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The NFT marketplaces seem to be seeing quite a lot of activity. The non-fungible tokens were all the rage in 2021, however, the year 2022 hasn’t been so generous yet for NFTs to show what they’ve got.
The NFT market touted to be standing at $11.6 billion has undoubtedly gained enough momentum and valuation to be ignored whether it’s someone who’s fully involved in digital artworks or the ones observing from the outside, figuring out the right reason to enter, the status of the NFT market intrigues all.
Today’s major NFT players include some bigwigs and some of the newer players who have been defining where the market goes in the coming days, weeks, and in fact the coming year too.
Top 5 NFTs on September 29th by Sales Volume
Here are the top non-fungible tokens by sale volume today.
RENGA
RENGA is considered by many as one of the most undervalued NFTs. The NFT collection, which launched in August this year has been creating some waves in the non-fungible token industry. RENGA is created by Diry Robot, who is an independent illustrator and comic artist.According to OpenSea, RENGA has been one of the top-selling NFTs by sales volume in the last 24h, with a volume of 684 ETH or $9.04 million, which is a 301% change in the period. RENGA, which is a collection of 10,000 PFP characters, is currently at a floor price of $2,090 at the time of writing. Each NFT by RENGA is unique and is part of its storytelling ecosystem.
Your capital is at risk.
Otherdeed for Otherside
Another one from the house of Yuga Labs is the Otherdeed for Otherside. The NFT collection is a collection of land for the Yuga Labs metaverse on the Ethereum blockchain. The Otherdeed NFT holders gain automatic access to claim Otherside land.
The Otherdeed for Otherside NFT saw a sales volume of 356.71 ETH or $471,000 in the last 24 hours with an average price of $9,000 at the time of writing this article.
Your capital is at risk.
Mutant Ape Yacht Club
An extension of the Bored Ape Yacht Club, the Mutant Ape Yacht Club saw decent traction today with a 24h sales volume of $771,902 according to CryptoSlam at the time of writing.
Created by Yuga Labs, the Mutant Ape Yacht Club is one of the old-legacy NFTs having the right mix of background and pop culture connect with various celeb owners. The NFT collection, which debuted in 2021, consists of 20,000 NFTs to be collected.
As per CoinMarketCap, the MAYC has a market cap of $415 million at the time of writing (314,060.4 ETH). The exclusive NFT collection has a floor price of 15.9 ETH or $21,000 at the time of writing.
Your capital is at risk.
CryptoPunks
Another one on the list is CryptoPunks. The NFT collection conceptualized by New York-based Larva Labs has found a pretty significant place for itself in the marketplace.
The NFT collection which debuted in 2017, is the top-selling NFT collection by sales volume as per CoinMarketCap with a 24h sales volume of $1.36 million. The average price for CryptoPunks stands at $83,000 at the time of writing.
Crypto Punks is a collection of 10,000 small, 24×24 pixel, 8-bit style portraits with a unique set of attributes and traits which means that there are various designs involving people, zombies, apes, and even aliens.
Your capital is at risk.
CloneX NFT
CloneX NFTs are designed by RTFKT Studios. Since their launch, they have climbed to eventually become one of the most sought-after blue-chip NFTs.
Clone X, launched in 2020, attracted various sneakerheads and was a collaboration with the renowned artist Takashi Murakami. In December 2021, Nike decided to acquire RTFKT Studios which skyrocketed the project’s price.
According to CoinMarketCap, the Clone X NFTs have a 24h sales volume of 123.86 ETH or $163872 at the time of writing, with a floor price of around $9,000.
Your capital is at risk.
Where are NFTs Heading To?
With the current set of developments taking place, it remains certain NFTs are here to stay. The tokens hold the power to revolutionize most industries and the entire concept behind them is too important to be ignored. NFT’s basics such as transfer of ownership and verification of ownership.
Many believe that the current status of NFTs is just the tip of the iceberg. The global NFT market is predicted to reach a size of $97.6 billion by 2028.
What is going to sail the boat for NFTs is the way they find themselves to be more useful and add value to people’s lives. Non-fungible tokens hold a more important motive than just giving their owners a bragging right and putting their NFTs up as a profile picture. Industries like gaming and entertainment can rely on it to actually give back to their loyal customers.
Apart from this NFTs core values can be thoroughly utilized in the NFT sector. Functions like keeping track of the inventory, building customer loyalty, verifying ownership, and gratification can take place using digital tokens.
Conclusion
While it might be true that non-fungible tokens don’t enjoy the same levels of popularity at the moment, they certainly can’t be discarded forever.
The previous quarter of 2022 might not be enough to determine the entire plan behind NFTs and what does it future holds. In its first phase, NFTs were able to revolutionize digital artwork by highlighting the artists and giving them leverage, in a kind of a power transition.
Newer projects are popping up in various niches and are targeting demographics with different emotions, and genres. The next set of NFTs needs to focus on the real-world utilities and how the virtual world and the real world can co-exist while benefiting from each other.
It’d be interesting to see whether NFTs can cater to the underlying expectations that are pinned against them.
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