A Glimpse into the Booming NFT Space Series: 5 Hottest NFT Collections


Photo Credit: CoinTelegraph

Introduction

In our exploration into the NFT space, it would be inappropriate to not talk about NFTs themselves! NFT stands for “Non-fungible tokens,” and to break it down even further, the “non-fungible” means that it is unique and cannot be replaced by something else. For example, cryptocurrencies such as Bitcoin are fungible. You can trade it for another Bitcoin, and viola, nothing has changed. NFTs on the other hand, cannot be traded for one another and have both parties come out as if a fair trade happened. One party must have benefited while the other came out with a loss.

Any digital object can be a NFT. A gif, video, picture, you name it, and its probably been done. Some of the most ridiculous things to ever sell as an NFT were the first ever Tweet on Twitter, a Nyan cat picture, and the most ridiculous of all (in my opinion), a single red pixel. These NFTs sold for over half a million dollars or more, which, to be honest, makes me wonder how rich people can get. Anyways, that’s besides the point.

So what are these NFTs used for? Well, there’s a few uses to them, such as setting it as your profile picture for any social media, or reselling it for profit (if you’re lucky). You could also just do nothing with it and just admire them, like a true connoisseur. Whatever you do, just make sure not to buy into one that isn’t worth the money you actually paid. We at bitsCrunch can help with that, so make sure to check us out! (Shameless plug).

There’s a lot more to the history, uses, and other information to NFTs, but we will just leave it at that. What we want to do now is to help you look smart by being able to contribute to the conversation of NFTs when your friends are talking about them, like a true man of culture.

Top 5 Most Popular NFTs

Cryptopunks

No list of popular NFTs would be complete without the talk of Cryptopunks, described as the “alpha and omega of the CryptoArt movement,” by Christie’s, New York’s Post-War & Contemporary Art Specialist, Noah Davis.

We’ll just cut to the chase. The most expensive Cryptopunk, #7523, was sold for nearly $11.8 million USD, making it the most expensive NFT sale, second to Beeple’s “Everydays: The First 5000 Days,” selling for $69.3 million USD. At the time of this being written, Cryptopunk #9998, for $532 million USD. However, upon further inspection, the sale was considered illegitimate, so you can pretend it never happened.

So what does a Cryptopunk look like? Well, remember the game Super Mario Bros. 3, with the 8-bit graphics for the NES? Neither do we, but that’s what it looks like. Cryptopunks were inspired by the 1970’s punk movement in London, which is what they thought best represented the early blockchain movement at the time.

There are 10,000 unique Cryptopunk NFTs tokenized on the Ethereum blockchain, and they can all be seen in a composite image on Larva Lab’s website, a New York software company that created Cryptopunks. You can find out about all 10,000 punks’ special features and complete transaction history by clicking into their own personal webpage.

Some recent Cryptopunk news besides the record-breaking purchase is when a Canadian Crypto developer going by the name “Richerd” refused an offer to buy his punk for $9.5 million USD. His reason being was that having the punk is more valuable in the long run for his brand, identity, and what he is building in the NFT space than the money offered, therefore making the decision “an easy rejection.” Respect for Richerd and his #diamondhands, and we hope it was the right decision.

Finally, you can buy a punk if you have a few million dollars USD hanging around by going on the Larva Lab website — that is, if you can convince someone to sell it.

Photo Credits: Business Insider

Art Blocks

One of the lesser-known NFTs to the general public are Art Blocks. This series is a little more special than the others due to how it’s made, and the general idea of it all. The Art Blocks project has several lines of collections made by different artists, and each NFT is bought sight unseen, and even the artists themselves don’t know what it will look like! These NFTs are generated by an algorithm using code that was inputted by the artist, meaning the possibilities are endless as to what you can get. The NFT can turn out as a 3D model, that moves 360 degrees from every angle, and can be rotated by dragging the image with your mouse; an interactive, that moves according to your mouse, and just a static image, like a traditional JPEG.

Some of the most popular collections from Art Blocks are “Ringers” by Dmitri Cherniak, and Fidenza by Tyler Hobbs. There are several Ringers and Fidenzas that have sold for over $1 million USD, with many of them selling for well over $100,000 USD as well.

If you’re interested in buying some Art Blocks NFTs, you still have a chance to get in on the action. Although they can get quite pricey, they are nowhere near as expensive and exclusive as Cryptopunks. Go check them out on OpenSea, or try your luck and mint one yourself!

Photo Credits: Loop Finance

Axie Infinity

These NFTs are also another special one, as it has more utility than a traditional NFT. Axie Infinity is one of the first play-to-earn games (P2E) to be created and is the most popular one by far at the moment. As we mentioned in the previous article, users buy three “Axies” to begin playing, and then continue to collect them by buying, trading, and breeding them. Items called Smooth Love Potions (SLP) can also be earned through battles or adventure mode, which are then used to breed new Axies, and can also be bought and sold on the marketplace. On top of Axies, and SLP, you can buy plots of land. Yes you read that right, and to make it even more interesting, a plot of land was sold for about $1.5 million USD in early 2021. Alongside Axies, SLPs and land, there are also items that can be placed on land and modify the stats of Axies, and can also be bought and sold on the in-app NFT market or marketplaces like OpenSea.

Why can these items be sold on NFT marketplaces? Well, because they are NFTs. As we mentioned in the introduction, NFTs can be any digital object, and Axies and their equipable items are no exception. Technically speaking, if judging just by utility, Axies, their items, and other P2E game items, are the best bang for your buck you can get with your NFTs, but that’s not actually how they’re valued, unfortunately.

Generally speaking, NFTs from P2E games are considered a relatively safer investment, as the price of an Axie has been slowly increasing without any drastic changes for over the past year. However, there are many scam P2E games out there with developers more interested in their “get rich quick” ideals than your enjoyment, so don’t just buy into any NFT just because they are from a P2E game.

Speaking about investments, depending on who you ask, Axie Infinity NFTs might be the best one of all if you know what to do with them. A company has found a clever way to keep themselves and their employees happy by spending the initial investment of buying Axies to start the game and loaning them to employees to play with. These employees, mostly based in the Philippines, have taken advantage of this opportunity and are making more money playing Axie Infinity than working at their old jobs! In fact, this has become so successful, that the Philippines have reportedly increased their GDP by a third of what it already was!

Therefore, if you don’t have a job and the minimum wage in your country is low, you can consider buying three Axies and getting started. Although we cannot give you any advice on how to actually play, maybe you can try your luck and reach out to one of the successful gamers in the Philippines and ask for tips. Again, this is not financial advice!

Photo Credits: Genesis Block

Loot

Probably the weirdest one on this list, Loot NFTs can be pictured as opening notepad on your computer, making the background black, and typing in items you would most likely hear in a game of Dungeons and Dragons.

Just like traditional NFTs such as Cryptopunks’ features, each weapon or item listed in the NFT has its own rarity. For example, out of all the 8,000 Loot bags, The Short Sword is only in 325 Loot bags, and the Divine Robe of the Fox is so rare it is only in one.

As of mid-September, $230 million USD worth of Loot has been bought and sold since its inception, making it the 6th most traded NFT collection by total volume. The average price for one Loot bag is $18,400 USD, and the most expensive one, which is the one that holds the Divine Robe of the Fox, sold for $1.44 million USD.

Loot NFTs really showed how creative and dedicated NFT buyer communities are. A project called “Lootmart” lets Loot NFT holders unbundle the items in their bag and turn them into individual items, which can then be traded with others Loot holders to create a custom bag. To make it even more impressive, each item in the NFT has its own World of Warcraft-like graphic generated by AI. Another project called Lootcharacter.Com creates 8-bit character graphics of each Loot bag with its items. The generated graphic is an “associative NFT” that can be tied to the Loot, and is transferred along with the Loot if sold. These are only two projects associated with Loot, so if you are interested in seeing how creative people can get, you can go check out more projects by searching them up!

Photo Credits: BSC News

Bored Ape Yacht Club

Coming in as the third most traded NFT collection in total volume, Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique NFTs minted on the Ethereum blockchain that depict a, well, bored ape. Alongside their blasé looking faces, these apes are equipped with cool accessories that really make them look like that cool quiet kid in your high school that everyone wanted to know more about. The special features on this NFT collection are the apes’ backgrounds, clothes, earring, eyes, fur, hat, and mouth. There are many different variations of each feature, so go check them out, as some of them get quite creative, such as solid gold skin, laser eyes, and “phoneme vuh” mouth.

BAYC is considered to be the “celebrity choice of NFTs” as many of them have become owners. Some notable names are NBA players Stephen Curry, Josh Hart, Tyrese Haliburton; musicians The Chainsmokers and Waka Flocka Flame. Although celebrities owning expensive things is nothing out of the ordinary, the part that is is that all BAYC NFT owners have exclusive access to things such as merchandise and a Discord channel. That means a regular owner that was able to buy the NFT at the regular release price shares the same Discord channel with these celebrities, giving them an opportunity to talk to them (if they’re lucky).

The most expensive BAYC NFT sold so far was Bored Ape #8585 for $2.7 million USD, followed by Bored Ape #2087 selling for $2.3 million USD. The project also has several other series of work such as Bored Ape Kennel Club, which was given out for free to people who were holding BAYC NFTs at the time.

If you want to “ape in” on BAYC NFTS, feel free to check them out on OpenSea and see what kind of luck you get.

Photo Credits: ItsBlockchain

Conclusion

With so much NFT news coming out every single day, it’s hard to keep up with what’s going on in the scene unless you eat, sleep, and breathe NFTs. Hopefully this was able to give a little bit of insight into some of the recent biggest news in the NFT world, but once this article gets published, there’s a high chance something crazy will happen again. Most importantly, as any other industry, there are sketchy things happening done by scammers, so make sure to do your own research before buying an NFT! Luckily, here at bitsCrunch, we have the technology to do all that work for you, so that you don’t have to!


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