6 NFT Marketplace Tokens to Watch

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Not every token associated with NFTs is non-fungible. For every ERC-721 used to denote virtual land, PFPs, armor, or other in-game items, there’s a fungible ERC-20 or SPL used alongside. Whether for governance, in-game currency, covering trading fees, or denominating P2P marketplace sales, fungible tokens are essential.

Over the last 12 months, a number of existing NFT projects have introduced a native token, while others have launched with a fungible token in place from day one. This is particularly true of NFT marketplaces, which form a prime artery at the center of this rapidly evolving industry.

While OpenSea has yet to go down the tokenization route, many of its rivals – both on Ethereum and other chains – have had no qualms about deploying a native asset. And on the face of it, there are a lot of arguments in favor of issuing a native marketplace token. When implemented correctly, a proprietary token can:

Not all NFT platforms sport a well-designed token model, however. No matter how smooth the interface is or low the fees are, a suboptimal token can introduce friction rather than solve problems. The following six NFT marketplaces differ significantly in terms of their target audience, network, maturity, features, and roadmap. But they all share this much in common: a cleverly designed token that has the potential to accrue value and generate powerful network effects.

Loop is an NFT marketplace, DEX, and launchpad rolled into one. One of its most novel features is the ability for projects to issue native fungible tokens to users who stake DeFi NFTs, forming an effective and flexible fundraising mechanism. This