The NFT segment of the cryptocurrency market is one of the hottest and is always buzzing with activities. This week is no different. An NFT museum has opened its doors in the United States. The Seattle NFT Museum is dedicated to showcasing original artworks but that is not all. The Museum also aims on contributing to the growth of the industry by demystifying the often-confusing world of NFTs. It will be helping visitors with understanding the NFT technology and how to navigate around the realm.
There is a new upcoming player in the NFT realm and investors are betting on it. Pixel Vault is a huge collection of superhero Non-fungible tokens and takes the form of a marvel-like universe. The collection has garnered a lot of interest and has crossed $100 million in funding. Moreover, Coachella – the popular music festival – is also planning on selling lifetime tickets as non-fungible tokens. The platform has launched an NFT marketplace and will put up three NFT collections on sale on 4th February. One of the collections comprises 10 NFTs that will give their holders lifetime access to the music festival.
On the other hand, the NFT market is also suffering. OpenSea has managed to become one of the largest NFT marketplaces and has garnered a reputation of being the eBay of the NFT world; however, there have been increasing complaints about the platform. This may hamper the growth of the NFT market as it is the go-to platform for new and existing NFT players.
The NFT market has also come under scrutiny because of the role it played in money laundering. According to the blockchain analytics firm Chainalaysis, the money-laundering activities in the NFT market have increased significantly – although NFTs still comprise a significantly minor chunk of the larger black money market.
NFTs to watch
Investing in NFT collections will never get old especially during bouts of bearishness of the cryptocurrency market as the bearishness of tokens does not appear to impact the Non-fungible token segment. Here are some of the top collections to watch out for:
The Rumble Kong League is a new NFT collection that has been making rounds in the NBA. It is essentially a collection of 10,000 Non-fungible tokens called Kongs and the metaverse is based on a play-to-earn basketball game. Only one Kong is needed to gain access to the game. The collectors of the collection include some of the top names in the NBA. The gameplay will be released soon and the activity on the collection is surging.
Cool Cats is another top-performing collection of the week. The weekly sales volume of the collection stands at $14.8 million while the highest sale price was recorded at $128,838. Cool Cats is a collection of randomly generated Non-fungible tokens on Ethereum’s blockchain. The first iteration consists of 10,000 cats with varying features and cool outfits. The collection has been gaining traction which makes it an ideal bet.
Doodles is a collection of, well, doodles as NFTs. It consists of 10,000 NFTs each with varying and unique features. Holders are enabled to participate in the Doodles Community Treasury. The collection has been designed by a popular artist and animator, Scott Martin. Doodles is a good collection to look into as it has reached a lot of popularity. The collection has seen $166 million in sales ever since its creation in October, 2021.
Azuki is current the top-most ranked NFT collection on OpenSea in terms of volume. The collection currently has a trading volume of approximately $91 million; however, the trading volume has recorded a decline of 70% during the past twenty-four hours. Azuki is a metaverse and the collection consists of 10,000 avatars.
Finally, mention of Non-fungible token collections is incomplete without Bored Ape Yacht Club. BAYC is hands-down one of the most popular collections in the market and it continues to stay on top. The collection has recorded $182 million in sales during the week with the highest sale price being at a staggering $1.3 million. Moreover, the collection also has a huge following in the entertainment industry with Justin Bieber being one of the recent buyers.
