5 NFT Projects You Should Know

Introduction

Non-Fungible Tokens (NFTs) are unique digital assets deployed on the blockchain. NFTs can be in any form ranging from music, pictures, memes, games, pictures and paintings, etc. They can also be a representation of real-world assets such as a work of art or real estate. The concept of NFT has been in existence since 2014, but in 2021, it became more popular and drew the attention of many in the crypto space.

Getting into the NFT space could be overwhelming as there are lots of projects striving to be recognized. There are more than 2 million different collections on OpenSea, the largest NFT marketplace with more projects still coming up. This article will cover 5 NFT projects anyone wishing to explore the unique world of digital assets should know.

CryptoKitties

CryptoKitties was one of the earliest blockchain games. It is a game built on the Ethereum blockchain. It allows players to collect, breed and trade virtual cats. Each cat is unique and has its own digital identity, hence no two cats are the same. They come with a combination of certain attributes such as color, breed, etc peculiar to each cat. The rarer these attributes, the more expensive the cat.

CryptoKitties was launched in 2017 by Dapper Labs for recreational purposes. It was so popular then and had millions of users on its website which slowed down transactions on the Ethereum network. Early adopters who took advantage of the 2017 era were able to secure rare cats at cheaper prices. At the time of launch, the average price of a cat was less than $100 but currently, the value is running into thousands and millions of dollars.

CryptoPunks

CryptoPunks is on the list of the most expensive NFTs on the Ethereum blockchain. It is a collection of 10,000 digital avatars that are algorithmically generated. Each punk with its unique features and traits, hence those with desirable attributes are more expensive. There are a total of 7 features and only one punk poses all the features. This collection inspired a lot of artists to put their creativity to work and monetize their skills.

CryptoPunks was created by Larva Labs in 2017. At the initial stage, it was free to claim. Anyone with an Ethereum wallet could claim it. In 2021, CryptoPunks #7523 was sold for $11.75 million and in 2022, CryptoPunk #5822 was sold for $23.7 million. It is unimaginable how a free asset back then could turn into millions of dollars. The popularity of this collection is attributed to scarcity and the community behind it. Since more Punks cannot be reproduced, the already existing ones are sought for leading to higher prices. Also since the NFT was initially free to claim, those who got it then are already millionaires and more celebrities are joining the Punk community.

Bored Ape Yacht Club (BAYC)

Bored Ape Yacht Club (BAYC) is a collection of 10,000 Ape avatars, each with unique traits on the Ethereum blockchain. More value is placed on apes with rare attributes and traits. BAYC are widely used as profile pictures on social media. This collection was created by Yuga Labs and launched on April 30th 2021. At the time of launch, an ape was worth $200 and the whole collection was sold a few days after launch. But today, they are selling for millions of dollars.

Being an ape owner gives you the privilege to participate in BAYC exclusive club activities and to enjoy access to new NFTs which are of very high value. Some NFTs that have been airdropped to ape owners include a mutant serum NFT which generated Mutant Ape Yacht Club (MAYC) and Free Bored Ape Kennel Club Dog NFTs. The utilities of BAYC can be seen which has attracted the attention of more people to the community.

Art Blocks

Art blocks is an Ethereum-based NFT platform. It allows artists to create and sell degenerative digital arts. Each art on this platform is unique and buyers don’t have any prior knowledge of what the NFTs they are buying will look like. Art blocks was founded in November 2020 by Erick Calderon. Digital works on this platform could be static images, a 3D model or animated but each is one of its kind.

The first unique collection to launch on Art Blocks was Chromie Squiggle. This is a collection of 10,000 unique and colorful arts. The platform became more popular in 2021 with over 9,000 art collectors and more than $100 million in sales volume. Apart from Squiggle, many other collections have been launched on Art Blocks such as Ringers and Fidenza collection which all contributed to the popularity of the platform and are also selling at a very high price today.

Ethereum Name Service (ENS)

Ethereum Name Service (ENS) is an alternative to domain names hosted on the blockchain. It allows users to convert machine-readable texts such as public addresses, into human-readable formats. With ENS, you can create a .eth domain name using NFT technology. ENS is tradable in the secondary market. Notable companies are purchasing ENS domain names. ENS was launched in 2017 by Alex Van de Sande and Nick Johnson from Ethereum foundation. If you have a domain name, you can create a subdomain and sell it out. 3-digit and 4-digit domain names are among the most popular and expensive ENS domains.

Conclusion

NFTs are non-fungible tokens meaning that each digital asset is unique and cannot be interchanged with another. There have been a lot of projects striving to be recognized in space. For a newbie, getting to know the right project to align with could be a difficult task. Apart from the 5 discussed above, there are lots more. Different collections can be found on OpenSea, Rarible and other NFT marketplaces. There was a significant expansion in the NFT marketplace between 2014 and 2021 and this will happen more in the coming years.