Previously, blockchains were only known for cryptocurrencies and possibly dApps. However, this changed around 2017 with the ability to create digital assets. These assets have been named non-fungible tokens. Unlike the tokens of the time, they do not have the same value.
A unit of a collection can be more expensive than another unit of this collection. Essentially, you cannot trade one for the other; they were one of a kind. The creation of NFT was made possible by the ERC-721 standard of the Ethereum blockchain. Additionally, these have led other blockchains, like Solana, Algorand, Cardano, and others, to join the bandwagon.
NFTs initially had no value, but with the massive media attention they have become valuable. While some still see it as a bubble, some individuals have positioned themselves as creators, collectors and pinball machines. NFTs vary from digital artworks, domain names, game items, essays, and digital collectibles, among others. Digital artworks are the most explored right now.
NFTs are purchased on specialized markets with ETH, SOL or relative tokens, unlike cryptocurrencies. These include OpenSea, SuperRare, Rarible, Larva Labs, NBA Top Shot Marketplace, Axie Marketplace and many more. While saving them to software wallets isn’t bad, it’s safer to use hardware wallets.
Now that you’ve covered the basics, consider these 5 best NFTs. These are the ones you should invest in before this year takes off completely.
1. Bored Ape Yacht Club (BAYC)
This NFT collection includes 10,000 units of Bored Apes. They were created by Yuga Labs on the Ethereum blockchain and were hosted on IPFS. In April 2021, when launched, a Bored Ape cost 0.08 ether. While this may still be true according to the official BAYC website, it currently has a floor price of 86 ether.
Each Bored Ape has unique characteristics with a program of over 150 possible characteristics ranging from color to expression, clothing and headgear, among others. Although they are all doped, some Bored Apes are rare to encounter. Of the 10,000 Bored Apes, 6,000 have already been purchased by people and over 338,000 Ethers have been traded so far.
The club has a graffiti panel called the bathroom. It is accessible only to members. It is planned to unlock more perks and areas as the project progresses.
Since its launch, it has attracted massive attention. Celebrities like Post Malone, Eminem, Jimmy Fallon and Stephen Curry own Bored Apes. BAYC has partnered with Adidas on their first NFT project. Plus, one of the Bored Apes was featured in Rolling Stone magazine last year.
2. LANDS
These are pieces of land that exist in virtual worlds. According to the metaverse, the land can be used for various things. It can be traded, used for real estate purposes, or used to build offices, casinos, parks, or museums. There are currently two metaverses where you can own landed properties.
One is the sandbox. The LANDs on The Sandbox is digital real estate that can create experiences or is populated by ASSETS. Over 166,000 pieces of LAND exist on the Ethereum blockchain. A conglomeration of LANDS forms a DOMAIN, and a DOMAIN owned by different people forms a DISTRICT.
The Virtual Sandbox Map can be used to verify land use and distribution. It has a floor price of 3.3 ethers with 18,800 other owners right now. A total volume of 139,800 ethers was exchanged for LAND.
The Sandbox itself is a game-to-win metaverse that launched in 2020. SoftBank, Atari, CryptoKitties, Snoop Dogg, and The Walking Dead have stakes in The Sandbox.
The other is Decentraland. It was created by Esteban Ordano and Ari Meilich and launched in 2017. At launch, his LANDs sold for around $20. It has over 97,000 plots of land and is worth thousands right now. It was one of the metaverses built on the Ethereum blockchain.
It has a floor price of 4,159 ethers and around 6,500 plots of land currently have owners. He has been involved in trading over 235,000 ethers.
3. Doodles
Doodles is a project created on the Ethereum blockchain and driven by its community. The collection features the works of Burnt Toast and is made up of 10,000 doodles. It is available in different colors, sizes, faces, backgrounds, etc. It was founded by Evan Keast, Jordan Castro and Scott Martin in October 2021.
It was sold for 0.123 ether at launch but has a floor price of 9.5 ether right now. It peaked at 11 ethers earlier in January. 65,600 ethers were exchanged for a doodle. More than 5,900 now have owners.
Doodles owners can vote to make decisions about the Doodle Community Treasure. They also have access to exclusive appointments. The carriers determine the roadmap of the project.
4.Azuki
Azuki was created by Arnold Tsand and Churi Labs i. August 2021 on the Ethereum blockchain. It aims to give holders access to a metaverse that will be built and owned by them. The collection consists of 10,000 avatars. Licensees have access to The Garden, where artists, innovators and Web 3.0 enthusiasts can help shape the decentralized future.
The NFT drop is one of the seven phases. Others include community development and contribution, metaverse creation (including Lookbook, Azuki 3D, digital drops, and a game), physical entities (like streetwear, IRL events, collectibles, etc.), experience bridge and seeding which includes partnerships, DAO , and the $BEAN token.
It has a floor price of 3.44 ether and 5,300 holders at the moment. Over 39,000 ethers have been traded so far.
5. Women’s World (WOW)
WOW is an NFT created using the ERC-721 standard and hosted on IPFS. It was launched in July 2021. It was created to promote representation, inclusivity and equal opportunity for artists. It features 10,000 artworks of different women illustrated by Yam Karkai.
It initially sold for 0.07 ether. 5,000 have already been purchased with a floor price of 7.37 ether. Over 45,000 ethers have been traded for WOW to date. Reese Witherspoon, Huda Kattan, Liam Payne, Shina Rhimes, Logan Paul and Eva Longoria are some of the notable owners of WOW.
Endnote
Unlike cryptocurrencies, NFTs have no liquidity or volatility. They derive their value from speculation and sentiment, which makes them riskier than fungible tokens. As such, the best advice is that you know where you stand; collect or buy to return. As a collector, all you need is feeling. However, as a pinball machine, you need thorough research and analysis. Act wisely; crypto space is unpredictable.
The post Top 5 NFT Collections To Buy In 2022 appeared first on Coin Journal.
