFT collection called Tensorians. The TNSR token dropped in April this year, and the price has fallen by over 80% since launch, but looks like it has bottomed on the charts and may have the potential to make gains if Solana NFTs start to move.
ME
Another incoming exchange token that should get attention on launch is ME from the Magic Eden NFT marketplace. Magic Eden started as a Solana platform, but has since expanded to multiple chains, and was an early mover when it came to Bitcoin Ordinals and then Bitcoin Runes.
Magic Eden users have been given points called Diamonds as rewards for activity on the platform, and these may translate to an allocation of the ME token when it’s released, although allocation details have not yet been announced and no token launch date has been revealed.
The ME Foundation has posted about its plans for a cross-chain ecosystem with an uncomplicated UX, to be focused on mobile use, all of which sounds geared towards consumer crypto and bringing in new users.
Ronin and Oasys
One area of the NFT sector with huge potential is Web3 gaming, and there are plenty of gaming projects out there with their own tokens (or plans to launch a token). However, if you want to go for an ecosystem play rather than focusing on individual titles, then Ronin and Oasys are strong contenders.
Both are fully gaming-focused blockchains that have strong communities and plenty of developer activity, with a range of games being built on each, and picking up their respective tokens–RON and OAS–is a straightforward way to get broad exposure to Web3 gaming.
In addition to the coins listed above, there are many other tokens of interest out there, and a few more possibilities to check out include Artrade (which is related to artwork RWAs), Metaplex (a Solana ecosystem play), Bullieverse (a gaming and entertainment brand), Retardio (related to the cult-like Retardio Cousins NFT collection), and WAGMI Games (also focused on gaming and entertainment).
