11 NFT Projects That Could Impact The Future Of The Art Industry
Two of the most important developments in the crypto space at the moment are decentralized finance (DeFi) and Non-Fungible Tokens (NFTs). As we previously published a list of top DeFi projects, it made sense to follow that list with a list of top NFT projects.
What Does Non-Fungible Mean?
If assets are fungible, this implies that there is equal value between the assets. So, if two assets are non-fungible, it means that the assets each have unique qualities that add or subtract value, making the value of the assets different from each other. A real-world example is baseball cards. Each baseball card has unique qualities making some worth more than others.
Diamonds are also non-fungible. Each diamond is unique, because they have different cuts, colors, sizes, and grades, meaning that they are not interchangeable. You can’t exchange one diamond for another diamond and expect it to be priced the same, because one might be a better grade, larger, or a better cut than the other.
What Are Non-Fungible Tokens (NFTs)?
Non-Fungible tokens are also unique because they can’t be replaced with something else. Bitcoin is fungible because you can trade one bitcoin for another bitcoin and have exactly the same thing with the same value. An NFT is a digital asset (token) that represents a real-world object such as a piece of art, music, an in-game item, or a video.
Many NFTs have been digital creations that already exist in some form elsewhere, like video clips from NBA games that can also be viewed on Youtube, or art that can also be found on Instagram or Facebook. However, NFTs are sought after because they allow the buyer to own the original item and they contain authentication that serves as proof that the buyer owns it.
Each NFT has a unique digital signature, making it impossible for NFTs to be exchanged for one another or equal to one another. The digital signature and unique, one of a kind aspect of them is what makes them so sought after and valuable. In February and March 2021, a number of NFTs sold for millions of dollars.
Here is a list of 11 of the top NFT projects in the crypto space:
NFT Projects: CryptoPunks
The cryptopunks project enables users to trade and store 10,000 unique collectable characters with proof of ownership stored on the Ethereum blockchain. The cryptopunks project is the project believed to have inspired the modern CryptoArt movement, and the projects website describes the CryptoPunks as the first “Non — Fungible Token” on Ethereum. This project also inspired the adoption of the ERC-721 standard that is used for most digital art and collectables today.
In May 2021, a collection of 9 cryptopunks sold for almost $17 million in an auction led by Christie’s, one of the top auction houses in the world.
NFT Projects: CryptoKitties
In December 2017, CryptoKitties became so popular that transactions slowed down on Ethereum. The CryptoKitties craze has somewhat seen a resurgence as NFTs have gained popularity in 2021. CryptoKitties is a game centered around digital cats, each cat image being unique and 100% owned by the purchaser.
NFT Projects: Decentraland
Decentraland is a decentralized virtual reality world that is owned by its users where there are entire villages created through the imaginations of community members. Users can create scenes, artwork, and more and then participate in events in order to win prizes.
NFT Projects: NBA Top Shot
One of the most popular NFT projects, NBA Top Shot is a blockchain application created by the NBA in partnership with Dapper Labs. It is built on top of the Flow blockchain. NBA Top Shot offers collectables that are available as NFTs, each containing a short video of an important moment from an NBA game. The moments are sold in packs according to how rare they are.
NFT Projects: Enjin
Enjin offers products that make it easy for both individuals and businesses to use NFTs. Enjin’s ecosystem of digital products allow users to trade gaming products and earn money from them. Game developers can tokenize items from games through the Enjin Coin, Enjin’s native digital currency.
NFT Projects: OpenSea
OpenSea is the world’s first NFT marketplace, and also the largest NFT marketplace. At the OpenSea marketplace you can find, collect, and sell NFTs. Choose between 4 million different assets. OpenSea supports ERC721 and ERC1151 standard which covers industries like art, sports, domain names, and collectibles.
NFT Projects: Rarible
Rarible is an NFT marketplace founded in January 2020 where users can mint, buy, and sell digital collectables. Rarible supports many different digital products, such as digital art, domain names, memes, and metaverses. The platform uses the RARI token, its native governance token which rewards active users with the ability to help determine the future of the platform.
NFT Projects: Sorare
Sorare is a fantasy soccer game that allows users to buy, sell, and manage a virtual soccer team with digital cards of different players. Each of the digital player cards is an NFT. Different player cards are organized by how rare they are, and each card also displays an average score and experience points. Users can use their cards to compete in tournaments, with tournament winners receiving rewards in the form of ETH.
NFT Projects: SuperRare
SuperRare is an NFT Marketplace specializing in rare digital art, where artists can monetize their single-edition, one-of-a-kind art by way of an NFT. When artwork is registered on SuperRare it is certified on the Ethereum blockchain. SuperRare allows artists to showcase their work in virtual reality art galleries.
NFT Projects: WAX
Known as The King Of NFTs, WAX is a leading decentralized video game and entertainment network. WAX allows users to create, buy, sell, and trade digital items. Many popular brands have used WAX to launch sales of unique NFTs.
NFT Projects: The Sandbox
The Sandbox allows users to play, create, own, and govern a virtual world made by players. It is a community led platform where creators can monetize digital assets known as Voxel assets as well as gaming experiences. The utility token SAND is used for transactions on the platform. There is a maximum of 3 billion SAND.
Other NFT Projects To Watch
The Popularity Of NFTs
The NFT market exploded in 2021 around the time that Beeple sold the NFT “Everyday: The First 5000 Days” for more than $69 million through auction house Christie’s. Now it seems like every celebrity is creating their own line of NFTs, which has brought further notoriety to the blockchain/crypto space.
At the height of the NFT craze, some people started to say that the NFT market was in a bubble and that prices were not sustainable. Although prices for NFT’s have gone down, it’s anyone’s guess what the future will hold for this emerging digital art landscape.
What are your thoughts on NFTs? Are they overpriced, or worth every penny? Do you think the NFT market will remain a prominent fixture in the art and collectables world, or is it just another fad that will soon pass?
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