The non-fungible token craze continues booming this week, with a majority of the NFT tokens attracting new bullish speculation. In response to the ever-growing market, NFT projects such as Ultra (UOS), Theta (THETA), and Enjin (ENJ) have reached new yearly all-time highs in the recent trading sessions.
Tokens Associated with NFT Platforms Surges to New Highs
According to crypto data provider Messari, the 10 biggest digital tokens associated with NFT platforms have returned in a year-to-date price range from about 60% to 900%.
For instance, Theta, a blockchain-based video streaming platform’s native THETA token, reached a new all-time high of $5.23 before the long-awaited hard fork on March 10.
The altcoin had a good performance throughout February as the project announced a partnership with Sony Europe.
Blockchain–based, PC game distribution platform Ultra’s UOS token surged to a 21% high of a record high of $0.4675, following the project’s mainnet launch that will enable cross-chain and NFT capabilities.
Meanwhile, Enjin offers an ecosystem of integrated blockchain software products making it easy for everyone to develop, trade, monetize, and market with blockchain. In 2009, Enjin launched the Enjin Network, a gaming community platform that boasts over 20 million users.
The platform’s native ENJ coin broke to a new all-time high of $1.94 on March 9. Just last week, its ENJ token surge to 50% to surpass a market valuation of $1 billion. The token is even listed on major cryptocurrency exchanges such as Binance and FTX, including derivatives contracts.
NFT Project Altcoins Offers More Liquidity Than Itself
Meanwhile, the creator of the popular CryptoKitties, Dapper Labs-backed Flow blockchain’s native FLOW token has been up 79% last week to reach a market capitalization of $1.1 billion.
NFTs are digital tokens created on the Ethereum blockchain on the ERC-721 or ERC-1155 token standard. Even though the altcoins of these NFT projects are built on ERC-20 token standard, they also offer much more liquidity and hence are much more accessible for larger capital allocators rather than NFTs.