The way we view and exchange digital assets has completely changed thanks to NFTs (Non-Fungible Tokens). The NFT market experienced an explosion of projects in 2022, each offering investors and collectors unique treasures and experiences. While some NFT ventures have been highly successful, others have fallen short, leaving investors with no more than a useless JPEG.
This article will assess some of the NFT projects that came out on top in 2022. Many NFT enthusiasts and buyers were captivated by the brand’s ideas, creativity, and vibrant communities. So, if you are an experienced investor or an enthusiastic NFT fan, in that case, this round-up will give you information on top projects that have impacted the NFT industry in 2022, and what led them there.
What Makes NFT Projects Good?
Within the universe of non-fungible tokens, NFT projects are a discrete subset that offers collections of NFTs with particular uses and objectives. NFT projects, in contrast to individual NFT art, are made by larger companies and traded inside their platforms. Individual NFT art is often produced by lone artists and sold on NFT marketplaces. These initiatives attempt to offer consumers various experiences outside conventional NFT artwork by expanding the breadth of involvement and functionality. NFT projects have the potential for mass adoption and scalability by utilising these businesses’ assets and marketing muscles.
It’s crucial to consider these unique qualities while assessing NFT initiatives while staying up to date with NFT news by following reputable news sources from OpenSea or Bitcoin Decode. While NFTs are frequently one-of-a-kind objects, NFT projects provide a greater variety of NFTs, each with unique characteristics and functions. These initiatives cater to particular themes or passions, giving users and collectors a more engaging experience. NFT projects also profit from the support of well-known businesses, enabling the creation of novel features and a seamless user experience.
Factors Contributing to Good NFT Projects Include:
- Effectiveness: An NFT project’s potential for success can be determined by the social engagement and community involvement it has generated. Positive signs include active communities, influencer engagement, and organic growth.
- Team: The success of an NFT project greatly depends on the team’s knowledge and commitment. A competent and seasoned team is likelier to fulfil its mission and successfully handle obstacles.
- Sales Performance: Examining the volume of sales and price changes for the NFT project can reveal information about consumer demand and the project’s perceived worth.
- Utility and Functionality: NFT initiatives with distinctive features and functionalities outside traditional artwork have a better chance of succeeding. Projects that produce engaging experiences or generate value for users and collectors stand out in the market.
Top 5 NFT Projects of 2022
Larva Labs, a two-person development company specialising in everything from web infrastructure to digital design and art to mobile games and utilities, launched CryptoPunks. The London punk movement, cyberpunk literature, and movies inspired the team as they developed a pixelated character generator. It is a well-known project with 10,000 original punk-themed characters.
For these CryptoPunks, there are twelve different value categories. Human Punks are the most common type. Other uncommon Punk species exist as well, including Zombie Punks (88), Ape Punks (24), and Alien Punks (9). The collection’s most valuable piece, Alien Punks, sold for over $7.5 million at an auction.
2. Bored Ape Yacht Club
The idea was developed by four anonymous co-founders of Yuga Labs’ Bored Ape Yacht Club (BAYC): Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. The collection is saved as ERC-721 tokens on the Ethereum network and is stored on IPFS. The project’s 10,000-pixel NFT avatar collection is housed on the Ethereum blockchain.
BAYC is one of the most well-known NFT collections since no two NFT characters are alike. This significantly raises the value of each NFT in the BAYC collection.
Despite being a somewhat new initiative, BAYC faces stiff competition from several established NFTs projects that have already been made public. Decrypt listed the project as the second most well-known NFT project that has garnered attention after CryptoPunks.
Bored Ape Yacht Club’s total trade volume is 1,384,829,779 USD, with the thousands of buyers increasing daily.
3. Axie Infinity
The Vietnamese firm Sky Mavis created the non-fungible token-based online game, Axie Infinity. The game is known for its crypto-based in-game economy based on Ethereum. Nintendo’s preferred Pokémon series serves as its inspiration.
Axie Infinity, one of the key figures in the NFT industry, is credited with creating the concept of play-to-earn NFT games. Animals in the Axie Infinity Game are referred to as “axes.” To participate in the game, at least three Axies must be acquired.
As the platform gains popularity, the price of these Axies changes and goes up. Each Axies is priced differently depending on its features and characteristics, but you can still purchase a nice one for around $200.
The total market cap at the current is $779.5 million, with its current circulating supply being 116,961,629.854 AXS.
4. ArtBlocks NFT Project
An ArtBlocks venture gives collectors access to a network of individual, programmable, and configurable NFTs built on the Ethereum blockchain. The ceramic tile sector was active under Erick Calderon, and Jeff Davis established it in 2021. This entire project aims to enable artists to combine digital components to create unique NFT artworks using blockchain technology. It’s made of blocks.
With Art Blocks, the artist and the client both approve the computer’s random selection of what to mint. As a result, generative art has reached a new level. This project achieves this by using NFT drops, in which users mint NFTs without knowing what kind of NFT art they will ultimately receive.
This project is currently worth around $850.6 million on OpenSea.
5. Mutant Ape Hatch Club NFTs
The Mutant Ape Yacht Club was developed after Yuga Labs’ The Bored Ape Yacht Club, a big hit. Businesspeople and celebrities dominated the Bored Apes. As a result, the mutant ape project was launched, providing a less costly means of connecting to the same network.
The Mutant Apes were airdropped to Bored Ape Yacht Club members. By acquiring any of Yuga Labs’ 30,000 apes (both bored and mutant), you may gain early access to Adidas’ “Into the Metaverse” NFT project, which is already going for more than three times its suggested retail price.
The minimum price for an MYC is expected to be near 25 ETH. Being a part of this endeavour is profitable.Several alternatives will be available to investors and collectors in NFT projects in 2022. While the NFT market is still developing, it is essential to carefully assess projects in light of aspects like efficiency, team, sales performance, and utility/functionality. Successful projects in their respective fields include CryptoPunksNFT, Bored Ape Yacht Club, Axie Infinity, ArtBlocks NFT Project, and Mutant Ape Hatch Club NFT. To make wise selections, doing extensive research and keeping up with industry trends and advancements is crucial. Individuals can traverse the NFT ecosystem and participate in rewarding and successful projects by considering these variables and remaining watchful.