The explosion of NFT projects into the cryptocurrency scene has attracted many investors who want to be a part of this burgeoning market. Indeed, certain NFT projects outperformed cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in recent days.
More than $2.5 billion worth of NFTs sold in the first half of the year, with prices going as high as $1.5 billion in July alone. With the excitement and money going into NFTs, here are some of the exciting NFT projects gaining momentum this year.
What are NFTs?
Non-fungible tokens (NFTs) are digital tokens that run on blockchains like Ethereum using smart contracts. Through blockchains, it’s easy to distribute assets and verify the authenticity of NFTs. This concept originated in 2015, with the first project launched in 2017.
The growing popularity of NFTs is due to their scarcity, the unique code that makes them special and in-exchangeable, and their indivisibility. The scarcity of NFTs increases their market value, which is why it’s valuable to artists and other sellers. You can buy NFTs through auctions and complete payments using cryptocurrencies like Ether (ETH) and Bitcoin (BTC).
Top 4 NFT Projects to Invest
With the value that NFTs hold, here are some of the best NFT projects in 2021.
1. CryptoPunks
CryptoPunks was the first NFT project launched in 2017 and contains 10,000 unique tokens stored on the Ethereum blockchain. Human punks are the most common, with 6,039 males and 3,840 females.
The collection also contains 9 aliens, 24 apes, and 88 zombie punks. The rarest alien punk sold for $11.8 million at Sotheby’s on June 10th, setting a new world record for selling a single Punk.
2. Bored Ape Yacht Club (BAYC)
The Bored Ape Yacht Club (BAYC) is a digital collection of avatar-styled bored apes. Each of these Apes has unique attributes and rarities that add to their value. The project is only four months old but is one of the fastest-growing NFT projects in the industry. A month ago, you could get an Ape for 1 ETH, but one currently costs about 6 ETH.
3. Axie Infinity
Axie Infinity is a pokemon-inspired universe where anyone can earn a token through skillful plays and contribution to that ecosystem. Players need 3 Axies to play the game and can battle, collect, and build a land-based kingdom. The price of Axies will rise naturally as the platform attracts more users. The cost of Axies varies based on their attributes, but one can go for around $200.
4. CryptoKitties
CryptoKitties is an ETH-based project launched in November 2017 that lets you collect and breed digital kittens. Each kitten carries a distinct genome that gives it a unique appearance and characteristic. Breeding allows players to make new kitties and gain access to their rare abilities.
Looking Forward
The upward trend and current value NFT tokens fetch only mean they’re here to stay. The incredible rise of NFT trading volume in 2021 and their possible integration with DeFi will only mean more NFT projects will become a hit. Therefore, be on the lookout for newer projects that you can invest in and claim maximum profits.