What are NFTs? No, they are not ‘New Found Trailblazers’, or ‘Nordic Fisherman’s Tackle’. Instead they are Non-Fungible Tokens, a cryptocurrency term, and they’re taking the world by storm. In this post, I’ll be discussing some of the best upcoming NFT projects to watch in 2022 and beyond. These projects are all utilizing blockchain technology in different and innovative ways, so make sure to keep an eye on them!
NFTs are a new type of digital asset that can represent anything from a piece of art, to a digital file, or a gaming skin. Unlike traditional assets, NFTs are intellectual property, and cannot be replicated, and its ownership is verifiable. This means they’re perfect for collectors, investors and gaming aficionados who want to own something truly ‘one of a kind’ and has value.
One of the most exciting things about NFTs is that anyone can create them, and I’ll discuss the process of creating your own NFT, later in this post.
Some of the best upcoming NFT projects include:
An NFT project created by the Coffeebros Roastery in New York, used as a way of scaling their brand, promote sustainability and create a group of likeminded folks. It works like this:
You purchase an NFT, similar to the one below.
Your purchase becomes ownership in the digital arm of CoffeeBros, where they are looking to crowdsource the building of the first NFT Funded Cafe Space in New York City.
Crypto Baristas is an NFT with ‘Utility’
Some NFT purchases include voting rights, which means as a Crypto Barista, you get to help make decisions on how to grow the company and vision.
As a Crypto Barista holder you also receive ‘Caffeinated Perk’s once the Cafe opens in New York City. You must have the Ethereum Token (ETH) to purchase a Crypto Barista.
Their plan is working, as they raised $200,000 in the first 4 months of the NFT Launch.
Cryptokitties was one of the first and most popular NFT projects, and is still in vogue in 2022. I mean how can you not fall in love with this puffy little pastel feline.
Cryptokitties was launched in late 2017, but has managed to have staying power and superiority in the NFT Space. The Cryptokitties game is simple: you can buy, sell, or breed, yes breed, virtual cats. Run on the Ethereum Blockchain by a series of smart contracts, each cat is represented by a 256 bit number representing its genomics.
And when the cats breed, each kittens genomics are stored on the blockchain as well. New ‘virtual’ cats are released every 15 minutes, which can be bid on and paid for with the Ether Token.
How do I get started with Cryptokitties
If you have a Metamask wallet, with some Ether in it, you simply log into cryptokitties.co and choose from their Cat Collection.
They have Fancy Cats, Blue Chip Cats, and limited edition GenO cats, each with their own unique look, DNA, and Ether Price Tag.
If you find a Kittie you can’t live without, you simply purchase it by transacting through your Metamask Wallet.
If you’re a fan of Cricket….. You know, that game played ‘Down Unda” which seems to be the Australian or Indian version of baseball, well it’s now in the NFT Market.
Its called the Meta Cricket League, and works like this:
It’s a Play to Earn game which allows users to monetize their time while playing Virtual Cricket. Users get paid when they go up against other virtual competitors and score points. This NFT project is huge in the Indian Market, where it saw explosive growth during its initial sale of 55,000 NFT’s in April of 2022.
How to get started with Jump.Trade
Jump.trade is actually an NFT marketplace available in the Google Play Store and Mac App Store. To buy or sell an NFT you first must create an account by using an email and password.
Once your email and password are validated, you are able to browse the NFT’s for sale on the marketplace.
In order to play in the Meta Cricket League, you’ll likely want to invest in a Batsman NFT and a Bowler NFT. If you purchase these, the transaction is verified on the blockchain and you become the rightful owner.
A unique way of verifying your membership at gyms on the Gold Coast of Australia. The NFT you purchase aptly referred to as a ‘BRO’ is an avatar which doubles as your membership registration.
This avatar, also gives you access to free merchandise, 50% off on online orders, and free airdrops. The cost for the most recently Minted Bro is .07 ETH or about $118.09 at the time of this writing.
How you can get into the NFT Space
Now that you know about some of the best NFT projects, let’s explore other ways you can get into the NFT market, should these aforementioned projects not strike your fancy. You could:
Mint your own NFTs :
If you’re creative, and have the willingness to learn a software program, you could mint your own NFTs and sell them online.
Ever heard of Cryptopunks, those abstract pixelated cyber punks who look like they were made by a 4th grader? Well, some of them, like # 3100 or # 7804 sold for north of $7 Million each.
Figuring out how you can mint your own NFT may be worth the time investment, even if you could sell yours for 1/3 of the price of #3100.
If you want to mint your own NFT you will need to learn a software program such as:
OpenZeppelin is a software development kit which allows you to not only mint NFTs, but build and deploy just about any blockchain application.
Ethereum Studio :
Ethereum Studio is another software development kit that allows you to mint your own NFTs. It has a user-friendly interface and is perfect for beginners.
Someone is always willing to pay more for something; real estate, cars, clothes, and even NFT’s. The challenge is finding that someone. Fortunately, for NFT aficionados there are great discord groups, and platforms like Rarible, Sandmilk NFT marketplace, and Bakeryswap where you can go to increase your chances of finding that someone.
Typical NFT Flippers look for short term gains, where they can focus on exchanging significant volume to make a decent profit.
If you’re looking to start Flipping NFT’s, Rarible (not an affiliate) would be a great starting point. They have a great user interface and a vast array of NFT’s to choose from.
What you need to get started in the NFT Game.
If you’re new to the world of NFTs, don’t worry! Getting started is easy. All you need is a computer and an internet connection. You’ll also need some ETH (Ethereum), SOL (Solana) or ADA (Cardano), depending on which blockchain you use to buy your NFT.
If you buy an NFT on a secondary market like Rarible, you’ll need to create an account and deposit some ETH into your account. Once you’ve done that, you can start browsing the marketplace.
If you find an NFT you want to buy, just click on it and follow the instructions. Once you’ve made your purchase, the NFT will be stored in your account.
How do I prove I own the NFT, once I mint it or buy it?
Every NFT is stored on a blockchain, which is a public ledger. This means anyone can see that your wallet address is the rightful owner of the NFT. To prove that you own an NFT, all you need to do is show the transaction on the blockchain.
You can do this by going to a block explorer such as Etherscan for ETH transactions or Cardano Explorer For ADA transactions and search for your address. This will show all the transactions associated with your address, including any NFTs you’ve bought.
You can store your NFT’s in a digital wallet like MetaMask, Trust Wallet, or Coinbase Wallet.
What are some of the risks of buying NFTs?
NFT Value plummets
Like any investment, there are risks involved in buying NFTs. The most obvious risk is that you could lose money if the value of an NFT goes down.
NFT’s could be subject to Hacking
Another risk to consider is that NFTs are stored on blockchains. This means, if a blockchain is hacked, as in the case of Harmony One your NFT could be at risk.
Your NFT could be stolen.
To protect yourself from this, it’s important to store your NFT safely. I would recommend using a Non-Custodial Wallet ‘Cold Wallet’, such as a Ledger or Trezor. In which case, you are in complete control, because you have the Private Keys.
If a Non-Custodial Wallet is not an option then consider storing it in a digital wallet like MetaMask, Trust Wallet, or Coinbase Wallet. These wallets, considered ‘Hot Wallets’ allow you to store your NFTs online, but they’re considered secure, because you have complete access to the wallets Private Keys.
To learn more about the security of various wallets see my previous post here
Finally, you should also be aware of scams. There have been cases where people have bought fake NFTs or been tricked into paying too much for an NFT. To avoid this, only buy NFTs from reputable sources and do your research before making any purchase.
I hope this article has helped you gain a better understanding of the value of NFT’s, and appreciate some of the best NFT projects of 2022 and beyond.
Please feel free to share your thoughts or experiences with me in the comments section below! And don’t forget to follow me on Twitter @investmentsoup for more updates on all things NFT’s!
Jim started his real estate investing career in 2005 and enjoyed 3 good years before the Financial Crash of 2008. Jim’s been a steady equities investor for over 20 years, but really didn’t realize the power of dividends until 2015. Since then, he’s adopted an ‘if it doesn’t produce income, its not worth investing in” motto. Jim works in a sales and marketing position and has knowledge in SEO, Blog Writing, Website building, and growing a digital brand. If you’re looking to build your online presence, feel free to reach out to Jim.