What Is A Blue Chip NFT?

A blue-chip NFT is an in-game item, similar to a trading card for the game CryptoKitties, that has been saved using Ethereum blockchain technology.

In CryptoKitties, players can buy and sell digital cats, which can be bred and sold again on the market. The in-game items are called “NFTs” or non-fungible tokens; they’re created by locking up ether (ETH) into a smart contract before they are later auctioned off to buyers on the market.

Blue chip non-fungible tokens (NFTs) are initiatives that are anticipated to maintain their value over the long term while also generating profits.

Blue chip non-fungible tokens have various qualities, including a relatively high floor price, strong brand power, endorsements from celebrities, dedication from the project team, and practical application in the real world.

There are many different ways to acquire non-fungible tokens (NFTs), some of them legal and some of them not. The most prevalent way is to purchase it at an auction. The most popular CryptoKitties NFT auction is the weekly KittyVerse auction, where users can bid on unique CryptoKitties that have been bred by other players.

Non-fungible tokens, also known as NFTs, are digital or physical tokens that are cryptographically unique and tied to specific pieces of digital or physical property. They serve as proof of ownership, validity, or membership in a certain organization.

In video games, non-fungible tokens (NFTs) give players the ability to fully own the one-of-a-kind digital goods they acquire, such as pet monsters or starships, and give them the flexibility to buy, sell, trade, or otherwise dispose of those NFTs as they see fit.

According to information provided by the NFT tracking website CryptoSlam for October 2022, the global NFT market had sales of more than $333 million. DappRadar is yet another well-known website that monitors data about NFTs. This website monitors Blue Chip NFTs in addition to the broader NFT and decentralized application ecosystem.

A blue-chip NFT, also known as a high-grade NFT, is an in-game item, similar to a trading card for the game CryptoKitties, that has been saved using Ethereum blockchain technology.

In CryptoKitties, users can buy and sell digital cats, which can be bred and sold again on the market. A corporation that is well-known on a national scale, has been around for a long time and is solvent is known as a blue chip in conventional finance.

Blue-chip companies, as defined by Investopedia, are recognized for their ability to withstand economic downturns and continue to generate profits despite challenging financial environments.

Blue-chip stocks are investments that are thought to be reasonably secure since they have a demonstrated history of success and consistent growth. Although blue chips are consistently reliable, it is not expected that they will provide the same high returns as investments that carry a higher potential for risk. This is likewise the case with blue chip, normal, and average non-financial companies.

Blue chip stocks have been known to be successful for years, with some companies now being in their fourth decade or even their fifth. Blue chip companies are always on the rise, and their value has gone up during economic downturns as well.

Blue chip NFTs are expected to maintain their value over the long term while also generating profits.

Top blue-chip NFT collections

CryptoPunks:

CryptoPunks

CryptoPunks was the first blockchain-based trading card game to be developed and made available to the public. It is based on the Ethereum blockchain platform, and it was created by Axiom Zen, a Canadian software company. CryptoPunks were made available during an initial coin offering (ICO) event that took place in March 2017.

The volume of NFT transactions steadily increased over the subsequent three years; nevertheless, the demand for these verifiably rare digital collectibles exploded around the end of 2020 and especially at the beginning of 2021.

The value of CryptoPunks on the secondhand market skyrocketed, which resulted in the sale of NFTs for multiple millions of dollars, auctions held at Christie’s and Sotheby’s, and a large number of CryptoPunks being used as profile images on Twitter.

Bored Ape Yacht Club:

Bored Ape Yacht Club

The Bored Ape Yacht Club was a limited-edition card game that was based on the Ethereum blockchain. The game was developed by Kollective, and it is available only as NFTs through an auction held on the Eve Online platform.

The Bored Ape Yacht Club NFTs are used to represent the digital collectible that represents ownership of physical objects in the real world. The Bored Ape Yacht Club is a collection of 10,000 profile images that have been coined on the Ethereum blockchain as non-fungible tokens (NFTs).

This project was developed by Yuga Labs. Collectors of Bored Apes have an illustration of an ape who looks bored, complete with characteristics and accessories that are generated at random. There isn’t a single image that’s identical to any other.

The purchase of a Bored Ape Yacht Club NFT provides entry into the eponymous “club,” and membership carries with it several advantages.

According to data from CryptoSlam, by January 2022, trading activity for Bored Ape NFTs had generated more than $750 million. This figure includes the trading volume for future variation sets. It wasn’t long before sportsmen, musicians, and others started using Bored Apes as their default Twitter NFT avatar.

Doodles:

Doodles are non-fungible digital collectibles that can be purchased on Biddable’s platform. Doodles are created by the artist known as “Silly” who was found in an Instagram post in 2019.

Doodles were released into existence on the Ethereum blockchain during an auction held by Biddable in April 2018. There are four unique, limited-edition NFTs, and they’re made available to Biddable users via purchase through its centralized application if they follow Silly on Instagram.

Azuki:

Azuki is a company that offers a blockchain-based trading card game called Azuki airdrops. This collectible NFT platform uses an ERC20 token to create a marketplace where the cards are uploaded, purchased and traded.

The number of collectible NFTs differs from each other, and they can be bought using the Azuki token and exchanged via the Ethereum network. Azuki also has an iOS application and an open API that enables it to be integrated into third-party applications.

Twin Flames:

Twin Flames is a project that’s based on the ERC721 platform. Twin Flames aim to create a blockchain-based game that allows users to collect, trade, and battle digital twins that are unique to each other and are based on Ethereum blockchain technology.

Non-fungible tokens (NFTs) are similar to shares of stock in a company; each NFT represents something unique.

CryptoKitties:

CryptoKitties is a decentralized application (Dapp) that is built on the Ethereum blockchain network. CryptoKitties launched in November 2017 and was developed by Axiom Zen, a Canadian software company. Users can buy and sell digital cats that can be bred and sold again on the market. To own one of these cats, the user must purchase NFTs from the CryptoKitties platform using ether (ETH).

CryptoKitties are non-fungible tokens that were initially produced on the Ethereum network under the ERC721 token standard. Dapper Labs is the company that developed CryptoKitties.

Tokens that existed on blockchains before the development of ERC721 were fungible, meaning that they were interchangeable with one another. This means that any Bitcoin or Ethereum token is the same as any other. ERC721 made it possible to create tokens that were one-of-a-kind and infrangible.

Each CryptoKitty has its distinct digital genome, which is kept in a smart contract for safekeeping. The inalterable genotype that is encoded in the smart contract is what defines the phenotypic, which is the visible appearance. Using a genetic algorithm, any two CryptoKitties have the potential to mate, and the resulting offspring will have its own set of distinctive characteristics (or “attributes”).

Because the Ethereum network could only execute a certain number of transactions at once, the popularity of CryptoKitties quickly created an issue for the Ethereum network.

As a result, a backlog began to form. Because breeding CryptoKitties grew so popular, it impeded the ability of other businesses operating on the platform to promptly validate their transactions.

In May 2020, CryptoKitties announced that it will be migrating to a blockchain that was only dedicated to cryptocurrency.

Similar to equities, the status of a Blue Chip NFT might change over time. When the bear market for cryptocurrencies began early this year, the value of the once-unstoppable Bored Ape Yacht club witnessed a precipitous drop.

The famous artist Justin Bieber spent $1.3 million buying an ape in January; the JPEG of that purchase is now only worth $69,000 as of November 2022.

Why Is It Important To Invest In Blue Chip NFTs?

Why Is It Important To Invest In Blue Chip NFTs

Blue Chip NFTs are like the stock market in that they have a history of appreciating, and they can be compared with other cryptocurrencies that have appreciated and depreciated over time. And unlike stocks, they’re digital collectibles that can be used to purchase items on the Blue Chip blockchain exchange or traded against other NFTs.

Blue Chip is a web application that allows users to purchase, acquire, and sell non-fungible tokens (NFTs) on the Ethereum blockchain. Users cannot trade Blue Chip’s NFTs for cash or any other cryptocurrencies. Instead, the user’s card can be debited when their digital property is sold.

Conclusion:

While the crypto market is in a bearish stage, people are still eager to invest in digital assets. Cryptocurrencies have been around for almost 10 years, and they have seen tremendous growth since the start of 2017.

As of 2018, more than $100 billion in cryptocurrencies has been invested all over the world. The growth and popularity of NFTs are also on the rise because they can be used as a medium to invest or hedge against volatility or risk.