There’s no denying that all things digital are surging in popularity, constantly forging new trends and concepts. Whether a newb or a veteran, we all need to stay on top of digital trends. An emerging one is NFT collections that have penetrated the global art market, even outpacing some of the traditional masterpieces in sales numbers.
While still new, the NFT space has a steady influx of great ideas and creative outbursts. It’s easy to get carried away by all the vibrant visuals out there, however, you’ll need solid knowledge to spot value in them.
Before the endless Twitter and Discord scrolling to keep up with the newest NFT drops, there are some essentials to help you out.
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A quick recap on NFTs will help you better understand what NFT collections are.
Non-Fungible Tokens (NFTs) are blockchain-based digital assets. Each comes with an identification code that is impossible to replicate. Along with the code, it has specific metadata that features immutable proof of ownership.
They come with specific data that tells us what kind of file it holds, who has created it, who owns it and more. This data is known as Metadata, which is recorded on the blockchain that the token is on.
The term Non-Fungible means non-replicable; you may have copies of digital art out there, but the one token that gives you the proof of ownership cannot be duplicated.
What Are NFTs?
Regarding applications, NFTs, both individual and the ones in a collection, offer endless possibilities. Even if the art projects are the ones that come to mind first, there are other options as well.
One-of-one NFTs are special and unique pieces of digital art that can only have one owner at a time. There's only one copy of this token on the blockchain because it's mined as a non-fungible token. This definitely adds up to digital art’s value on the market.
Generative art is generated by the algorithms and codes that craft unique artwork variations. Collectors can own a unique artwork version, given the created variations can be minted as separate NFTs.
NFTs can also be incorporated into video games as in-game assets. Skins, weapons, accessories, and other items level up and diversify the gameplay.
NFT space makes good use of membership passes. You can access special perks for some events as an NFT holder. Member-only perks can vary, however, they're all something you'd definitely want to have.
Profile Picture NFTs are non-fungible tokens that can be used as profile pictures in online settings or flexed across various social media platforms.
NFT Collections Explained
While NFT collections are all the rage, some still don’t quite know what they are. In a nutshell, they feature a limited series of NFTs that share similar styles, concepts or themes and sometimes artists as well.
Artists and collectors can buy, sell, and trade NFTs within a specific collection or across different collections on different NFT marketplaces. Marketplaces usually provide tools for artists to create and sell their own NFTs, while as a collector, you can also browse and discover tokens. Browse ftNFT marketplace for better insights.
NFT collections can feature various digital assets, such as videos, music, images and other digital art forms. Every asset in your NFT collection has unique characteristics that cannot be replicated or duplicated. Some popular NFT collections you’ve probably heard of include the Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club, etc.
Why are NFTs and NFT Collections Popular?
Given the increasing demand for individual tokens and NFT collections, some are now reaching skyrocketing numbers. They’ve been showing bullish dynamics over the past years, with some viral drops at the time.
Among the projects that boosted the popularity of NFTs are CrytoKitties. Created by Dapper Lab, this blockchain-based game allows players to buy, trade and breed some adorable virtual cats using Ethereum.
Since then, many projects have come along to explode the market in popularity and make it grow. Now NFTs mark the new era of digital collections, opening up opportunities for artists, musicians and other creators. The market enables them to get support and monetize their creation.
As of now, NFTs show a greater potential to expand their utility into different industries.
How to Make an NFT Collection?
An NFT space is even more attractive because it offers accessibility to anyone who wants to create an NFT. Anyone can be an NFT creator or artist and launch their own collection. Unlike traditional art, where one needs to have enough artistic skills, the NFT community is much more flexible for creators.
There’s, however, a quick checklist of steps you’ll need to kick off with NFT collections:
- Choose the NFT Marketplace that resonates with you
- Create a digital wallet
- Find the concept, style and type of your collection
- Create your NFT Collection (incorporate and use various tools for NFT creation)
- Mint your NFT Collection
- After minting NFT, you can list your assets for sale
- Develop promotional channels: you can promote your NFTs on the marketplace, communities, social media channels, etc.
You’ll definitely need more than a preview of steps to learn how to make an NFT. However, you know what to expect.
What makes an NFT Collection Unique?
While every collection is significant for the artists, they may present little value for those on the other side of the marketplace. Although the space tends to be unpredictable, a few things make an NFT collection unique.
Here’s how to spot value in NFT collections:
You can start paying attention to the artist behind the collection. Creators with a massive following can cause a price spike. Take a look at the project’s community and holders. As a potential investor, you can get a lot of valuable insights from scanning the number of unique holders. Turn to Twitter and Discord for assistance.
Make sure you check the floor price as well. Find the one that keeps the equilibrium between attainability and value.
Popular NFT Collections
Before you get things rolling with your collection, take a quick look at some of the most popular NFT collections out there.
Bored Ape Yacht Club
BAYC has much to do with NFT collections going viral. Even if you're a complete newbie, you've probably seen anthropomorphic apes, each with a distinct style, outfit and accessories. The collection features 10,000 of these apes, each showing an expression we can relate to.
It's among the most successful projects in NFT history. The most expensive NFT in the collection has been sold for $3.59 million (769 ETH). Eminem, Jimmy Fallon, Stephen Curry, Snoop Dogg, KSI, Lil Baby, and Post Malone are a few of the celebrities who own BAYC NFTs.
Mutant Ape Yacht Club
Adding a vial of Mutant Serum to the BAYC, the Mutant Ape Yacht Club has come along. While being an expansion of the Bored Ape Yacht Club project, the 20,000 Mutant Ape-themed NFTs have managed to make a name for themselves as well.
The MAYC is more of a thank-you present to BAYC collectors with the Mutat Serum facility. Even before MAYC went public in an auction, every BAYC NFT holder had been airdropped a Mutant Serum that they could use to mutate their NFTs or sell Serum itself.
The serums themselves feature an NFT collection that can also act as a catalyst for mutating the Apes.
CryptoPunks is one of the first and most valuable NFT collections on the Ethereum blockchain. The collection features 10,000 art picture NFTs 24x24 pixel images. Each depicts mostly humans, however, there are also creatures like aliens, zombies and apes. These ones will cost you more than humans. Each CryptoPunk can also have from zero to seven traits—pipes, earrings, hats etc. Traits can also impact the value and scarcity of NFTs.
Another exciting, vibrant and viral collection is the Cool Cats. It features 9,999 randomly generated NFTs that also possess unique traits, such as CryptoPunks. Depending on the “coolness”, label and traits, the value of NFTs may differ. In addition, the Cool Cat holders can get access to some unique events.
There are always some appealing NFT drops you would like to keep an eye out for. Staying tuned and up-to-date is top among the things you need to do when joining the NFT craze.
NFTs are still emerging and evolving assets. Any insights provided in the above material should not be perceived as investment or financial pieces of advice. Do your in-depth research to make informed decisions on performing any action with NFTs.