5 Best NFTs to Buy in October 2021
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As the non-fungible token (NFT) sector continues to witness remarkable adoption, savvy investors are on the lookout for the best NFTs to buy. Industry data from NonFungible.com shows that the industry has grown over 3,000% from Q2 2020. This article explores some of the top NFT tokens moving the market.
1. Decentraland (MANA)
Decentraland is gaining in popularity and rightly fits on our list of the best NFTs to buy. The crypto project was created in 2019 as a virtual reality project to develop and monetise apps and content. One of its most innovative features is the ownership of virtual spaces or LAND – which investors can develop, buy and sell online.
The digital asset currently trades slightly above the 20-day moving average (MA) support price of $0.7786, showing growing market confidence in the virtual currency’s short-term performance. The 200-day MA price of $0.86 indicates that MANA could pose more growth in the long term.
The relative strength index (RSI) figure of 51.49 shows that MANA is underbought. Tapping into its MetaVerse platform, Decentraland is set to launch the first-ever multi-day music festival called Metaverse Festival. The event will take place between October 21 and 24, will feature over 80 global music artists including global stars Paris Hilton, Deadmau5, Flume, 3LAU, RAC, Nina Nesbitt and several others
2. Chiliz (CHZ)
Looking for the best NFTs to buy in the sports sector? Look no further than the Chiliz token. The Chiliz blockchain was created to enable a better connection between sports teams and their fanbase. The network allows fans to purchase and trade tokens, which are used to participate in governance at their sports club.
The sport-oriented blockchain protocol is trading slightly above the 20-day moving average (MA) support price of $0.3133.
The 200-day MA price of $0.3387 shows that CHZ is in bearish territory. The RSI figure of 51.47 shows that it is trading in the underbought region while above the oversold mark.
The blockchain protocol recently penned a partnership with the Memphis Grizzlies through its mobile app division Socios.com. Alongside this, the International Tennis Federation (ITF) and the organisers of the Davis Cup Kosmos Tennis have recently teamed up with Chiliz blockchain to launch the $DAVIS Fan Token, further broadening the protocol’s appeal in the world of sports.
3. Theta (THETA)
When it comes to blockchain-powered video delivery, there are few protocols that measure up to Theta. Want to know why we included this protocol in our best NFTs to buy list? Well, it’s due to what the Theta network sets out to achieve. Theta enables free, high-bandwidth content delivery on the blockchain. The network has grown so big that it now supports institutions running the Guardian nodes and other Enterprise validators like Google and Binance.
On the daily trading chart, THETA is trading below the 20-day moving average (MA) price of $6.230. This market doldrum is further shown on the 200-day MA where THETA trades below the indicator price peg of $7.684.
THETA’s RSI stands at 47.72 indicating that it is trading in the underbought region with a likely decline in the horizon. On the fundamental front, Theta is rapidly evolving its blockchain protocol. The content distribution protocol recently launched the Theta Video API for developers which will enable anyone to add a decentralised video to a website or application without requiring a central server, content delivery or video hosting software.
4. Tezos (XTZ)
Tezos is an advanced smarts contract protocol created in 2018, specifically designed for developers who build dApps. Tezos uses a delegated proof-of-stake consensus, which makes it faster and scalable as compared with networks like Ethereum. The network’s high efficient energy protocol makes it a favourite of most ESG-minded developers and investors alike.
XTZ currently trades below the 20-day moving average (MA) price of $7.284. However, the 200-day MA price of $4.755 denotes a bullish potential in the long term.
The relative strength index (RSI) of 48.89 indicates that XTZ is trading in the underbought region. Despite a strong pullback in price in recent days, the Tezos blockchain is gradually gaining blockchain share in its protocol. According to an announcement, the Tezos blockchain is the second protocol s developers are keen to work with only behind the Ethereum network. This is largely due to its small grants program which has recently awarded its third grantee Bake Buddy.
5. Axie Infinity (AXS)
The play-to-earn token has since dipped to $121.72 while trading slightly below the 20-day moving average (MA) price of $124.09. This bearish undertone is not expected to last long as noted by the 200-day MA price of $38.40. This indicates that the digital asset is still in an uptrend when considered in the long term.
A relative strength index (RSI) figure of 59.18 shows a lull in buying strength as it trades in the underbought region. AXS’ slump in price is largely due to a recent update to the game’s tokenomics.
In a released update, the Axie Infinity team announced that when players sell an Axie, the monster’s level will be reset to 1. A second update noted that players with less than 800 MMR will no longer receive rewards for playing the adventure and arena modes. Despite this, the team behind the project pointed out that Axie Infinity is the most traded NFT collection in Q3 following a serious onboarding of players.
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