What is a Blue Chip NFT and Blue Chip NFT Projects
Key Takeaways
Blue chip NFTs are initiatives anticipated to keep up their worth stability and profitability in the long run.
Frequent traits shared by blue chip NFTs embody historic worth, model energy, an skilled crew, a robust undertaking roadmap, and an lively group.
Bored Ape Yacht Membership, CryptoPunks, Azuki, Doodles, PudgyPenguins, CloneX, VeeFriends, Meebits and Cool Cats are some NFT initiatives to keep watch over.
A non-fungible token (NFT) is a novel, verifiable, and genuine blockchain token representing digital and bodily property. As a testomony to the recognition of NFTs, the Collins dictionary acknowledged NFT because the phrase of the yr in 2021. Whereas the NFT bubble has deflated to a point, we’re nonetheless seeing demand for established NFTs with utility past mere profile photos.
The NFT market has penetrated a number of areas by reinventing added worth to digital property. In 2022, the NFT market recorded greater than $56.5 billion in gross sales with over 3 million distinctive consumers, in response to Footprint Analytics, an NFT information platform. In accordance with a Q2 2022 report by Dapp, an NFT monitoring platform, blue chip NFTs are beginning to emerge as a safer asset class than cryptocurrencies.
This text delves into blue chip NFTs, their traits, and 9 well-liked blue chip NFT initiatives it is best to contemplate.
What are Blue Chip NFTs?
A blue chip NFT, like a blue chip inventory, is a digital asset thought of excessive worth and low danger. The time period “blue chip” originated from the inventory market, the place it was used to explain giant market capitalization shares which are considered the spine of the inventory market. Blue chip shares are shares of an established company, recognized for his or her stability, reliability, and talent to generate constant returns over time. Even within the face of market downturns, these blue chip investments have a historical past of surviving these storms.
Equally, blue chip NFTs are NFTs thought of excessive worth and low danger, with a monitor report of value stability and development. They’re NFTs which have established themselves as leaders of their respective classes and have gained widespread recognition and recognition amongst collectors and traders.
What Are Some Traits of a Blue Chip Venture?
Whereas initiatives with these traits aren’t essentially blue chip initiatives, the initiatives on this record all share the next traits:
Historic Worth (Ground Value and Gross sales Quantity)
One of many key traits of blue chip NFTs is their historic worth. This refers back to the ground value of the NFT and its gross sales quantity. For an NFT to realize a blue chip standing, it will need to have a confirmed monitor report of constant worth appreciation. Moreover, its gross sales quantity should be substantial, exhibiting excessive demand for it. These initiatives additionally often have a excessive market capitalization, which showcases the worth of the undertaking.
Model Energy (Massive Names / Superstar Endorsements)
The second trait of blue chip NFTs is model energy. Blue chip NFTs are sometimes related to huge names or movie star endorsements, which reinforces their perceived worth. For instance, an NFT from a collection that counts a well known artist or musician like Justin Bieber amongst its holders is extra prone to be thought of a blue chip NFT than one held by a mean particular person. The affiliation with a giant title provides status and legitimacy to the NFT, attracting extra consumers and traders.
The Crew (Who They Are / Their Status)
The crew behind an NFT additionally performs a vital function in figuring out its standing. The individuals behind a blue chip NFT, together with the creators, builders, and advisors, usually have a robust status within the business and a confirmed monitor report. This means that the NFT is backed by a crew of consultants with the expertise and experience to make sure its success.
Roadmap (Utility)
The roadmap of a blue chip NFT is one other vital trait to contemplate. The NFT will need to have a transparent and sensible utility, equivalent to the flexibility to unlock unique content material, entry particular occasions, or take part in unique communities. The NFT should even have a stable use case and display a transparent path to success with concrete plans on find out how to get there, indicating a vibrant future forward.
Neighborhood (How Robust is the Neighborhood?)
Lastly, the energy of the group surrounding a blue chip NFT can also be a defining trait. A blue chip NFT will need to have a big and engaged group of collectors, followers, and traders who help it and assist drive its development. The group acts as a community of advocates who willingly market it to make sure its success.
Bored Ape Yacht Membership: $1.2 Billion Market Cap
Bored Ape Yacht Club (BAYC) is an NFT assortment of 10,000 profile pictures minted by Yuga Labs on the Ethereum blockchain. BAYC collectors personal artworks of disinterested apes with randomly generated traits and decorations. In addition to, the apes have distinctive characters, distinguishing them from one another.
Buying a BAYC NFT provides you entry to the BAYC membership that comes with membership advantages, from entry to a member-only graffiti board to unique staking swimming pools and the best to different NFTs which are a part of the BAYC ecosystem, like Bored Ape Kennel Club and Mutant Ape Yacht Club, each of that are additionally within the high ten NFT collections by market capitalization. BAYC was the best-selling NFT assortment in 2022, recording virtually $1.57B in quantity gross sales. House owners of Bored Apes embody musicians like Madonna and Eminem, alongside different celebrities like Shaquille O’Neal.
CryptoPunks: $1 Billion Market Cap
CryptoPunks (PUNK) was developed by Larva Labs and ranks among the many oldest NFT collections. PUNK is a group of 10,000 pictures minted on Ethereum, impressed by the London punk scene. They include 6,039 male punks and three,840 feminine punks. 600 ninety-six punks put on sizzling lipstick, 303 have muttonchops, and 286 have 3-D glasses. Proudly owning a PUNK NFT provides you unique rights to a novel pixel avatar. Larva Labs freely minted 9,000 CryptoPunks to the general public in 2017 as a trial and held the remaining 1,000. CryptoPunks holders embody DJ Steve Aoki, who’s collaborating with fellow PUNK holder 3LAU on a CryptoPunk-inspired conceptual music/artwork undertaking.
CryptoPunks’ gross sales quantity steadily ascended over the following few years, and within the final quarter of 2022 and the primary quarter of 2021, their demand rose steeply. In 2022, they recorded a gross sales quantity of 575.2M, with CryptoPunks’ buying and selling worth by itself native market making up a constant 3% market share of NFT marketplaces. Though CryptoPunks is among the oldest NFT collections, it isn’t greater than BAYC in market capitalization.
Azuki: $256.5 Million Market Cap
Azuki (AZUKI) NFT is a group of 10,000 generative anime-like avatar NFTs. The gathering ranked among the many hottest blue chip NFT collections and was minted utilizing the ERC-721 standard. Distinctive traits, equivalent to hair, garments, background, talents, and instruments like swords and skateboards, distinguish the ten,000 Azuki NFTs. Essentially the most useful Azuki NFTs are the “Spirit” kind, which consists of 0.97% of the whole assortment. It was launched in early 2022 by Chiru Labs, a bunch of Los Angeles-based artists and builders, and has been growing in reputation. By shopping for an Azuki NFT, you achieve entry to “The Garden” – which is a closed group of the Azuki collectors group.
Even within the face of controversy surrounding one in all its founders round his function in some doubtful NFT initiatives, a few of which had been thought of rug pulls by the NFT group, Azuki survived the storm and is within the high 5 NFTs by all time buying and selling quantity on OpenSea. In 2022, Azuki recorded a gross sales quantity of roughly $850M.
CloneX: $182.5 Million Market Cap
CloneX (CLONEX) presents the primary NFT avatar readily moveable set, providing holders entry to 3D recordsdata that can be utilized throughout platforms. The gathering is designed by digital sneaker producer RTFKT and Japanese creator Takashi Murakami. Aside from being outfitted for the metaverse and that includes high-end avatars, CloneX marks the beginning of a community-based house centered on high quality.
The first characteristic of those avatars is their inclusivity. They comprise a number of clothes types, equipment, and unique hairstyles. The clones are supposed to epitomize varied races and pores and skin colours with undefined genders. In addition to, they characteristic real-life circumstances like vitiligo. The creators made the CloneX NFTs very uncommon and useful, inflicting them promote out shortly. CloneX hit $600.5M in gross sales quantity in 2022.
Meebits: $111.2 Million Market Cap
Meebits (⚇) is an NFT assortment of 20,000 3-D voxel characters created by way of a customized generative algorithm. Not like different blue chip NFTs on this record, Meebits are full-body 3D characters. The characters have distinct traits like tattoos, clothes, coiffure, and extra. A eager evaluation of the Meebits NFTs reveals that they’re voxels – 3D illustrations of the pixel. Their design reveals the potential of NFT artwork evolution on the blockchain.
Meebits NFTs had been developed by Larva Labs and launched in Could 2021. Since then, they’ve gained reputation to emerge as a preferred blue chip NFTs within the crypto house. There are a number of purposes for Meebits: they can be utilized as metaverse avatars (with interoperability established with The Sandbox), profile photos on social media, and even 3D printed into bodily collectibles. You can even commerce your Meebits inside the platform’s no payment buying and selling terminal. Meebits recorded a gross sales quantity of over $164M in 2022.
Doodles: $98.6 Million Market Cap
Doodles (DOODLE) is a collection of 10,000 NFTs developed by Evan Keast, Scott Martin, and Jordan Castro. Earlier than launching Doodles, Keast and Castro had been a part of the crew that launched CryptoKitties in 2017, whereas Martin had been creating how-to-own artworks and creating his artistic model within the blockchain house. Buying a Doodle NFT lets you vote for experiences and actions sponsored by the Doodles Neighborhood Treasury.
Like most different blue chip NFT collections, Doodles NFTs have distinct rarity levels, outlined by their traits. One month after launch, Doodles introduced Pharrell Williams, an artist and producer, as Doodles Chief Model Officer. The announcement prompted a 1,200% spike in gross sales in that month. In 2022, Doodles reached $391.6M in gross sales quantity. Shifting ahead, extra areas of focus for Doodles embody music and gaming NFTs.
Pudgy Penguins: $87.1 Million Market Cap
Pudgy Penguins (PPG) is a collection of 8,888 distinctive Penguins minted on Ethereum. Every Penguin is exclusive and randomly created from virtually 150 hand-drawn traits. The 5 rarest Penguins put on a banana swimsuit, a shark costume, a pineapple swimsuit, and a ghost costume, and one in all them faces the other way of all different Penguins. The gathering was developed by Cole Villemain and Clayton Patterson and launched in July 2021. Nevertheless, Pudgy Penguins has suffered its fair proportion of turmoil: from an underwhelming egg NFT that hatched to disclose fishing rods, to the founders draining the treasury and withdrawing practically 4,000 ETH to their private Coinbase accounts.
Pudgy Penguins has recovered because the assortment and rights had been bought to a bunch led by Los Angeles entrepreneur Luca Schnetzler, a longtime fan of the undertaking, and the model is rising past its profile image pictures that gave it its begin. The Pudgy Penguin model is beginning to embody bodily merchandise, like plush toys to kids books, providing its group members IP licensing alternatives. At its peak, the NFTs reached a ground value of seven.1 ETH, with their weekly transaction quantity exceeding that of BAYC and CryptoPunks.
VeeFriends: $85.9 Million Market Cap
Developed as a method to typify his willpower to ascertain a group round his artistic and entrepreneurial passions by means of NFTs, Gary Vaynerchuk’s VeeFriends (V.F.T.) has continued to develop, providing one of the crucial sensible NFT membership purposes in existence. Gary is a serial businessperson and media mogul – he heads a New York-based media firm, VaynerX.
Within the Collection 1 assortment, an unique set of tokens is named G.O.O. (Gary Initially Owned). These 1,242 tokens had been put aside by Gary for his assortment, implying solely 9,013 tokens had been initially out there in the course of the “Series 1” launch. By proudly owning VeeFriends NFTs from the Collection 1 assortment, collectors achieve entry to VeeCon, a multi-day convention organized by Vaynerchuk.
Along with the “Series 1” assortment, VeeFriends NFTs comprise Mini Drops, E-book Video games, and a Collection 2 assortment that includes a further 55,555 NFTs. These NFTs are allotted to whitelisted E-book Video games NFT holders, VeeFriends Collection 1 NFT holders, and 10,000 Collection 2 NFTs out there for the general public sale. VeeFriends recorded virtually $300M in gross sales quantity by means of OpenSea in 2022.
Cool Cats: $43 Million Market Cap
Cool Cats (COOL) is a collection of 9,999 randomly minted NFTs. Like generative NFTs, every Cool Cat NFT consists of distinctive traits. Typically, there are virtually 300 combos throughout our bodies, faces, hair, hats, clothes, and many others. Over 50% of Cool Cat NFTs have a primary standing of ‘cool,” implying their price is 3-4 factors. As a Cool Cat collector, you may take part in unique actions, like NFT claims, raffles, giveaways, and extra.
Cool Cats assortment was developed by Tom Williamson, Rob Mehew, Evan Luza, and Colin Egan. The crew derived Cool Cats from the “Blue Cat ” character and launched them in July 2021. Eight days after launch, Mike Tyson – a boxing legend – endorsed the undertaking by altering his Twitter profile image to a Cool Cat, and the remaining is historical past. The ground value of Cool Cats has dropped from its excessive of 15.1 ETH to 2.6 ETH, though the crew is trying to introduce new engagement opportunites for Cool Cats holders with Journeys, an interactive, gamified story-telling expertise, the place customers shall be rewarded with new character traits, trait raterities and eligibility for rewards starting from merch, IRL experiences, and NFTs.
Conclusion
Blue chip NFTs are a extremely useful and sought-after kind of NFTs, outlined by their historic worth, model energy, the energy of the crew behind them, sensible utility, and a robust group of collectors and followers. These distinctive digital property are extremely prized for his or her rarity, collectibility, and talent to supply entry to unique communities and occasions. If you happen to’re trying to spend money on NFTs, blue chip initiatives like those listed above are an excellent place to start out. With their sturdy monitor information, excessive gross sales quantity, and passionate communities, blue chip NFTs will proceed to be among the many most beneficial and sought-after digital property.
Do notice that this text is written for informational functions and shouldn’t be taken as monetary recommendation. At all times do your individual analysis earlier than investing in any NFT and/or cryptocurrency.
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