NFT-related virtual currency has various uses, such as needing to be used for items in that game or used as gas money. Such are the original uses, but the game has become so popular that people want to become stronger in the game even if they have to buy those tokens.
As the number of such people increases, it is not uncommon for tokens to be listed on exchanges.
When the tokens are listed, the price of the tokens will go up, and the assets can increase just by playing the game or participating in the project.
This will attract more new players and expand the project, so there is no harm in holding the coins of the project you are interested in.
- 1 What NFT-related virtual currency issues are available?
- 2 Key to choosing NFT-related virtual currencies
- 3 Exchanges where NFT-related virtual currency can be purchased
- 4 Summary of NFT-related virtual currencies
Characteristics of NFT-related virtual currency
The feature of NFT-related virtual currency is that if you are interested in the project and purchase game items or NFTs, you can obtain them by distributing your own tokens as a reward. Or, transactions are denominated in ETH, but a proprietary token is issued for remittance fees related to gas bills. The proprietary token is often used to compensate for the gas cost.
Either way, the project management is required to increase the number of investors and fans to sustain the project. They distribute their own tokens to early participants as airdrops to create buzz, for example.
Although it is meant to be like a stock dividend, we issue tokens with the meaning of expanding our services by distributing our own tokens to investors.
What NFT-related virtual currency issues are available?
What kind of NFT-related virtual currencies are there, with ICO projects adding more and more services every day? Naturally, there are also dubious projects.
Please respond to the credibility of the projects by your own scrutiny of the information, actual profitable, redeemable, etc.
Here are six typical NFT issues.
Axie Infinity is a game from Vietnam launched in 2019; you can join by purchasing three monsters called Axie. Inspired by Japan’s Pocket Monsters, cute characters battle each other and win in-game tokens, SLPs (Smooth Love Potion) Axie Infinity is the original Play to Earn and has exploded in South East Asia (especially the Philippines). It has exploded in popularity in South East Asia (especially in the Philippines). Combined with the popularity of the game, the price of SLP was around 10-20 yen last year, but has now fallen to 1-2 yen.
There are also coins called AXS (Axie Infinity), which are distributed only to the top players in the Arena mode of the game. These have been between 3 and 4,000 JPY.
There is also an active transfer of in-game tokens between users, and there is Ron (Ronin), a coin that compensates for the gas costs that occur during the transfer. This one costs around 70 JPY.
Theta (THETA) is a network dedicated to blockchain video streaming. Launched in March 2019, the Theta mainnet operates as a decentralised network where users share resources and content on a peer-to-peer (P2P) basis.
Theta features its own native virtual currency token, THETA, which performs various tasks within the network and can be freely traded on exchanges.
The network runs on a blockchain and uses three native tokens known as Theta (THETA), Theta Fuel (TPEL) and Gamma to drive the internal economy.
Theta’s appeal is threefold. Viewers get a higher quality streaming service, content creators improve their revenue and intermediaries (video platforms) save on the cost of building infrastructure.
Rewards are granted in the form of THETA tokens, so users have an incentive for both watching network content and providing physical resources.
The platform is open source and token holders receive the same governance rights as in many proof-of-stake (PoS)-based blockchain ecosystems.
THETA is currently trading at around $180.
Flow is a fast, decentralised, developer-friendly blockchain designed as the foundation for a new generation of games, apps and the digital assets that power them.Flow is the only layer-one blockchain developed by a team that has consistently delivered superior blockchain experiences for consumers, including CryptoKitties, Dapper Wallet and NBA Top Shot. It is the only layer-one blockchain developed independently by a team that has consistently delivered superior blockchain experiences for consumers, such as CryptoKitties, Dapper Wallet and NBA Top Shot.
Flow Tokens are the native currency of the Flow network, the cornerstone of an inclusive, new borderless digital economy If Flow is the digital infrastructure, then Flow Tokens are the fuel that drives the network. Flow is designed not only as a payment instrument, but also as a long-term reserve asset for the entire Flow economy. Tokens are used to enable and reward validators, developers and users to participate in the Flow network. They are also used to participate in fees and future protocol governance.
Flow is the only blockchain designed from the ground up for mainstream adoption, with usability improvements built into the protocol layer. Top-level developers and some of the world’s biggest brands are already building on Flow to enable entirely new experiences with the world’s best content.
The current price of Flow is trading at around 400 yen.
Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products.Enjin’s flagship product is Enjin Network, a social gaming platform that allows users to create websites and clans, chat, and host virtual social gaming platform that allows users to create websites and clans, chat and host virtual item stores.
Enjin enables game developers to tokenise in-game items on the Ethereum blockchain, using Enjin Coin (ERC-20 token) to subsidise digital assets (NFTs such as e-books, images and videos) issued on the platform The system is based on the following principle: NFTs can be used as a token. This means that NFT items can be bought, sold and traded for their real-world value.
Enjin Coin (ENJ) is a digital store of value used to back the value of blockchain assets such as non-fundable tokens (NFTs).
Issuing blockchain assets in ENJs brings various benefits to creators and users. In particular, the Enjin platform is characterised by the fact that NFTs can be issued without specialist knowledge of blockchain, and has attracted a large number of users in terms of convenience.
Assets issued on the Enjin platform also have a melting function, where NFTs that are no longer needed (i.e. cannot be sold) are returned to EnjinCoin. NFTs that were not in demand can be converted to EnjinCoin. However, a fee is charged.
The Enjin ecosystem, built on top of the on-chain infrastructure, allows game developers and companies to use tokenised digital assets as part of their acquisition, retention, engagement and monetisation strategies. It is supported by the Enjin Coin (ENJ), a virtual currency for backing the value of blockchain assets.
The Enjin Coin is currently trading at a price of around USD 95.
Chiliz (CHZ) is the leading digital currency for sport and entertainment and powers Socios.com, the world’s first blockchain-based fan engagement & rewards platform. As well as being able to buy and trade fan tokens, fans can also influence club management decisions by taking part in and answering club-specific surveys.
Founded in Malta in 2018, the company’s vision is to bridge the gap between active and passive fans and provide millions of sports fans with Fan Tokens that act as a tokenised influence-sharing vehicle.
As an exclusive currency on the platform, fans use CHZ to buy branded Fan Tokens. The Fan Token gives users influential decision-making power and allows them to vote in elections that partners announce within the Socios app.
Ownership also gives fans access to exclusive rewards, great experiences and access to gamification, social interaction and leaderboard features, with more to come in 2021 and beyond.
As an exclusive currency on the platform, fans use CHZ to buy branded funtokens. These fan tokens give users influential decision-making power and enable them to vote in elections that partners announce within the Socios app.
Ownership also gives fans exclusive rewards, great experiences and access to gamification, social interaction and leaderboard features, with more features to be added in 2022 and beyond.
Socios.com provides sports & entertainment organisations with a branded fan token and fan engagement platform to help them more effectively monetise their engagement with a global audience.
Currently, 25 major sports/e-sports organisations have launched fan tokens on the platform, including FC Barcelona, Juventus, AC Milan, OG, Paris Saint-Germain, Manchester City and the Professional Fighters League.
In the near future, many other major sports and entertainment venues around the world will introduce fan tokens.
The price is currently trading at around USD 15.
Rarible is a creator-centric NFT marketplace and publishing platform that uses RARI tokens to give users of the Rarible protocol the right to vote RARI tokens serve as governance tokens, which are used to used to vote on directional decisions when updating and to decide which artworks to push on Rarible.
Users of the Rarible platform can easily create unique digital items NFTs, such as artwork or game items. The platform provides users with a full-featured marketplace that is filtered and sorted using different categories, creating a smooth and easy user experience.
Anyone can create and contribute NFTs on the Rarible marketplace, and RARI tokens are a fundamental pillar of the platform as they are used to reward active users and participate in the governance of the protocol.
Alexander Salnikov was co-founder of Zenome and ICO Director of Humaniq, a blockchain-based project that provides tools for the unbanked. Salnikov has founded more than five successful companies in the past and has extensive experience as a product manager. He currently works as Head of Product at Rarible.
According to the official Rarible LinkedIn page, the entire Rarible team consists of almost a dozen employees, many of whom are artists.
Rarible is currently trading at around USD 430.
Key to choosing NFT-related virtual currencies
We have introduced six NFT-related virtual currencies, but even if you have sourced information on such issues, it does not necessarily mean that you can trust them.
What should you look for and trust in such situations? We explain below.
Find out the market capitalisation of NFT-related virtual currencies
One way to check whether a project is trustworthy is to check its market capitalisation.
The market capitalisation can be found on the Coin Market.
Checking the market capitalisation also gives you an idea of the current expectations for the project.
If a virtual currency stock has a low market capitalisation and not much chart movement, it is best to stay out of it.
Examining the features and services of NFT-related virtual currencies
It is also important to find out the characteristics of other NFT-related virtual currencies. It is also necessary to get information on Twitter and Discord to find out what the project does and how it can be profitable, and to find out if it is true or not.
Especially in the case of projects that make money by doing something, it is very important that the first project is even more original, such as Axie Infinity, the original ‘Play to Earn’ project, which has since influenced other projects. A project also tends to have a longer life span if it has a lot of buzz and a lot of participating users.
Look at information from abroad
Although it is difficult for those who do not speak English, you should actively take in information from abroad. It is possible to understand the content of overseas websites by using translation services such as Google Translate or DeepL.
Other than that, we recommend that you actively search for white papers for each project, as there are websites that describe the significance of the project, sponsoring companies and roadmaps.
It is also possible to obtain these from official websites such as Discord.
Exchanges where NFT-related virtual currency can be purchased
The following is an explanation of the exchanges where NFT-related virtual currencies can be purchased.
bitflyer does not deal in NFT-related virtual currencies. It currently handles 15 different stocks (BTC, ETH, ETC, LTC, BCH, MONA, LSK, XRP, BAT, XLM, XEM, XTZ, DOT, LINK, XYM).
Coincheck handles the previously mentioned EnjinCoin, which is an NFT-related virtual currency. The other 15 exchanges handle ETH, XRP, XEM, LSK, LTC, BCH, MONA, LOST, QTUM, BAT, OMG, XYM, PLT and XRM in total.
DMM Bitcoin also handles EnjijCoin. Other stocks handled include BTC, ETH, XRP, LTC, BCH, XLM, ETC, XTZ, OMG, XEM, QTUM, BAT and MONA, a total of 14.
DMM Bitcoin has the largest number of altcoins for leveraged trading in the country. If you need to trade, you may open an account.
GMO Coin also has the largest number of traded stocks in Japan, with 18. It is the only exchange in Japan that also offers EnjijCoin and Maker (MKR) as NFT-related virtual currencies. It is also a valuable exchange for Cardano (ADA) coins, and handles BTC, ETH, BCH, LTC, XRP, XEM, BAT, OMG, XTZ, QTUM, DOT, ATOM, XYN, MONA and DAI.
Binance is said to be the world’s largest crypto exchange, handling more than 300 different crypto coins. Binance.
Axie Infinity, THETA and Flow can also be purchased and traded on Binance.
To exchange NFT-related virtual currency for cash, trade BTC, ETH or XRP on Binance and send it to a Japanese virtual currency exchange. The safest way is to exchange them for Japanese yen on a Japanese exchange. If other NFT-related virtual currencies are listed on Binance, you can expect a rise in value, so it would be better to open an account.
Summary of NFT-related virtual currencies
Now for a summary.
① NFT-related virtual currencies are in a situation where the number of issues is increasing every day, partly due to the progress of DAOs (decentralised autonomous organisations).
② NFT-related virtual currencies need to be examined in terms of market capitalisation and service content, as there are many untrustworthy deals.
③ Japanese virtual currency exchanges handle only a small number of virtual currencies. Foreign exchanges handle them, so if you find a stock you are interested in, you can actively buy it.
With the popularity of NFTs, the number of virtual currencies is increasing every day. Japanese virtual currency exchanges handle only a small number, but the number of virtual currencies handled by global virtual currency exchanges such as Binance, Bybit and OKX is increasing rapidly.
Don’t stick to domestic exchanges, but be proactive in adopting overseas exchanges as well.