In recent months, non-fungible token investments have outpaced cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. Celebrities such as Jimmy Fallon, Jay-Z, and Eminem have purchased NFTs and flaunted them on Twitter, driving up demand for limited-edition tokenized art
Introduction
In recent months, non-fungible token investments have outpaced cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. Celebrities such as Jimmy Fallon, Jay-Z, and Eminem have purchased NFTs and flaunted them on Twitter, driving up demand for limited-edition tokenized art.
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Let’s take a look at some of the most well-known projects you must know about in 2022:
CryptoPunks
On Ethereum, CryptoPunks was one of the first non-fungible token ventures. They were algorithmically generated and feature a collection of 10,000 unique collectible tokens, according to Larva Labs, who launched them in 2017. This collection was created with the help of two Canadian software engineers.
The characters in this NFT project look like pixelated punks who can be bought, sold, or bid on. The collection includes images of punks, the most common subculture. The collection also includes 88 zombie punks, 24 ape punks, and nine alien punks.
These punks have a unique backdrop color that lets buyers see the digital asset’s current condition. The character with a red backdrop is for sale, while those with a purple background are now being bid on. The punk, however, is not for sale if the background color is blue. The most valued CryptoPunks was an alien avatar that was sold for $7.5
Some well-known CryptoPunk NFT holders include American musicians Jay-Z and Snoop Dogg, as well as tennis star Serena Williams.
Axie Infinity
Axie Infinity is a trading and battling game in which players can acquire, breed, grow, battle, and trade “Axies” (axolotl-like figures) that are digitized as NFTs. To begin playing, new players must purchase at least three axes. Sky Mavis reported that the average player had spent roughly $400, eighteen months after launch. According to the website, the most expensive Axie ever sold for US$810,000, and the game has 2,500,800 daily active players.
The game uses a “pay-to-earn” (also known as “pay-to-play-to-earn”) concept in which players can earn a token that can be exchanged for an Ethereum-based cryptocurrency on Binance. NFTs can also be used to trade in-game items. Axie Infinity allows users to cash out their tokens every fourteen days. Gambling has been used to describe this model.
In the game, players can also acquire virtual land (in the form of non-fungible tokens). CNBC reported that during a pandemic lockdown in June 2021, some Filipinos were using the game as their primary source of income.
Bored Ape Yacht Club
The Bored Ape Yacht Club (BAYC) is one of the most well-known NFT projects, and it is expected to get even more attention in 2022. Jimmy Fallon, DJ Khaled, and Logan Paul are among those who have invested in BAYC. Eminem, the American rapper, is the most recent celebrity to join in, owning a piece of digital art that resembles him. He also uses it as his Twitter profile picture.
BAYC is a Yuga Labs game that features animated apes with varying traits and rarities that obstruct the Ethereum blockchain. The NFT project has collected a total of 10,000 distinct Bored Apes.
Their values have risen in a few months since their release in April 2021, making this collection one of the quickest appreciating collectibles in the business. Owners of these NFTs are granted a Yacht Club membership card, which comes with a slew of benefits, including invites to private digital performances.
A BAYC NFT has been auctioned for the maximum price of 769 ETH, or US$2.3 million.
Mutant Ape Yacht Club
The Mutant Ape Yacht Club (MAYC) is a different endeavor from the BAYC that has a unique collection of apes. MAYC debuted in August of 2021. The collection included 10,000 Mutant Apes, which sold for USD 95 million on the spot. However, the’mutation’ did not end there.
MAYC might be made with a “vial of mutant serum or by minting a Mutant Ape in the public sale,” according to CoinGeko. This indicates that the BAYC developers devised a one-of-a-kind mechanism that not only benefited holders of the original Bored Ape NFTs but also helped the Mutant Apes’ popularity.
They released a new NFT called “Serum.” Holders of the Bored Ape cards could use the “Serum,” which comes in three varieties, including a mega mutant serum, to turn their ‘apes’ into Mutant Apes. This meant that all 10,000 Bored Apes may be turned into Mutant Apes in the same way. With the addition of the previously released mutants, the Mutant Apes collection now has a total of 20,000 NFTs. MAYC NFTs are marginally less expensive than Bored Apes, which are being hoarded by celebrities and venture investors alike.
A Mutant Ape can cost up to $32,600 in the United States. American rapper Lil Baby, actor Drake Bell, NBA star Shaquille O’Neal, and Ethereum co-founder Taylor Gerring, whose mutant ape was created after exposing a Bored Ape to a mega mutant serum, are among the celebs who hold Mutant Ape Yacht Club NFTs.
Cool Cats
Cool Cats is yet another NFT collection that has received media attention, and it is built on the Ethereum blockchain. It was released in June 2021 and includes 9,999 distinct characters based on blue cat animation. The combination of different facial expressions, features, and outfits, on the other hand, is what distinguishes each of these characters.
The developer’s ability to breed the characters for future generations is one of the most intriguing aspects of this NFT. The highest bid to date was for a Zombie cool cat, which sold at auction for US$3.5 million. Until now, these NFTs could only be used as art, and their owners could take part in a variety of community activities and giveaways. Cool Cats NFTs are owned by only a few celebrities, including Mike Tyson.
Larva Labs founded Meebits in May 2021. Meebits is a pixelated 3D avatar that can be used in the virtual world and is similar to CryptoPunks in appearance. The NFT library contains 20,000 distinct characters that can be rendered. Depending on the rarity of the characters, their prices can range from hundreds to thousands of ETHs. An NFT, on the other hand, typically costs around $14,700.
Shawn Yue Man-lok, a Hong Kong actor and singer, has invested in Meebits. Soby, a crypto Twitter influencer, is one of many celebrities who own a significant number of Meebits.
Decentraland
Decentraland is one of the newest NFT projects, having launched in July 2020. Decentraland, which is built on top of the Ethereum blockchain, allows users to visit a virtual reality world where they can buy land, build houses, and create avatars. In addition, owners can trade their digital collectibles. Purchasing land in this area may be costly. According to Business Insider, land plots in Decentraland were sold in November 2021 for USD 14.83 million. Paris Hilton is one of the celebrities involved with Decentraland.