Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Top 10 NFT Projects to Invest in
NFTs rose to new heights and managed to draw mainstream attraction. It makes sense why so many crypto investors and enthusiasts want to be part of the NFT revolution. You can use NFTs to distribute assets and validate authentication through the blockchain. It is a new paradigm where NFT rules and runs on smart contracts.
Popularity and Practicality of NFT Projects
Although the NFT market is still evolving, there are more than enough NFT-based projects in the market that are bound to get more attraction. The concept of NFT dates back to 2015, but now endless opportunities and use cases are attached to the market.
The NFT frenzy is far from over. Crypto experts believe that the NFT revolution has just started and will lead to more blockchain adoption. After all, NFTs offer complete art ownership to people ordinarily only wealthy individuals can possess.
The most exciting and attractive NFT projects will prioritize selling limited and exclusive items. There is a massive attraction in the market, from art collectibles to trading cards to music and digital art.
Keeping that in mind, let’s review the ten NFT projects that you can invest in:
1. CryptoPunks
CryptoPunks is arguably the most famous NFT project you can invest in. It comes with an extensive collection of 10,000 computer-generated punk characters. But each punk has its features and personality, and the distinction of each character allows you to quantify collectibles’ value. The launch of CryptoPunks was a huge success. Furthermore, the CryptoPunk with the highest value sold for 124,457 Ether, accounting for $532 million.
2. Proof of Beauty
Proof of Beauty is another impressive NFT project that documents the Ethereum blockchain history. The idea behind Proof of Beauty is to celebrate and champion Ethereum blockchain history and raise more awareness. HASH is the first round of the NFT series by Proof of Beauty. It allows you to convert your blockchain transactions into compelling NFT artworks.
Most notably, Proof of Beauty has been the source algorithm that made CryptoPunk purchase by Jay Z possible. In layperson’s terms, Proof of Beatty integrated transactions and turned them into beautiful shapes, textures, and color combinations.
3. Virtual Reality Land
VRL, or Virtual Reality Land, is a unique NFT project. In terms of investing in NFTs, Decentraland is at the top of the chain. On Decentraland, users can monetize any piece of land through real estate development. The appeal and potential of VRL continue to grow in the NFT world. Many investors made NFT amusement parks, museums, and casinos to monetize land. On the other hand, VRL also works as a speculative investment that investors can sell later on.
4. Decentraland
As the title suggests, Decentraland works as a decentralized virtual reality hub through the Ethereum blockchain. It allows users to curate and monetize applications and content. For example, with Decentraland, users can buy virtual plots, trade unique digital collectibles, create custom avatars, and much more.
In Decentraland, users need NFTs and fungible tokens to participate. Connectivity with a crypto wallet via a web browser is also essential for users to set up their new avatars. Think of it as a virtual passport that represents users’ virtual identities. In addition, Decentraland has MANA tokens that users can buy from several crypto exchanges to purchase land and other assets.
5. Flow
Launched in 2020, Flow has become a playground in the NFT market. Flow has become a hub for building a new generation of games, apps, and digital collectible items. Flow works on a single layer of blockchain technology that has been the foundation of many consumer-based blockchain applications. From Top Shot to Dapper Wallet, Flow offers its developers a chance to build and trade a particular NFT.
6. The Codex Project
Codex is another decentralized blockchain-based title registry to authenticate and verify NFTs. This platform has made it easier for NFT creators to create a collectible record that can travel digitally. In addition, this protocol allows potential buyers to authenticate their identity and check their history through Codex Viewer. It is a simple mechanism that gives NFT collectors more confidence to purchase authentic products.
7. Top Shot
NBA’s Top Shot is a custom blockchain-based app that supports the trading of collectible items. Top Shot is among the NFT projects that made NFTs mainstream in 2021. Since its launch, the blockchain-supported application has become ideal for trading various collectibles. And instead of Ethereum, the Top Shot app is built with Flow blockchain. NFTs on the Top Shot app contain memorable game moments and video plays like play statistics and trading history.
8. Ethereum Name Services
ENS or Ethereum Name Services is a domain-naming NFT platform. Users can opt for non-fungible domain names and integrate with NFT marketplaces like Rarible. With ENS, you can receive any cryptocurrency, token, or NFT to the domain name. Launching private, decentralized, and secure websites is a great way. Over 238,000 domain names exist on the ENS platform already.
9. Axie Infinity
Axie Infinity has become one of the most successful NFT projects. Axie Infinity paved the way to make the play-to-earn NFT model the new standard. But unlike other similar NFT projects, Axie Infinity is simpler and revolves around “how” efficiently players collect battle and breed creatures or Axies. These Axies are NFTs that you can profit from or continue to play to get more tokens.
10. EQIFI
EQIFI is a decentralized finance (DeFi) project that allows users to borrow, invest, and lend in ERC-20, ETH, and fiat currencies. Despite a decentralized platform, EQIFI has a dedicated bank to enable users to gain full access to its products, such as credit cards and multi-currency accounts. With EQIFI, the democratization of banking services is moving in the right direction.
NFTs: What Can You Expect?
The integration potential of NFTs with decentralized finance will become the basis of future projects. Furthermore, NFT management projects will feature more support and copyright management through blockchains like Binance Smart Chain, Dai, and Polygon. In addition, more NFT projects will support crowdsourcing and appraisals to establish and boost the value of NFTs. Plus, value-driven NFT projects will become the center of attention and allow investors to gain more exposure.
Final Thoughts
NFT auctions will continue to garner more attraction and make blockchain adoption more mainstream. The NFTs’ future will propel more growth in the DeFi space. As a result, it would make rare collectibles and acceptable art items more valuable.
Besides, digital artists can now sell their NFT collections on various platforms. The current momentum of the NFT market hints at exponential growth. Each NFT project brings something new and will play a crucial role in developing the NFT market for years to come.
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