Are NFTs dead? 3 crypto tokens to short as volume slumps
NFTs are dead. After receiving a lot of spotlight in 2021, their volume has slumped this year. Recent crypto news that the volume of NFTs traded in September was about 97% below those traded in January. NFT companies like OpenSea have announced layoffs. Analysts believe that the NFT industry is in its deathbed. If they are right, here are the top 3 NFT tokens to short.
Immutable X
Immutable X is a layer-2 network that helps to supercharge Ethereum NFTs. It helps developers to offer NFTs at the lowest cost. According to its website, Immutable X has helped people mint over 36 million NFTs. It also handles over 6 million NFTs every year. Immutable X also has a marketplace for people to trade NFTs. It is well-known for its partnership with GameStop.
Therefore, as a layer-2 network that focuses on NFTs, Immutable X is at a substantial risk if the NFT industry dies. This explains why the IMX price has crashed by more than 93% from its all-time high and is now close to its all-time low. As such, the coin has more room to crash if NFTs crash.
Flow
Flow is one of the biggest NFT-focused blockchains in the world. It is a popular layer-1 project that is known for working with some of the biggest companies in the world. Its partnerships include companies like Meta Platforms, UFC, Samsung, NBA, and Ubisoft.
Flow helps developers build all types of decentralized applications. However, it is well-known for its work in the NFT industry since it was built by the team behind CryptoKitties For example, it was used to build NFT projects on Instagram.
According to CryptoSlam, the volume of NFTS traded in Flow peaked at over $224 million in February 2021. In September, it handled transactions worth over $19 million. This is one of the reasons why Flow price has plunged by 96% from its all-time high.
Tezos
Tezos is another blockchain project that is focused on the NFT industry. It is an old smart chain network that is known for partnering with teams like RedBull Racing and Manchester United. Like Flow, Tezos can be used to build all types of dApps, including those in Decentralized Finance (DeFi) and gaming.
However, Tezos is mostly used in the NFT industry. Data shows that the volume of Tezos NFTs peaked at more than $9.8 million in October 2021. It then crashed to $659k in August. XTZ price has crashed by more than 85% from its all-time high.
How to buy Tezos
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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