The blockchain world is booming, with new startups and products popping up in all the most exciting fields. This is great for people interested in investing, but what about those more knowledgeable about the field?
Well, we’re here to help! We’ve compiled five projects with a lot of potential and have already seen major developments.
It is easy to lose perspective on how young the NFT space is. The Bored Ape Yacht Club, one of the most well-known endeavors in recent years, appeared on the scene in 2021.
In that year, the industry had an explosion, with approximately $41 billion of cryptocurrency being spent on NFT markets; CryptoPunk #7523 was sold for $11.7 million, Bored Ape #3562 was sold for more than $1.6 million, and Cool Cat #1490 was sold for $1.4 million.
Although these projects may have enjoyed great financial success, which of the world’s most expensive NFT collections are also likely to remain?
This is exactly why we have come. We looked at the most expensive projects in the industry to determine what factors contribute to those projects’ perceived and actual worth.
In addition, we consulted with several industry professionals to get their perspectives on the direction in which these initiatives ought to head to endure the test of time.
The results were interesting; the projects most likely to hold their value include some of the oldest collectibles in the industry! The most expensive NFTs on the market have aged, still holding their value in this volatile environment.
It is arguable that CryptoPunks, a collection of photographs with a pixelated and punky appearance that measures 24 by 24, is the most important and historically relevant initiative in the NFT sector. CryptoPunks was one of the first initiatives to demonstrate the potential of digital ownership.
Larva Labs initially developed it in 2017 and bought it by Yuga Labs in 2022. Since its inception, CryptoPunks has expanded in tandem with the rising popularity of the Ethereum blockchain.
Punks have become one of the most looked digital collectibles (as well as status symbols), with superstars and high-net-worth collectors splashing out millions of dollars to be a part of a community. This is since NFTs are now becoming more mainstream.
The Bored Ape Yacht Club flipped over the CryptoPunks floor in December of 2021, symbolizing a larger passing of the torch in the realm of popular NFT acceptance.
Despite this, the CryptoPunks floor price is currently at a comfortable 53.5 ETH, equivalent to around $106,000 at the time of writing.
According to the opinions of industry professionals, the historical relevance of CryptoPunks is the single most important factor in determining the movement’s ability to endure.
Having cultural value due to being one of the first NFT initiatives to be developed often translates into financial worth. According to NFT analyst and long-time collector Liam Herbst, who was quoted by NFT now, “historical breakthrough projects have the most lasting power (such as CryptoPunks).”
“Historical projects will always receive the attention, as well as the social capital that comes along with them, while every other project must earn it through time to have it.
It is preferable to place your bets on initiatives started in the past year by people who have staying power, meaning they have been there for years and will continue to be around for decades. Their collections might not be historically noteworthy just yet, but as time goes on, more and more attention will be drawn to them.
Bored Ape Yacht Club
Bored Ape Yacht Club, the creation of Yuga Labs, has swiftly become one of the most costly and sought-after NFT collections by regular collectors and celebrities. This is because of the collection’s unique design.
After it was first released at the end of April 2021, sales were moving at a somewhat modest pace until the NFT influencer Pranksy “aped in.” Since then, the floor price has had a meteoric rise, bringing the total to its present level of 101 ETH, equivalent to almost $204,000.
Yuga Labs is constructing a media empire that will include books, movies, television, and other forms of media thanks to its recent acquisition of CryptoPunks and Meebits and a $450 million investment from Andreessen Horowitz.
In addition to its exclusivity and signaling power, the community and commercial usage rights offered by BAYC make up a significant portion of the company’s selling point.
Anyone with the necessary commercial usage rights can use the intellectual property of their Ape to launch new businesses and negotiate licensing agreements. When you factor in merchandise and events that are only available to members and lucrative airdrops like Mutant Ape Yacht Clube, BAYC has developed a suite of compelling member offerings.
According to Herbst, the ability of a collection to function as a status symbol is one of the most important factors determining whether a project will have staying power. This is true regardless of the collection’s historical significance.
He contends that this is ultimately the factor that makes BAYC so compelling, stating that “all humans seek status, and NFTs are one of the best ways to flex status online.” It is common practice for projects to achieve status through the adoption of the project by influential investors, in the same way, that a celebrity’s endorsement can elevate the status of a clothing brand.
Another aspect of longevity is utility, which BAYC possesses in abundance. In continuation, Herbst says, “Projects can provide a set of experiences and rewards that holders will promote to elevate the project’s image.”
Additionally, holders develop an attachment to their PFP, strengthening their advocacy for the brand. To develop staying power, projects need to have an original narrative and a desirable brand and continue to expand their network of promoters.
Cool Cats became extremely popular not long after their inception in July 2021, spearheaded by co-founders Colin Egan, Evan Luza, Tom Williamson, and Rob Mehew. In a manner comparable to that of BAYC, many famous people visited Cool Cats.
Mike Tyson used one as his profile picture on Twitter and even offered to purchase Andrew Wang’s famous cat for more than one million dollars.
The adorable blue artwork, the motivational tale of Cool Cats’ inventor Clon, and the celebrity endorsements all contributed to the explosion in sales of Cool Cats. Initially sold for approximately $150, the Cats rapidly increased in price until they reached a floor of more than 10 ETH.
During this era, the slogan “We like the Cats” became popular as a light-hearted approach to rationalize the buy, although it served no practical purpose at the time. In the end, it ended up being the unofficial motto for the project.
Since then, Cooltopia, which refers to the larger ecosystem that Cool Cats is a part of, has given birth to a genuine, uplifting, and friendly community. This community has become a significant selling point when contrasting Cool Cats with other initiatives.
The founders of Cool Cats have recognized the value of their community. They have announced that 20% of any ETH created by the project will be donated back to the community in the form of raffles, contests, and other activities.
In contrast to other top-tier projects, however, Cool Cats has experienced a greater degree of price volatility throughout its existence. The Cats have fallen from their previous floor of 16 ETH to their current level of approximately 4 ETH, equivalent to approximately $8,000.
Although a significant portion of this can be attributed to broad shifts in market conditions, there is a degree of discontent over how the team has executed its roadmap.
The much-anticipated release of the Cool Pets expansion has been repeatedly postponed, the price of the $MILK token has dropped dramatically, and there have been numerous bugs in Cooltopia.
“There is great pressure on founders to keep their audience engaged,” says Lisa Teh, Co-Founder of Mooning.com and Founder of CODI Agency, saying today, “There is no better time than now.”
There are only so many hours in a day that you can spend on Discord, so if they need to get value from your community and roadmap, they can easily change out to something new and exciting. You must be seen consistently moving forward to prevent your community from becoming distracted by another project.
If you move forward consistently, your community may stay focused on another project. Additionally, this might harm the community if a project ceases delivering on its roadmap or consistently fails to fulfill deadlines.
Chris Hassett, the company’s CEO, resigned amid the economic collapse. The project is currently working with a leading recruiting firm to identify a world-class replacement who will take the helm of the project as it moves into the next stage of its expansion.
Moonbirds is a collection of 10,000 pixelated owls NFTs with their utilities active. They serve as the official NFT of PROOF Collective, a group of rich NFT collectors and artists that is relatively tiny but has a significant influence.
On the day when the Moonbirds were released into space on April 16, 2022, each PROOF member was given two Moonbirds. The collection took off not long after that.
Moonbirds shot up to an initial floor price of 38.5 ETH shortly after its introduction, thanks to secondary trading volume that exceeded 66,000 ETH and totaled $191 million in less than 48 hours after the launch.
Since then, there has been a minor decrease, currently hovering around nearly 22 ETH, which is about $44,000. In addition to the artwork, the Moonbirds project announced the functionality of “nesting,” which is a way for owners of Moonbirds to bet their coins to obtain an additional payout.
Due to the success of the project’s launch, including it on a list of the most costly NFT collections should be done. Despite this, it’s still in its infancy.
As a result, it is still being determined what the next step for Moonbirds will be. However, with the social proof provided by PROOF Collective at its back, Moonbirds is likely to prove itself worthy of being classified as a blue chip.
Azuki was introduced to the world on January 12, 2022, by four individuals in their 30s who worked for the corporation Chiru Labs. The NFT project was one of the first to have characters drawn in an anime manner, and it sold out rapidly. Azuki’s price rapidly skyrocketed to a floor of 13.3 ETH after an initial dutch auction mint that began at 1 ETH.
Following the accomplishment of the launch, Chiru Labs decided to recruit Arnold Tsang, a seasoned artist in charge of character design for Overwatch, to assist in developing the Azuki brand.
In an interview with Forbes, Tsang stated that “the dream is for Azuki to become such a large IP (intellectual property) that there is an animated series, maybe even games, and all types of stuff.”
Tsang stated that he decided to make his identity public to “pledge trust” to the community. “This is what I’ve accomplished and who I am. “Put your trust in me that I’m not going to run away after generating money and simply walk off to a desolate island,” he said. “I’m not going to do that.”
Since February, Azuki’s have maintained their rapid rise, reaching a floor of more than 30 ETH in both March and April before plunging significantly due to unanticipated events. The identities of the other founders of Chiru Labs, except Tsang, have been kept secret.
The book “A Builder’s Journey” was released by ZAGABOND, one of the co-founders of Azuki, on May 9, 2022.
This news, intended to highlight his previous learnings from failed projects such as CryptoPhunks, Tenders, and CryptoZunks, instead sparked outrage within the community, with many people viewing these so-called “failures” as rug pulls. This news was intended to highlight his past learnings from failed projects such as CryptoPhunks, Tendies, and CryptoZunks.
Important discussions regarding the drawbacks of anonymity in NFTs were sparked due to this. Additionally, it had a tremendous negative impact on investors’ opinion towards Azuki, and overnight, it caused a reduction in floor price of over fifty percent.
The current worth of the project, which had previously lost some of its value, is 13.ETH, which is equivalent to approximately $27,000. However, considering how recent the scandal is, it is still being determined whether or not Azuki will be able to survive.
NFTs are a very new market, and many projects have yet to launch. As such, it is difficult to predict what the future holds for these blue-chip NFTs. However, looking into the history of these particular NFTs, their success indicates that they continue to hold value in the future.