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| Health, Wealth, and Happiness |
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In today's issue: The NFT market is down 97% from last year. If you're serious about digital collectibles, now's the time to scoop them up at fire-sale prices.
But which NFT projects will hold their values into the next bull run? Today, we'll show you the ones that have done the best so far in 2022. |
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New Investor Scorecard: Dogecoin
Hard to believe it's taken us almost ten years to do a formal analysis of Dogecoin, the OG meme coin. Created as a lighthearted alternative to bitcoin in 2013, many people consider Dogecoin a long-term investment, but is it? |
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| In our latest Blockchain Investor Scorecard, we lay out the pros and cons of investing in Dogecoin, rolling up our research into a final 1- to 5-star rating. |
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| | | Top NFT Projects of 2022 by Danielle Greving |
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Summary: NFTs are a specialized niche of crypto. They're only appropriate if you really love collecting. Even then, they should not compose more than 1% of your portfolio. For those who want to invest, here are the top NFT projects.
With the NFT market down 97% from its highs, it may feel like the fad is over, but if you really believe in these digital collectibles as long-term investments, now can be a great time to buy.
As we said in our Investor's Guide to NFTs, think of them like collecting any other exotic investment: rare wines, classic cars, or even vintage baseball cards.
To help you discover the NFT collections with the most traction, we’ve compiled some of the top NFT projects of 2022. Read on. |
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Okay Bears
Okay Bears is an algorithmically generated NFT collection released on the Solana blockchain in April 2022. Initially, 10,000 bears were released. Each was priced at 1.5 SOL.
The team behind the Okay Bears tokens wanted to cultivate a relaxed and vibrant community focused on acceptance, good vibes, and progress. An algorithm created each Okay Bears NFT character, and each NFT comes with utility, meaning it can be used for a variety of practical applications like exclusive access to events and experiences.
The Okay Bears NFTs sold out in one day, helping the Solana blockchain reach over $2 billion in total sales. Okay Bears has separated itself from other NFT competitors by creating unique hype around its brand. For example, some people were able to earn membership into the community by completing simple tasks such as creating poems, changing their social media profile pictures, or sharing posts with specific hashtags.
Okay Bears strongly emphasizes creating a culture of kindness for its community members. Members can gather at The Park, an exclusive Discord channel where everyone is equal and encouraged to spread positivity. |
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Nina’s Super Cool World
Nina’s Super Cool World is a bold new NFT collection created by Nina Chanel Abney, a contemporary artist and painter who explores gender, race, and politics in her work. Nina’s collection features ten unique art pieces each with different color schemes, meaning there are 100 NFTs total.
Each piece contains a number ranging from 0-99. Some randomly chosen numbers will receive bonus physical items and airdrops. However, all 100 NFTs are considered rare. In addition to exclusive access to Nina’s artistic expression, NFT holders will get access to the artist’s upcoming merch shop, exclusive air drops, event invitations, and real-life exhibition invitations.
Nina’s Super Cool World is available on GODA, a platform with a powerful team of NFT experts, advisors, and designers. |
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Bored Ape Yacht Club
Most people with a passing knowledge of NFTs are familiar with Bored Ape Yacht Club, a collection of 10,000 unique NFTs built on Ethereum. Each Bored Ape contains different characteristics, with some being rarer than others. For example, only 3% of Bored Apes have biker vests, while only 5% have red fur.
The rarer the trait, the more expensive the Bored Ape will likely be. All the Bored Ape NFTs were initially available on a first come, first-serve basis, and they sold out rather quickly. Now, they're available on OpenSea, a secondary market that acts as an eBay for NFTs.
As the name suggests, the Bored Ape Yacht Club brands itself as an exclusive social organization. NFT holders get access to an exclusive Discord channel where fellow members (including some high-profile celebrities) hang out and chat. Additionally, owning a Bored Ape NFT grants you access to more NFT collectibles, which can be resold at higher values. |
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Mutant Ape Yacht Club
Launched in August 2021, the Mutant Ape Yacht Club is an offshoot of the Bored Ape Yacht Club. The Mutant Ape NFT collection was created to reward Bored Ape NFT holders with secondary NFTs that spawned or "mutated" from their original Bored Apes. While the Mutant Ape NFTs differ from the Bored Ape NFTs, they possess similar characteristics.
The Mutant Ape Yacht Club was created to expand access and allow new members to join the Bored Ape Yacht Club. To become a member of Bored Ape, you need to own a Bored Ape NFT, a Mutant Ape NFT, or another related NFT.
There are 20,000 Mutant Ape NFTs, half of which were auctioned off for ETH, Ethereum’s native token. Through the auction, users could mint a Mutant Ape NFT after making a successful bid. The remaining 10,000 NFTs were allocated to Bored Ape holders. Mutant Ape NFTs were auctioned off for around $10,000 and sold out in about an hour. |
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Azuki
Azuki is an anime themed NFT collection that had one of the most successful drops in history. The collection of 10,000 NFTs, which were released on January 12, 2022, sold out within three minutes for over $30 million in total.
In the following weeks, as word began to spread about the successful launch, the Azuki collection reached almost $300 million in transaction volume across the market. Azuki NFTs can now mostly be found on secondary marketplaces like OpenSea and Rarible.
The popularity of Azuki NFTs is partially due to their characteristics, as the artwork attracted many anime enthusiasts. The brand has also employed several clever marketing tactics such as collaborating with the Korean hip-hop trio Epik High.
Purchasing an Azuki NFT grants you access to The Garden, an exclusive online club that includes NFT drops, live events, streetwear collabs, and more. |
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CryptoPunks
CryptoPunks was one of the earliest NFT projects based on the Ethereum blockchain. CryptoPunks has 10,000 algorithmically generated NFT avatars that each contain unique attributes. The avatars were inspired by the 70s British punk scene, which reflected the blockchain community's anti-establishment, rebellious nature.
While every avatar is unique, some contain rarer traits than others. For example, over 9,000 of the NFTs are human men and women, but a select few feature designs of zombies, aliens, and apes. Thus, the NFTs with unique attributes may be more valuable than others.
CryptoPunks was created by John Watkinson and Matt Hall. They're the founders of Larva Labs, a New York-based software company. Originally, Watkinson and Hall created the characters as an experiment and thought they might turn them into a smartphone app or game. Instead, they ended up with a successful NFT collection with a market cap of over $6 billion. |
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Tableland Rigs
Tableland Rigs is a collection of 3,000 NFTs built from a collection of over 1,000 handcrafted works of vehicular art. Known as "Rigs," the NFTs contain unique traits that can change over time based on programmable, on-chain rules.
Tableland has pledged its commitment to climate action. They compensate for NFT minting by retiring NCTs (carbon credits produced through nature-based methods). Over time, Tableland plans to onboard validators to its network and further calculate and compensate for emissions. |
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Otherdeed for Otherside
Otherdeed for Otherside is an NFT collection of metaverse land plots created by Yuga Labs, which created the Bored Ape Yacht Club. Otherdeed NFTs allow owners to claim Otherside land plots once the Otherside officially launches.
Each Otherdeed represents different sediments and environments within the Otherside universe. Each Otherdeed also contains different artifacts and resources that users can trade within Otherside by using Yuga Labs’ Apecoin. Bored and Mutant Ape Yacht Club holders had the chance to claim one Otherdeed NFT for each BAYC or MAYC NFT they held.
Otherside plans to be an interoperable metaverse, where users can move between different metaverses. The metaverse intends to serve as an open-world game, where NFT holders can own land and interact with different ecosystems and the unique beings that inhabit them. |
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Factura
Factura is an NFT project on the Ethereum blockchain created by Mathias Isaksen. Launched on July 16, 2022, the collection contains 999 NFTs launched on gm.studio, a generative art platform.
Isaksen’s entry into generative art began in July 2022 when he started dabbling in creative coding and learned how to cut shapes to produce smaller shapes. This led him to explore 3D rendering, which soon turned into creating the NFTs for Factura.
Most of the pieces contain unique, colorful depictions of cityscapes. Each NFT focuses on balancing the opposing qualities of minute and monolithic along with disorder and structure. |
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Primates
Primates is a collection of 10,000 ape avatar NFTs. Basically, it's a Bored Apes knockoff for Solana. The collection was minted on June 14, 2022, with a starting price of 4 SOL.
Primates focuses its brand on community and streetwear fashion. It wants its NFT space to be primarily for those interested in collecting and reselling streetwear. Primate NFT holders will have exclusive access to streetwear pieces from the Primates collection and early access to drops. It also plans to integrate Solana Pay into its digital storefront, so users can connect their wallets and directly purchase items from drops with SOL. |
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Moonbirds
Moonbirds is a collection of 10,000 owl NFTs launched on April 16, 2022. American entrepreneur Kevin Rose created the NFTs as a part of the Proof Collective, Rose's members only NFT club.
Proof Collective members got access to the first 2,000 NFTs. Another 7,875 NFTs were released to the public through a whitelist, which refers to a group of users who are given early access to NFT collections. The remaining 125 Moonbirds remain with Proof Collective admins and may be used for future collaborations and marketing campaigns.
Moonbirds offers various incentives to its NFT holders. Perhaps the most significant one is that users can stake (or "nest") their NFTs by locking them up. Staking allows your Moonbirds to accrue additional benefits like achieving more tier levels and upgrading nests to make then more profitable. |
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FAQs
How do I choose an NFT project? If you believe that collecting NFTs is like collecting art, then first do your research on How to Collect Art.
Remember that uniqueness is critical for collecting art, perhaps even more so in collecting NFTs as thousands can be generated from a single algorithm. The "first of something" is generally more valuable (e.g., CryptoPunks, the first NFT collection; the first in an NFT series; the first series from an artist).
Second, look at the NFT's mission statement to understand the advantages of owning a specific NFT. Many NFTs now have utility beyond being a nice picture to look at, so examine what exclusive rights you’ll get by being an NFT holder (i.e., exclusive access to Discord channels or IRL events).
What NFTs should I invest in? Any of the above NFTs could potentially make profitable long-term investments, but exercise caution. Before buying, be sure to look into the NFT’s liquidity, market volume, and long-term price performance. As is always true when investing in volatile assets (but especially NFTs), don’t invest more than you’re willing to lose.
Why are NFTs so expensive? They’re scarce (even if the scarcity is artificial). Each collection contains a limited number of NFTs, and this perceived scarcity alone can drive up prices.
Many NFT collections also have utility, giving owners exclusive access to events, merch drops, and even licensing rights. NFTs are inherently unique and non-interchangeable, meaning no one else has rights to the NFTs you own unless you sell them.
Finally, NFTs may be expensive due to a hype-fueled bubble. If you're uncertain about investing in NFTs, it's probably best to sit them out. |
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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It is created by John Hargrave, Nick Marinoff, Steve Walters, Anatol Antonovici, Danielle Greving, Preetam Kaushik, and Daniel Joel.
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