If you’re thinking of making inroads into the NFT world, here’s a roundup of the best NFTs to invest and trade in October. Read on to learn more.
1. Tezos (XTZ)
Tezos tops our list of nfts to invest and trade in October. The crypto protocol is amazing. Built as an advanced smart contract protocol in 2018 to rival the crypto powerhouse Ethereum, Tezos is loved by developers for its speed and scalability efficiency. The network uses a proof-of-stake consensus, which gives it an upper hand against Ethereum.
The popular Ethereum rival is trading below the 20-day moving average (MA) price of $7.284. Looking at the 200-day MA shows a strong bullish trend in the long term. XTZ is soaring above the indicator’s price point of $4.755. A relative strength index (RSI) figure of 48.89 shows that XTZ is trading in the underbought region.
With record partnerships occurring this month, Tezos is seeing growing developer interest. The Tezos blockchain was earmarked as the second protocol with the most developer interest in the booming decentralized finance (DeFi) ecosystem in a recent survey. This has largely been due to its small grant program, which recently got a new grant awardee in Bake Buddy.
2. Axie Infinity (AXS)
Developed by Sky Mavis in 2018, Axie Infinity has grown as a blockchain gaming platform. From an obscure blockchain network to a network that has attracted over 200,000 gamers, Axie is the real deal. Numerous details make Axie infinity unique, and perhaps the most popular is turning the users into partial custodians of the platform. As the gaming network rises in popularity, so also does the platform’s token AXS.
The blockchain-based gaming platform is trading below the 20-day MA price of $124.09, reflecting a subtle bearish tone. However, the digital asset enjoys a record bull run than ever as it trades above the 200-day MA price of $38.40. A relative strength index (RSI) figure of 59.18 shows that AXS is trading in the underbought region.
The NFT’s stunted performance has largely been due to its controversial 1.10a update released in the past week. According to the team, Axies sold would drop a monster’s level to 1. It also noted that players with less than 800 MMR will no longer get rewards from playing adventures and arena modes.
3. Decentraland (MANA)
When searching for NFTs to invest and trade, none other has more prospects than Decentraland. The Decentraland protocol is built around a virtual reality world where traders can buy and sell NFTs or plots of lands. These lands can be monetized within the virtual platform. The protocol has two native tokens, and it uses MANA and LAND. MANA is traceable on cryptocurrency exchanges and is used for both governance and payment tasks.
MANA’s technical performance shows that the asset is trading slightly above the 20-day MA price of $0.7786. The 200-day price of $0.86 shows that MANA is trading in the bearish region. Relative strength index (RSI) of 51.49 shows that MANA is trading in the underbought region. On the fundamental sphere, Decentraland is set to launch the first multi-day music festival. This will attract global artists like Paris Hilton, Deadmau5, and several others.
4. Chiliz (CHZ)
Chiliz is another Ethereum-based token for the sports and entertainment industry. The crypto network powers the world’s first fan engagement and rewards platform Socios.com. Using the Chz token, fans can take part in the governance of their sports teams, and they can also be rewarded for participating in polls and surveys. The sports network has grown in recent months due to the NFT boom. The project broke through $1 billion in market cap earlier this year.
The Chiliz blockchain is seeing a strong bearish pullback in its price. The digital asset is trading slightly above the 20-day MA price of $0.3133. Its 200-day MA price of $0.3387 denotes that the bears are swaying the market at the moment. RSI figure of 51.47 shows that CHZ is trading in the underbought region.
Despite its slow price movements, Chiliz has been on an adoption spree. The Chiliz network works with some of the biggest names in sports, including Juventus, Barcelona, PSG and others. The Chiliz blockchain recently partnered with NBA outfit Memphis Grizzlies alongside the Tennis Federation to launch its $DAVIS Fan Token.
5. Theta (THETA)
When it comes to picking NFTs to invest and trade, video streaming is one sector you can’t overlook. And this is where Theta comes in. Theta aims to solve several issues with video delivery using blockchain technology. One of the significant issues is buffering, which the network tries to solve by allowing users to create and share computing resources on a P2P basis. THETA price performance is below par, but there’s a lot of room for growth. The digital asset is trading below the 20-day MA price of $6.230.It is also underperforming in the long term and is trading below the 200-day MA price of $0.338.
RSI figure of 47.72 shows that THETA is trading in the underbought region.
The video content distribution network recently launched its Theta Video API that will enable the addition of decentralized videos to any website or app without relying on central servers or conventional hosting services.