What are the top projects in the NFT space?
Let’s find out and dive a little deeper with explanations.
These are ‘top’ or ‘best’ NFT projects because they’ve lasted the test of time. Constantly selling NFTs for more than 1-2 years meaning they’ve been able to stay relevant not fizzle out and die.
This isn’t a signal to buy the below, more just going through what’s lasted and shown impressive growth. Also, we’re not going to explore up and coming projects that still don’t have an explorable product as they have a ton of dev work to do to prove there’s a good product-market fit.
We’ll start with Cryptopunks because they’re the first, (pre-ERC721) standard to hit the Ethereum blockchain,
10,000 cryptopunks with randomly generated ‘traits’, some being extremely rare, someb being common.
The floor price for any of these currently is around 5 ETH. (At time of writing this), but they recently went through a huge pump.
You can buy cryptopunks based on their rarities for different prices.
Some people collect punks that smoke, ape punks, zombie punks etc.
There’s only 24 Ape punks in the project. Some have sold for 10s of thousands of $.
There’s no functionality, it’s a pure collectible. It can do nothing other than exist in your wallet.
People collect them because they think they’ll become the OG crypto punk. Something that’s a sign of the ‘first ever NFT ever mited’, and so it may have collectible value.
Seems like this has been the case for the last 2-3 years as what started with a ‘claim them for free’ are now minimum 5 ETH.
Larva Labs were the team behind the experiment and they set of the trend for other projects to explore the NFT space.
Decentraland then held their ICO for the MANA token in Aguust 2017 promising the ability to own digital land in this massive virtual reality metaverse.
An extremely ambitious project which later that year saw peolpe spend $20+ Million on digital land parcels!
After 1-2 years of development, they released their world to the public and has been improving steadily ever since.
Land parcels have gone from a low of 1,000 MANA to 7-10,000 MANA cheapest and has had the likes of Binance, MakerDAO, Matic, GDA Capital, Rarible, Game Credits, etc deploy their HQ on the platform.
They also have a 22M MANA/Year, (currently ~$2M/year) for the next 10 years available for the DAO, (us – the community), to spend on.
People buy land to build galleries, host confernces, build and monetize clubs, games,etc on the Decentraland platform.
And it’s slowly becoming something valuable and integral to the NFT community.
People also invest in wearables, (limited edition and low supply, some wearables, mythics, have only 10 supply!), and also names which are unique and can only be one of a kind.
So names like Satoshi, Neo, etc are selling for a lot. The record names such as crypto, moon, kanye have seen in some cases 100k+ MANA sales.
Cryptokitties also made a big splash which had a LOT of projects realizing that NFTs have huge potential.
Gamifying the original randomly generated ‘traits’ that originally came from Cryptopunks, cryptokitties allowed you to ‘breed’ two kitties together to try pass down desired traits to a new kitty.
Thus creatiing a huge wave of people trying to find certain combinations.
The original ‘cats’ ended up appreciating a lot and are now being sold for 30-200 ETH, with some 6 figure record sales!
Cryptokitties also congested the ETH network back in late 2017, that’s how much fomo it created but made a strong statement that NFTs will be big.
Gods Unchained was also a cool ‘hearthstone’ inspired TCG game where you can buy and open packs that gave you a chance to get some extremely rare cards.
The original set has now been sold out and they’re fine tuning and releasing their own chain.
Some big investors there considering it was very early and was one of the first to provide an ‘opening pack’ for random cards experience.
Some cards have become popular in game play, most have dropped in value as gas fees has made the trading platform mostly unusable for smaller cards.
They are releasing their own chain, immutable that should fire up the market once again.
They had a ton of original funding and generated around $6M in presale $ for their first set.
They also have Chris Clay, the ex game director for Magic the Gathering and have a talented team.
Axie Infinity was also one that took the random generating traits to another level and brought the concepts of Tamegotchi, pokemon, etc to blockchain.
You could buy ‘Axie’s’ which are mythical pets that live in ‘lunacia’ and breed them to make stronger ones which you can battle in a 3v3 format with other trainers/breeders.
Some people breed and sell certain Axie’s, others just battle.
Their original Axies, especially Mystics have seen some HUGE appreciation in price over the last 2-3 years. Some going for $50k!
Rumour has it that they’re releasing their own token and along with land gameplay coming out they seem extremely promising.
Also considering that they have had a very consistant user base growth over the year due to the addictive and multi-device gameplay.
Other Projects like WAX that are on the EOS blockchain and have had some big drops like Topps and Street fighter.
And Enjin that runs on the ERC1155 standard has done a LOT of work as a platform to help Game Devs build in a crypto/NFT economy within their games.
There’s a lot of other projects we can deep dive into but we’ll save that for some dedicated posts.
But this should make it clear that each project has their own story and ecosystem that requires you to deep dive into before investing.
Best to join the discord, ask questions, play/use the platform and make sure you know what you’r buying before investing too heavily.