5 Hot NFT Projects Across the Blockchain

Since the creation of NFTs (Non-fungible Tokens), the NFT community has been relatively small until 2021. Here are five projects that are poised to jumpstart the NFT community and help spread its influence across the DeFi landscape.

By
Utulu Hope
on
April 21, 2021
Category:
Blockchain News


Introduction

NFTs, which is short for Non-Fungible Tokens, are unique digital items acquired by cryptography. They give users the purchasing power of owning unique digital items and are monitored using a blockchain protocol. Presently in early 2021, the interest in NFTs has skyrocketed to various new endeavours. Many believe that decentralized finance (DeFi) projects will dominate the crypto market space, but feel as if the system is complex and unfriendly to new users.. The introduction of NFTs allows protocols to offer a token that is more relatable to the general public, who may be unfamiliar with traditional DeFi processes.

NFTs are often presented as game items, pets, memes, GIFs, songs, digital collectibles and can even hold liquidity provider (LP) positions in DeFi. In some rare cases, they are used as a representation of real-world assets like art. While they can be used as a stand-in for a physical piece of art/media, NFT projects are specialized for digital item representation. That said, let us take a look at the top five hot NFT projects across the blockchain. 


Beeple NFTs

Beeple is an example of an NFT seller, breaking into the crypto market space with a mammoth initial sale. According to reports, Beeple, also known as Mike Winkelmann, took the art world by storm after selling an NFT worth a considerable amount ($69M in ETH). Christie's auction house anchored the sale. What more, the sale places the digital artist among the top three most valuable living artists, according to Christie's. 

Before his first major sale in October, Beeple had never sold a print worth more than $100. He sold his first NTFs series pair at $66,666 each in October. He followed this with another massive sale, selling a second series of works for a total of $3.5 million. In February 2021, his NFT that was initially priced at $66,666 was resold for $6.6 million. 

The $69mil sale is a game-changing total that dramatically increased the influence of NFTs. However, it is unsurprising that Beeple achieved this feat given his huge fanbase obtained from his online art series. In this series, he is known for uploading artworks daily, and has not failed to upload a painting each day for more than a decade. 


NBA Top Shot

NBA Top Shot is an NFT exchange with among the highest number of users of any NFT platform. It is a project created by Dapper Labs. With the project, users can purchase digital artworks that contain famous NBA moments as NFTs. The NBA brand is no doubt a substantial factor as to why this platform has achieved so much success. That said, issuing NBA-related collectibles to a massive fanbase of NBA lovers makes fiscal sense and has helped boost the protocol. Aside from the ease of issuance and making sales, NBA Top Shot is user-friendly. The project offers its users easy access by stripping off aspects of decentralization. As such, many of its users do not know that they are using a blockchain-based product. This alone can be classified as a huge success, although it is not as decentralized as other projects tend to be. It doesn't feel like a regular blockchain product in any way, which could be an issue for experienced users who are expecting a different interface.


Cryptopunks 

Cryptopunks was one of the earliest NFTs to exist on the Ethereum blockchain. They have been around for years, attracting limited interest until the popularity swing of NFTs in 2021. The Cryptopunks project was created by Larva Labs and boasts over 10,000 collectible 'characters' on Ethereum. 

One exceptional feature of their NFTs is the fact that no two collectibles are the same, despite the unique collectables numbering in the thousands. Upon creation, every collectible could be obtained freely by anyone who owns an Ethereum wallet. In 2018, one could buy one in a range of $50-$100. However, since the explosion of NFTs in 2021, prices have increased. In March, one sold for 4200 ETH. 


Axie Infinity 

Axie Infinity is a blockchain game that allows players to nurture virtual pets called Axies. This means that players can control these pets and trade them with other players, compete with each other in a PVP (player vs. player) battle or fight against monsters in Adventure mode. 

Axies is built under the ERC-721 standard on Ethereum. The game also comprises items and land, which are NFTs. It is one of the most popular NFT games on the Ethereum blockchain due to its combination of gameplay, artwork and NFT-capability. Given the issues with high gas fees on Ethereum, the project has launched the Rhonin sidechain so users will worry less about gas fees. 


Decentraland

Decentraland is a blockchain-based virtual-reality simulation game. Players can trade virtual lands with the ERC-721 token standard on Ethereum. Owners of each land can decide what to put in it, ranging from a simple scene to a very interactive one. 

Players can also purchase virtual lands with MANA — Decentraland's native token. Inside the game’s marketplace, NFTs are exchanged as assets inside the game. In simple terms, Decentraland is an economy where players interact with one another and monetize their activities. In contrast with other virtual reality games, Decentraland is fully controlled by decentralized players.


Closing Thoughts

With NFTs gaining large-scale adoption, it seems obvious to say that these digital collectibles have come to stay. However, there are still indications that their popularity may decline in the long run as their novelty wears off. Until this happens (if it does), users can enjoy the variety of the many NFT projects available. Beeple still stands tall as the hottest NFT project after its huge milestone, but with the 2021 NFT bump, we will keep our fingers crossed as we anticipate other similar project values.

Tags:
No items found.
Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.