Although the world of NTFs is still very young, it has surprised our financial markets and built a billion dollar empire in just a few years. Although before cryptocurrencies and NFTs we had a wide choice of financial instruments if we wanted to invest, this new trend has surprised financial institutions.
NFTs are revolutionary not only because of their innovative way of certifying and minting unique content, but also because of their numerous applications in our technological world. Today, most NFT collections offer many additional features along with the token such as access to exclusive events, exclusive offers, access to the metaverse, and more.
In this article, we will discuss the 6 most popular NFTs in 2024 and the features they offer with each of their tokens.
What are NFTs?
NFTs stand for Non-Fungible Tokens and represent unique assets that cannot be duplicated, exchanged or swapped with another similar asset. More specifically, fungible assets are properties that have a unit of measurement and can be easily exchanged for an equivalent quantity of the same thing.
The most common example to explain this concept is money. If someone has a piggy bank and collects a lot of coins over the years, they can go to the bank and exchange all the coins for paper money, which is then simpler and easier to carry.
On the other hand, non-fungible tokens are unique. Even if they can be sold, they are unique, so there is nothing like them with which they can be readily exchanged.
The fact that each NFT is, by definition, unique has meant that they are extremely secure, allowing them to reach extremely high valuation in some cases. In addition, the fact that they cannot be duplicated means that they are often used as a “certificate of authenticity” for many collectibles.
NFTs Statistics: Are NFTs Still Popular?
Despite the fact that NFTs are a relatively new phenomenon, with the first token minted in 2014, many of these financial trends often seem to be short-lived. So, how did NFTs hold up since 2014? Are NFTs still popular in 2024?
According to statistical research from OpenSea, the most popular exchange for trading NFTs, the market is expected to generate $3.5 billion in revenue at an annual growth rate of 22.82%. So, if the market continues like this, it is expected to generate an annual turnover of over $10 billion in 2028.
In addition, the number of users is also growing year over year, and OpenSea has reported that on average, more than 250,000 users per month purchase an NFT.
Overall, the market for NFTs continues to grow, and especially in recent years, it has become extremely popular among developers to create tokens with a particular focus on environmental and social issues, increasing trading volumes and interest in these new financial instruments.
Which are the top 6 most popular NFTs in 2024?
[For each of the following six NFTs, enter an image of the token either right below the title or at the end of the paragraph]
Environmental issues were one of the first problems faced by the developers of NFTs and cryptocurrencies as soon as these new financial instruments entered the market. This is because, although most of these tokens are merely a digital concept without requiring physical labor or materials, to be supported they need a network that requires a lot of electricity to function.
Just for comparison, an average NFT has the same carbon footprint as the electricity consumption of an EU citizen. And the Ethereum network is estimated to consume as much electricity as Hungary and Qatar.
For this reason, Ecoterra was born. The main goal of this token is to reduce pollution and promote recycling. Each Ecoterra token costs $0.004, and after purchasing it, holders will have access to four main activities offered by the ecosystem:
- Recycle to Earn
- Carbon Offset Marketplace
- Impact Trackable profile
- Recycled materials marketplace
Thanks to its innovative mission, Ecoterra has gained a lot of popularity in the market, especially among younger generations. This token is not about speculation and memes, but about using an innovative technology to make a difference.
2. Swords of Blood
Swords of Blood, on the other hand, takes a completely different approach to how NFTs can be used in 2024. Swords of Blood is a crypto-based game that relies on NFT technology to offer its customers the ability to integrate and enhance their gaming experience through the use of NFTs.
This game is the result of our evolution from the original Web1, which was based on static websites, to our current Web3, which is full of interaction and enhanced by the implementation of the blockchain, cryptocurrencies and decentralized finance.
The idea behind the game is to create a AAA quality P2E game which is free to play and enjoyable regardless of the NFT aspect. However, access to an NFTs marketplace where you can purchase unique game content for the game characters is definitely a unique feature that could enhance the gaming experience for most players.
Moreover, this game is a fun way to immerse yourself in the world of NFTs, even for players who do not want to spend money on in-game features. The game has a reward system based on in-game achievements, where all rewards are non-fungible tokens.
Instead, for those who want to buy NFTs to have an edge in their gaming career, the price per token is $0.012. However, there is a fixed total supply of 100 million tokens, so it is difficult to predict how the price will evolve once all tokens are sold.
While the first two NFTs collections on this list took a completely different approach to these digital tokens, the Doodles collection takes a step back in the direction of simpler, but very worthwhile artwork.
More specifically, the Doodles collection was designed by a very well-known artist named Burnt Toast, who specializes in the style of “doodles” that consists of soft lines and curved figures. Moreover, the artworks are in pastel shades, which overall creates a soothing and gentle image.
However, if you think that this project is all about artwork, you are wrong. The Doodle collection is one of the first NFT projects to focus on the community approach. Every buyer of Doodles NFT has the right to vote on what the income from the Doodles collection will be used for and what future project the author will focus on.
Finally, it is important to mention that this NFT collection has been one of the most sought-after projects in 2024. With a minimum price of almost 7.5 ETH and a volume of 150,000 ETH, this collection is one of the most traded and flipped collections.
4. Wen Sandwich
The new Wen Sandwich collection from Migwashere, creator of the Bored Ape Yacht Club (BAYC), hit the market in the beginning of 2023.
Innovative as it may sound, the creator invited anyone interested to join his page on OpenSea and create their own personalized NFT sandwich from a list of over 200 ingredients, including proteins, sauces, greens and more.
To ensure that anyone could try their hand at it, Migwashere imposed no limit on the maximum number of NFTs in the collection and set the minting price at just 0.05 ETH.
This collection is perfect for anyone who would have liked to buy a bored ape but could not because of the extremely steep prices. Since the founder is the same and the style of NFTs is similar, this collection has picked up steam since minting was closed, offering a great opportunity both for long term investors and “flippers”.
Additionally, even though there was no maximum number of NFTs in the collection, the mintage period was limited to only one week in mid-February 2023. So while there are some duplicates of the most common sandwiches, it remains a relatively exclusive collection, especially considering the bright colors and pixelated style of the creator of BAYC.
5. Cocky Cans
The Cocky Can collection is one of 2024’s most innovative projects to date. The founder’s mission was to create a network for music lovers to personally attend exclusive music events in the most beautiful places in the world.
The value of NFTs, then, comes not from an exclusive design, but from the opportunity to gain access to these exclusive events. In fact, the tokens are simple beverage cans on a drab background.
However, due to the exclusivity of the project, the number of cans is limited to 10,000 and organized on a tier basis. There are three tiers, which can be identified by the color of the can lid: Silver, Gold and Black. Depending on the level of the can, holders then have access to various benefits, including:
- Subsidized transport
- Event accommodation
- Exlusive Invites
- Open Bar tabs
On the other hand, the Cocky Cans project has an important drawback. Although the exclusive music events around the globe can be attended with any level of can, seats are usually limited, so even if you own several NFTs, your place is not secure. Therefore, holders need to keep a close eye on the schedule of future events and register in time to attend.
The last NFT collection in this list, but definitely not in last place in terms of popularity, is Otherdeed. This NFT project combines the world of digital art with the new, emerging metaverse.
Considering that the metaverse is still a work in progress, but many companies are investing billions of dollars in it, the possibility of already securing a place in this alternate reality could be a great investment opportunity.
Each NFT in the Otherdeed collection developed by Yuga Labs represents a plot of land in the Otherside metaverse that is currently under development. So once you buy an NFT, you will be able to build, customize, and play games on that property, potentially increasing the value of the property just like in our real estate market.
The first edition of the Otherdeed collection included 100,000 NFTs at a price of just under 2 ETH. However, the creators expect to release another 100,000 NFTs once the Otherside metaverse is fully functional.
Also, it is important to note that if you are already a Mutant Ape or Bored Ape Yacht Club (BAYC) NFT owner, you are entitled to a free Otherside token.
Although NFTs are a relatively new phenomenon, even touted in part by hype and speculation, they have consolidated over the years and currently offer a whole range of different projects worth taking a look at.
More specifically, the idea of NFTs as digital work of art has evaporated in recent years. Instead, they have become digital tokens that allow the holder to participate in exclusive real-life events, gain access to online games, or even take part in the Metaverse revolution.
And although some of these projects require an investment of at least a few ETH or a few thousand dollars, the cost per token is extremely low for many others. One of the most popular NFTs collections that offer a very low price per token is Ecoterra, a collection created to fight pollution and waste by promoting lower carbon footprint markets and recycled goods.
But even if Ecoterra is not the right project for you, there are many others that are very popular and could be profitable investments, either in the long run or with a flipping strategy.
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