August 13, 2022

Stock Bitcoin

Bitcoin News and something more!

What is a NFT Collection?

nft
Advertisement

The trend for NFTs came like a bolt from the blue. Yet, to this day, not everyone understands why crypto art deserves so much attention and why some authors earn millions for their images, videos, or crypto game items by selling them on auctions or marketplaces.

It seems like whenever you finally think, ‘Oh, now I know what NFTs mean!’ the next day, a new piece of news catches you off guard again, like the one where the founder of Twitter sold his autographed tweet.

The truth is that the original explanation of Non-Fungible Tokens is outdated if we can say so. Still, every next definition of NFT and event in the sphere of cryptocurrency art gets us closer to the true idea of NFTs and the understanding of how they function. This article is going to explore this vast topic and get you a step closer to realizing what NFTs and NFT collections mean and why they have value.

What do NFTs Stand for?

NFTs are non-fungible tokens. The term ‘non-fungible’ means that these digital items are unique and can’t be replaced with other items.

Unlike the crypto coins that we are already used to, NFTs are impossible to trade for one another. Bitcoins or Ethereum are, in contrast, tradable: one can trade one ETH for another and end up owning the same asset.

Advertisement

But NFTs are different. They resemble pieces of art that can’t even be compared to each other. Each canvas, sculpture, or song is a unique creation. If someone gives it away in favor of another NFT, they would have a totally different item. Imagine trading Van Gogh’s ‘Starry Night’ for da Vinci’s ‘Mona Lisa’ to give an example more vividness. It makes no sense, right?

How Do NFTs and NFT Collections Work?

On the technical side, all NFTs are known as parts of Ethereum (or, rarely, other) blockchain. For instance, TRON, Polygon, and Solana blockchains are already implementing their own versions of NFTs.

So, these blockchains not only contain ETH and SOL coins but also support NFTs. Non-fungible tokens carry more information than crypto coins, including the crucial element: ownership rights.

What Are Top NFT Collections Right Now Worthy of Your Notice?

Anything fancy in the digital form can turn into an NFT: images, GIFs, videos, crypto game elements, songs, etc. A set of such items with the copyright inside the NFT file and united with one topic or theme is a collection.

It’s vital to mention that, although an NFT includes an image or video visible to any Internet user, downloading the picture or animation doesn’t have anything to do with downloading the NFT itself. Why? It’s simple: ownership of the masterpiece isn’t possible to copy. So, in the case of most NFTs, only one person can own artwork at a time (if any other option wasn’t stated by the creator).

Advertisement

Yet it’s wrong to think that just any picture can sell for a million dollars. For art to catch on with the audience, it must carry a powerful message. They must have a universal appeal and deep meaning and be the assets that are likely to increase in value with time.

Some of the best new collections of NFTs include:

  1. CryptoPunks

Launched in 2017, this collection is among the top NFT collections and the oldest ones as well. This makes it a signature collection that grows in value the more time it is around. It is curious how the price for Punks was relatively low until 2021 when it became very popular with celebrities such as Logan Paul and Jay Z.

  1. Pudgy Penguins

Like CryptoPunks, this top-selling collection is a set of alike-looking penguins with changing details and characteristics. Some are thought to be rarer ones. Yet, this top collection is more accessible for an average buyer, with the price for one piece being just nearly $4,000.

Advertisement

Yet, this doesn’t make them less valuable than other popular NFT collections, and some NFTs go for incredible prices like $ 463,000.

  1. Doodles

Another example of top selling NFT collections is Doodles: the set of colorful digital pictures created by a powerful trio known under aliases Poopie, Tulip, and Burnt Toast.

This was the case when the previous project influenced the success of the one to follow. Two of these authors took part in making Crypto Kitties, which are among other NFT top collections.

Unlike many other top selling NFT collections, these tokens have 2D graphics featuring interesting characters: aliens, spacemen, and skeletons, with certain NFTs being rarer and hence, more valuable than others.

  1. Bored Ape Yacht Club

These NFT drops are perhaps the most hyped and feature a collection that comprises 10,000 bored apes in different outfits and themed differently. The collection also garnered many emotional responses because anyone who owns one item from it receives lifetime perks in the ‘Yacht Club.’

What is included in these perks? Access to the Discord server where the high-end developers, entrepreneurs, celebrities, and creative people belong. What is more, buying one bored ape NFT is a window to seeing other NFT drops in the first place, such as Mutant Ape Yacht Club or Kennel Club with the same characters. No wonder 101 Bored Ape NFT was sold at the auction for over $24 million!

Advertisement

To check out more NFT collections to invest in while the price is still low enough, check out the resource NFT collections, where all the best NFT collections are gathered, ranked, and users are given relevant updates.

As a rule, top NFT collections are listed for sale at a very high price, but this price is formed during a considerable period. At resources like this, you can track the trending and upcoming digital art projects and, further on, buy them on OpenSea before they reach ten times the price you can pay.

As a creator of top NFT projects, you can also find opportunities to collaborate with the best authors and gather an audience to generate the highest sales.

Advertisement

About Stock Bitcoin

Bitcy

Knowledge is power and power is knowledge, everything is a cycle. Stock Bitcoin helps you to learn about the latest technology and finance news with the highest impact on society. Bitcoin and Cryptocurrencies is my specialty. Technology and Software my hobby.