Non-fungible tokens (NFTs) could usher in a groundbreaking digital ownership model. The innovative technology brings about a fundamental change in the way we choose to invest, transfer property, and manage our digital art. NFTs open up a whole new commercial realm not only for digital art but for everything under the sun: collectibles, real estate, and more. Check out the following list of trending NFT projects—the ones predicted to be the most profitable, constantly drawing investors’ and enthusiasts’ attention.
Top 10 trending NFT projects of 2024
Axie Infinity: Origins
By 2024, Axie Infinity still holds attention but has changed beyond recognition with the release of a new version called Axie Infinity: Origins. The new version features a redesigned interface, new game mechanics, improved art, special effects, storylines, and all-around greater onboarding for free on Android, PC, and macOS. It’s ‘free to play’ so that new and seasoned players alike can enjoy it. New players begin with three free non-NFT axies, and additional axies can be unlocked by playing the game, enabling users to immerse themselves in the game without spending money upfront. Now users can also evolve the parts on their Axie to make their axies dynamic NFTs that can continuously grow through gameplay.
Decentraland
Decentraland (MANA) is a cutting-edge blockchain virtual reality platform on the Ethereum blockchain. What it’s done is create a decentralised metaverse where users can build, buy, and sell digital assets. It allows users to purchase virtual land owned by the MANA token, and users can then make money developing the space. Decentraland represents many of the many new offerings emerging in the fast-developing virtual world space — a metaverse platform that supports real-world applications. These applications range from gaming, education, and hospitality to banking, finance, and commerce, among other areas. Decentraland (MANA) blockchain has a community support and ecosystem already. It is also decentralised. These unique attributes make Decentraland (MANA) a game-changing investment.
The Bored Ape Yacht Club (BAYC)
BAYC is perhaps the most famous NFT collection. On the Ethereum blockchain, 10,000 distinct, digitally unique Bored Ape NFTs were minted, comprising the distinctive assortment of anthropomorphic cartoon apes. But it’s evolved into more than just digital artwork. Holding a Bored Ape is akin to purchasing a membership to a club offering benefits, such as access to a co-curated graffiti ‘washroom’—called THE BATHROOM—on its website. Reminiscent of NFTs’ community focus, it also spearheaded spin-offs such as the Bored Ape Kennel Club and Mutant Ape Yacht Club.
SuperRare
SuperRare is an Ethereum-based marketplace for rare digital artworks, which sells one-of-a-kind artworks that are tokenized on the blockchain and function as a non-repudiable digital good. Artists on SuperRare can mint unique digital works of art, authenticated, collectible, and owned through blockchain validity. SuperRare now has over 32,000 works in total. Since 2018, the marketplace has grown to include more than 6,000 collectors.
Azuki
Azuki is a collection of 10,000 anime-inspired avatars that give owners access to ‘The Garden’—a ‘ ‘web3 town of creators’ working to build the future for artists and Web3 fans. A collection of 2D anime-style avatars that are owned by the Azuki community. Every Azuki character possesses a unique trait. These traits include, among others, monkeys, dogs, and masked characters. Owners of these collectible NFTs access personal drops, experiences, and future partnerships in this thriving community.
Pudgy Penguins
Pudgy Penguins is a set of 8,888 unique hand-drawn penguin NFTs, and they’re all a little derpy. A super kawaii collection with a tight-knit, passionate community. The NFTs have held exclusive events. They also donate to environmental organisations, a clear example of the space’s commitment to environmental activism.
Doodles
Scott Martin, Evan Keast, and Jordan Castro created Doodles, a company known in 2024 for hand-drawn, colourful NFT characters. With a variety of cute characters, Doodles is a project focused on community-driven decisions, and NFT holders can play a direct role in how the project is designed. The new release of Doodles 2 on the Flow blockchain allows more customization, which leads to more realistic user experiences.
CryptoPunks
CryptoPunks (now owned by Yuga Labs) is one of the original NFT projects, consisting of 10,000 characters in 24×24 pixel formats—each character with a distinct aesthetic design that includes exotic forms (such as zombies, apes, and aliens), all rendered uniquely.
Mutant Ape Yacht Club (MAYC)
An offshoot of BAYC is the Mutant Ape Yacht Club (MAYC), a club of genetically mutated Bored Apes. MAYC maintains its presence through community, exclusivity, and a roadmap of future utilities for its members.
Moonbirds
An on-chain NFT project, the Moonbirds collection features 10,000 unique NFTs of owls, each with their unique traits (their fur, eyes, etc.) and rendered directly from the Ethereum smart contracts, with other characteristics controlled by their code, grade, etc. The project is driven by both utility and cool art. Moonbirds’ utility includes game-like elements such as drops for holders, invites into real-world events, and membership in the Lunar Society would provide ongoing rewards and benefits.
Key trends shaping NFT projects of 2024
Here are some key trends shaping the NFT landscape in 2024:
Hybrid NFTs
Hybrid NFTs—a crypto trend at the top of the rankings for 2024—are the next step in the evolution of fungible and non-fungible tokens. They combine the features of NFTs and FTs to build tools that maximise liquidity, accessibility, and functionality. Fractional ownership—using the ERC404 standard—gives a holder of the asset the options of ownership for a fraction of a high-value asset, such as paintings, collectibles, or real estate. Fractional ownership increases the accessibility of NFTs to investors by solving the liquidity issues plaguing NFTs. Through fractional ownership, creators and artists can have access to more capital from fractional ownership to fund projects. Hybrid NFTs also promote interoperability and composability. Creators can interchange NFTs to remix and compose different NFTs and use them across industries to foster creativity.
Sustainable NFT Practices
With growing environmental concerns, green initiatives will become even more important in the NFT space in 2024, with many participants committing—in a similar manner—to eco-friendly policies minimising the environmental impact of NFT transactions. Both NFT creators and NFT platforms will look to minimise their carbon footprint since sustainable attitudes will become the norm in this white-hot industry.
Ordinals: Bitcoin-Based NFTs
Ordinals are illustrating the future of Bitcoin beyond those financial transactions, in the form of NFTs, minted on the Bitcoin blockchain. By linking digital artefacts to individual satoshis on the Bitcoin blockchain, Ordinals unlocked the new functionality of Satoshi Nakamoto’s invention. There are technical and cultural hurdles to overcome, but Ordinals have shown the ability of Bitcoin to support rich new application environments such as NFTs. And, in turn, new use cases and applications for Bitcoin will now begin to emerge.
Future Outlook
Web3 experts pointed to how NFTs were going to become much more useful in gaming and loyalty programs. They specifically predicted that NFTs are poised to be used by brands and advertisers, improving both visibility and engagement. Some Web3 CEOs are even calling NFTs ‘the late-1990s to 2000s iteration of the internet’. One market executive said he would invest in NFTs despite being ‘neutral’ on whether they were a good buy because he believed they represented a good bet for that decade.
NFT investment might be red hot, with the market reeling from a few downturns, but it’s showing signs of staying that way. Progress in developing blockchain technology is also continually introducing new use cases for NFTs, for instance in gaming, digital art, and trading virtual property. Overall, the NFT market is a new and enticing area for investment, but again the same caveats apply: thoroughly research the investment, gain as much understanding as possible of what you’re buying, and, as with any investment, try to spread the risk.
Conclusion
NFTs, or non-fungible tokens, ushered digital art and assets into a new era of possibilities. With the creation of NFTS in 2014 came fresh ways on how we view, engage with, buy, and own digital objects. With rapid growth in the market and many who predict it will exponentially grow for years to come, it’s no wonder so many flock for the opportunity, especially among younger generations. Yet, no matter your inclination, whether it be art, gaming, or simply tinkering with the digital space, NFTs, with infinite possibilities of enjoyment and profit, are available to all.
As we see, the NFT market is still very young and volatile; therefore, rigorous research is crucial. While many NFTs show considerable appreciation, others might fade into obscurity. NFTs linked to strong communities or backed by real-life perks or advantages (such as special events or access to engagements or content) could have better possibilities to grow value. At the same time, there is plenty of room for innovation and expansion. NFTs transcend the virtual world as artificial intelligence (AI) and other technologies advance. With this in mind, it is also within our power and in the interest of the future to prepare ourselves with marketplace insights and understandings of the law and ethics that will impact the so-called golden age of NFTs.
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