The Best New NFT Projects to Watch in 2022
If you’ve come to the conclusion that NFTs are here to stay, there’s probably one question on the tip of your tongue. What are the best new NFT projects to invest in right now? With the market in the early stages, it’s hard to make any surefire predictions, but we can still try to identify the projects with the best prospect
You’ve probably heard a million times over that NFTs are the hottest investment opportunity around—but that doesn’t really narrow down what exactly you should be investing in. After all, new NFT projects spring up each day. How are you supposed to choose between them?
As this is still such a fresh market, it will take some time for things to calm down and for everyone to weed out the bad apples (no matter how excited you might be about NFTs and this investment trend in general, it’s hard to deny there are some bad ones). However, we’ll do our best to help you make good investment choices by outlining what to look for in NFT projects and some promising ones to watch.
Introducing NFT projects
First, let’s be clear about what exactly we mean by “NFT projects.” Most people have come to associate NFTs solely with digital art, but while art collections are very popular, the applications of the technology can be much more far-reaching.
Types of NFTs
An NFT is ultimately a token that represents ownership of a specific item, as well as displaying that ownership on a public ledger and enforcing it through smart contracts. This makes sense for art, because creators can upload their designs and directly sell them to investors via NFT marketplaces. Sales are secure and verified, which is great for the investors, and the absence of a middleman is ideal for the artists.
But equally, this structure is useful for various other assets, including music, NFT photography, and domain names. Jack Dorsey even sold a tweet, so the sky’s the limit here. NFTs can even be used for securely purchasing physical items online, although this is an emerging area that not many projects have tapped into yet.
NFTs are also becoming increasingly popular in the gaming space to manage in-game items (such as clothing or weapons). For a long time, games have had their own digital currencies, and people have used them to buy these in-game items—NFTs take all of this to the next level by creating a more universal, secure way to trade items.
How to find new NFT projects
We’ll be giving you a selection of our favorite NFT projects shortly, but before we do that, let’s briefly outline how you can find them yourself.
Google is always a good place to start, but things move fast when it comes to the crypto lending world. Social media is a great place to go for real-time info about which projects are attracting a lot of attention. Try browsing Twitter, or joining a Discord server on a related topic.
Once you find a project of interest, we recommend checking factors like:
- Price movement
- Experience and size of team
- Funding obtained
- Future milestones
The best new NFT projects
Finally, it’s the moment you’ve been waiting for. Which NFT projects should you really be paying attention to? To account for the diversity of the NFT space, we’ve selected projects in a few different categories.
1. Axie Infinity
We’ve already talked a fair bit about how gaming and NFTs link up, so it only felt right to kickstart our top choices for new NFT projects with one of the biggest: Axie Infinity.
At its surface, Axie is just a platform where users can take part in battles against each other and earn rewards if they win. But look a little deeper, and you’ll see that they use monsters to fight these battles are NFTs.
These monster NFTs (known as Axies) are collectibles in their own right—and in theory, as the game attracts more players, they’ll increase in value.
But Axie Infinity isn’t the only emerging NFT game. Another one to watch is Decentraland, a gaming project trying to create a whole new virtual world where users can gamble at casinos, visit art galleries, and go to festivals—among many other activities. Many are seeing it as a potential big player in the metaverse.
While most gaming NFT projects focus on their in-game items, Decentraland takes things a step further by creating a virtual real estate market. The territory that makes up the Decentraland universe is split up into land parcels, and each land parcel is an NFT—with the idea being that users develop their virtual real estate and hang out there in the metaverse.
3. Bored Ape Yacht Club
Even if you think that the importance of digital art within the NFT world is currently overvalued, it’s hard to deny that art will play some kind of role in the space. And as far as art NFT collections go, it doesn’t get much bigger than the Bored Ape Yacht Club. In early 2022, Eminem bought an NFT from the range for $425k and made it his Twitter profile picture—if that doesn’t pique your interest, we’re not sure what will.
Like the name suggests, the range includes artwork of bored-looking apes sporting various poses and garments. But for one reason or another, they’ve captured the public imagination, so they may well be here to stay.
4. Crypto Punks
Another huge NFT art collection is Crypto Punks. Eminem also has two Cryptopunks (not that we’re obsessed with him or anything).
The collection has been big ever since NFTs started to gain traction. Since then, Crypto Punks have kind of become the equivalent of a Rolex watch or a Ferrari on crypto Twitter due to their notoriety and high price tag.
Outsiders might say that the artworks simply look like highly pixelated avatars, but one Crypto Punk sold for $10 million in December 2021, so don’t underestimate them.
Love him or hate him, Gary Vaynerchuk has managed to consistently stay on top of upcoming trends and remain relevant, so dismiss him at his peril. VeeFriends is one of his newer ventures, and the gist is that people who buy NFTs get a ticket to Vaynerchuk’s VeeCon event.
Many of the biggest NFT projects right now are “investments” rather than services you’d want to sign up for or products you’d want to use. Yet with VeeFriends, Vaynerchuk is exploring more practical use-cases for how we could use NFTs. Could this be one step closer to the kind of thing we can expect to make money online in the future?
Earn NFTs with MyConstant
Maybe you’ll disagree about our picks for the best new NFT projects, or maybe we’ve just inspired you to make your next big investment. Either way, this space is certainly one worth keeping your eye on.
At MyConstant, we practice what we preach, which is why we’ve launched our own NFT offering. We’re also giving out NFTs and guiding how you can score NFTs as rewards when you reach certain milestones.
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