On a new Chico Crypto episode, Swope tells his 197,000 YouTube subscribers that he’s looking at NFTs (non-fungible tokens) as hotshots like Shark Tank investor Mark Cuban and “Big Short” legend Dr. Michael Burry see potential in the emerging sector.
NFTs feature identifying data in their smart contracts that make each asset one of a kind, which means that one NFT cannot be directly replaced by another and no two are alike.
Swope’s top pick in the NFT space is Rarible (RARI).
“After closing some investments from Coinbase, it has moved up in the charts. Rarible has excelled at digital art NFTs with a killer application, included marketplace, and ability to create NFTs in app. Of course, the base would want in on this action. Going to the top sellers within the app over the past 30 days, Mark Cuban, he does, too. He’s ranked number three.”
Another coin on Swope’s radar is NFTX, which he says is an index fund backed by valuable NFTs.
“It is a community-owned protocol for NFT index funds on Ethereum and the list of those is growing each day. One of the reasons for their recent surge is of course the growing number of indices. But they also tweeted about cross NFT asset swaps coming to the protocol soon, aka swapping NFTs, tokens and more NFTs for other tokens and NFTs. This creates more liquidity within the NFT ecosystem. It’s big.”
The crypto trader is looking at NFT20 (MUSE) as well, which he says is ahead of NFTX as it already allows users to trade, swap, and sell NFTs.
“They have many liquidity pools based on NFTs from all the big names like the popular Hashmasks.”
Swope highlights that an imbalance exists between the two NFT-based financial protocols with NFT20’s market cap hovering around $10 million compared to the $145 million valuation of NFTX.
The next coin on Swope’s list is Lukso (LYXE), a multi-purpose blockchain project that seeks to disrupt the fashion, gaming and design industries.
“Lukso isn’t just digital art. That is just one piece of the project. It is way more than that. It is taking identity, many NFT standards, and cultural currencies and wrapping it all up into one to create the new digital economy, a multiverse of sorts.”
The crypto analyst also highlights that Lukso is geared up for mainstream adoption as the project’s advisory board features executives from well-known brands such as Nike, Chanel, and Burberry.
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