Some Non Fungible Token (NFT) investments have outperformed cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin in recent months. Celebrities like Jimmy Fallon, Jay-Z, and Justin Bieber bought from NFT coin projects and featured them on their Twitter profiles, fueling demand for limited edition tokenized art.
Top NFT Coin projects
It’s important to do your own research before investing in NFT coin projects. Valuing these projects is quite difficult and many NFTs are illiquid. This means that you may find it difficult to sell your collection in the future. Just because something is NFT doesn’t make it valuable. To make a collection valuable, there must be some kind of utility. This can be access to events, conflict groups, or simply art with built-in influence in the NFT ecosystem. According to experts, many NFT coin projects will fail, leaving investors with a worthless JPEG. For cryptokoin.com readers, we took a look at the best NFT coin projects on the market.
CryptoPunks – Larva Labs
CryptoPunks was created in 2017 as one of the #1 NFT coin projects on Ethereum. Each punk was algorithmically generated and collections were limited to 10,000 Punk. Human Punks are the most common. But there are other Punk genres as well. There are only 9 Alien Punk, 24 Ape Punk and 88 Zombie Punk. Alien Punks sold at auction for more than $8 million.
Axie Infinity
Axies are creatures used to play the popular Blockchain based game Axie Infinity. You need 3 Axies to play the game. Therefore, according to experts, the price of Axies will naturally increase as the platform attracts more users. Prices for the Axie vary based on its features, but you can get one for around $200 today.
Bored Ape Yacht Club – Yuga Labs
Bored Ape Yacht Club is similar to CryptoPunks in that these NFTs are commonly used as online avatars. The project includes cartoon Apes of different qualities and rarities, and the cheapest Ape costs around 100 ETH ($275,000). Just a few months ago, you could buy an Ape for around 1 ETH and make this project one of the fastest growing NFT collections in the industry.
Meebits – Larva Labs
Meebits was started by Larva Labs, the same company that makes CryptoPunks. At the time of its launch, Meebits was sold for around 2.4 ETH. Prices today range from 5 ETH to 100s of ETH depending on the rarity of Meebit. Meebites were designed for use in the metaverse as they are 3D characters that can be used in open world Blockchain applications.
Proof of Beauty Studios
Proof of Beauty is an innovative NFT coin project focused on documenting and celebrating the history of the Ethereum Blockchain. Proof of Beauty’s first NFT series, HASH, allows users to take personal and historical Blockchain transactions and turn them into beautiful NFT artworks.
From Vitalik’s initial Ethereum transaction to Jay Z’s Cryptopunk acquisition, Proof of Beauty’s algorithm integrates transaction metadata into color palettes, shapes, and textures. The second series of Proof of Beauty LONDON is a sold out collection of 8,888 prolific works of art. London giveaway NFTs became available during the hard fork, and the first transaction after the EIP-1559 upgrade was a London NFT sale.
Metaverse Land NFTs
Virtual Reality Land is one of the most unique ways to invest in NFTs. The 2 most robust virtual reality ecosystems where you can buy and sell land are Decentraland and The Sandbox. These platforms allow you to earn money from your land by developing your real estate. Some investors built casinos, amusement parks and NFT museums to monetize their land. Others are buying this virtual reality land as a speculative investment to sell at a later time.
Upland: A real-world metaverse
Upland is a leading Blockchain metaverse mapped to real-world addresses. Businesses and players can earn money from their land in Upland, allowing play-to-earn mechanics in-game. UPX is the token used to buy and sell NFT land within Upland, and new users can receive an initial bonus of 6,000 UPX. Upland is also among the most accessible metaverses, as land in the virtual world starts at just a few dollars.
Mutant Ape Yacht Club – Yuga Labs
Mutant Ape Yacht Club is the continuation of Yuga Labs’ huge success, Bored Ape Yacht Club. Bored Apes are stocked by celebrities and venture capitalists, while Mutant Apes offer a more affordable way to access the same network.
There are a total of 20,000 Mutants, including a handful of ‘Mega Mutants’ with price tags as low as 3,000 ETH ($9 million). Mutant Apes have been made available to the owners of the Bored Ape Yacht Club via an airdrop. All 30,000 monkeys (Bored and Mutant) have been granted early access to the Adidas ‘Into the Metaverse’ NFT project, which is now selling for more than 3x its individual price.
NFT coin projects a bubble?
Called NFTs are bought with big bucks. At the time of writing, the cheapest CryptoPunk you can get will cost you 75 ETH and the cheapest Bored Ape Yacht Club will cost you over 100 ETH. Also these ‘base’ prices are for the cheapest parts on the market. If you want a high-end Alien or Ape Punk, you will need 2000 ETH (about 6 million dollars).
With prices this high, it’s hard not to accept the possibility of a bubble. However, some see these NFT collections as the next big entertainment companies. Projects like the Bored Ape Yacht Club, which raise hundreds of millions of dollars, can offer private yacht parties, private concerts and more for monkey owners. Also, their owners have intellectual property rights over their monkeys, and Happy Dad Hard Seltzer and Diamond Supply Co. companies like the monkeys bought the monkeys to use for branding.
The future of NFT coins
People are naturally drawn to showcase their wealth, whether it’s through expensive watches, exotic cars, or now, NFTs. NFTs offer a new way to verify the authenticity of rare and expensive items, making it easy for anyone to know you’ve spent thousands of dollars on a JPEG.
Notable projects are likely to survive in the long run, but it’s clear there’s a lot of hype about NFTs right now. If you plan to invest in NFTs, be sure to do your own research and only invest as much as you can afford to lose.
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