NFT projects on OpenSea, ranked from best to worst
The hype about NFT’s is very real, from Cryptopunks selling for hundreds of thousands of dollars, to LeBron video clips selling for almost as much, it seems the sky’s the limit. Last March, the biggest NFT marketplace, OpenSea.io, raised $23 million to scale the largest marketplace for NFT’s.
Creators, musicians, artists, influencers, and gamers are diving headfirst into NFTs. Hundreds of thousands of new users are discovering, collecting, curating, and trading NFTs on open marketplaces. Over just the last six months, transaction volume on the OpenSea NFT marketplace has grown over 100x.
And Canadian blockchain technology company Dapper Labs has secured $305 million recently in private funding, some of it from current and former NBA players, including Michael Jordan, to scale up its virtual NBA trading card site, TopShot.
While there are clearly some gems and some very talented artists in the NFT space, there are also sharks.
Here are 3 projects that we like, and 2 projects that we really hate to see.
CryptoKitties is a game centered around breedable, collectible, and oh-so-adorable creatures we call CryptoKitties! Each cat is unique and 100% owned by you in your wallet, forever; it cannot be replicated, taken away, or destroyed. CryptoKitties operates on Ethereum‘s underlying blockchain network, as an ERC-721 token.
The virtual cats are breedable and carry a unique number and 256-bit distinct genome with DNA and different attributes (cattributes) that can be passed to offspring. For a set gas fee, you can breed 2 kitties and hatch a new, possibly rare, and very unique cryptokitty.
Cryptokitties first shot into the limelight around November 2018, after traffic from its users flooded Ethereum’s blockchain. There were so many kitties being traded and bred that it least to network congestion and very high transaction fees.
CryptoKitties has the advantage of being one of the first mover, the first NFT token that was massively adopted even by people completely new to the crypto world. And for this reason, I will put it on top of my list at #1.
Hashmasks is a living digital art collectible created by over 70 artists globally. It is a collection of 16,384 unique digital portraits. Brought to you by Suum Cuique Labs from Zug, Switzerland.
By holding the Hashmasks, you accumulate the NCT token on a daily basis, which allows you to choose a name for your portrait on the Ethereum blockchain. It is one of the largest collaborative NFT art projects in existence, and those digital works of art are not cheap.
The volume of Hashmasks trades over the past 3 months is pretty heavy, with over 27,935 Ethereum traded. At current ETH prices, that is over $56 million dollars worth. The average price of each work of art over the last 7 days was 2.2 ETH, or $4,432. Clearly, this is not for everyone, but they are beautiful and very unique, and this is why I rank them #2.
10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. The project that inspired the modern CryptoArt movement. The Cryptopunks is the first “Non-Fungible Token” on Ethereum and inspiration for the ERC-721 standard that powers most digital art and collectibles.
The CryptoPunks are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain. Originally, they could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed. Each of them can have some attributes, like a hat, or a pipe, or earrings.
The most sought-after punks are the alien ones, Only nine such “Alien” punks exist in the CryptoPunks universe. Making them very valuable. There are also apes and zombie punks. Unlike most NFT’s, CryptoPunks pixel data is stored in the blockchain, whereas some other NFT’s are just blockchain URLs that lead to an asset. If it wasn’t for the punks, we would not have all the NFT’s that we have now, and they wouldn’t be so popular. This is why it’s my #3.
Now that we have talked about the 3 projects that i like, let me show you some of the uglier stuff
Waifusion is a digital Waifu collection. There are 16,384 guaranteed-unique Waifusion NFTs. Waifusions are randomly and fairly distributed on-chain which means “they don’t like it when perverts try to add too many Waifus to their harem”. Be faithful to your Waifus and only buy a max of 20 at once for your harem. Each Waifu is wholly unique and yours forever… unless you sell them… Baka. When you hold waifus, you also get the WET token, which lets you change the name of your waifu, like hashmasks.
In order to give Waifus an explicit rarity before they get WET, they have a variety of traits with different percentage occurrence rates, for example, aliens are much rarer than humans. (Oh, does that make you think about something ?)
The all-time volume for the waifus is 2 504 ETH or around $5 million at current Ethereum prices. In the last 7 days, the average price for a waifu was $403. This is clearly a poor copy of Hashmasks, for the horny boys. BONK! You do not pass go, do not collect $200. GO STRAIGHT TO HORNY JAIL!
CyberKongz are available on OpenSea.io, they don’t even have a proper website. There is a total of 1000 CyberKongz minted with no plans of ever minting more. They are not stored on the blockchain but are merely a link to a JPEG.
All different varieties and attributes were created manually in Photoshop and then randomized with different rarities using a script. The ten “legendary CyberKongz” were completely done manually from start to finish. The Initial Kong Offering or short IKO, took place on the 5th of March 2021 for 0.01 Ξ (ETH).
Most of the profits of the IKO were donated to charitable organizations to help to support rainforest communities, stop deforestation, its impact on climate change, protect real Kongz in their native habitats, and offset Bitcoin mining emissions, or so they say…
$3,419,102 worth of those silly gorillas has been traded so far on OpenSea. The average price for a single Kongz was $3944 over the past 7 days.
So, what do you think? Is everyone crazy?
Every currency draws its power and legitimacy from Social acceptance and government power. In the USA, a $100 note is always valued at $100, because everyone in the society has agreed to value that piece of paper at $100 through the Federal Reserve. I have elected the Government and therefore I trust the government to make sure that piece of paper will be valued at $100 throughout the nation.
NFT’s also draw their legitimacy from social acceptance, for example, Beeple’s art that sold for $69 Million was up for an auction, over time people started a bidding war for his art. Meaning as more people started agreeing on the fact that Beeple’s creation is valuable, the more its value increased.
Sounds like a greater fool theory, just hoping for someone else to buy it for a higher price. But isn’t it like all equity? In a sense, I agree that it is. If some people are willing to pay for them, and there is a market for those NFT’s, then so be it.
And here are some words from Chelsea Manning, the whistleblower of the USA’s diplomatic cables: Non-fungible tokens (NFTs) have no inherent value and not even technologically innovative. They require the pre-existing system of violence and control to enforce a belief in the value of what is ultimately a glorified checksum. You don’t own the rights to the artwork bought as NFT’s unless specifically mentioned by the artist.
Whatever you do, before investing into NFT’s, do your own research !