Not all non-fungible tokens (NFTs) are created equal. Some NFTs have more value and prestige than others, depending on various factors such as their history, quality, rarity, and popularity. These NFTs are known as blue-chip NFTs, and they are the most sought-after and respected in the NFT space. But what makes an NFT a blue-chip, and how can one find and acquire them? In this article, we will explore the characteristics, benefits, risks, and strategies of acquiring blue-chip NFTs, and provide some examples and resources to help you navigate this exciting and dynamic market.
Blue-chip NFTs are so-called because they are analogous to blue-chip stocks, which are the shares of well-established and financially stable companies that have a proven track record of performance and growth. Finding and acquiring them requires research, analysis, and networking.
NFTs have become very popular in recent years, and the reasons are simple; they offer new ways for creators and collectors to monetize and showcase their work, as well as for fans and investors to support and access their favorite projects and personalities.
Non-fungible tokens, or NFTs, are digital items that are unique and cannot be copied or replaced by another. They are like digital certificates that prove who owns a certain piece of art, music, game, or perhaps anything else that can be created online—digital assets.
However some NFTs are more valuable and popular than others, and these are called blue-chip NFTs. Blue-chip NFTs, therefore, are NFT projects that are expected to be stable in terms of value, and profitable in the long term.
They are the best and most reliable stocks in the stock market. They have earned themselves the title of ‘blue-chip’ because they have a high value, a low risk, and a strong reputation in the NFT market, among a couple of other factors.
But what truly qualifies an NFT as a blue-chip? And how can you find one?
A newbie in NFTs? Read this easy guide to understand the concept of NFTs and how they derive value.
What are Blue-chip NFTs So-called (Characteristics)?
Blue-chip NFTs are not defined by a single criterion, but rather by a combination of factors that make them stand out from the rest of the NFTs.
These are some of have several characteristics they have in common, such as:
High Floor Price
Blue-chip NFTs are reputed to have relatively high floor prices, which means the lowest price that someone is willing to sell their NFT for.
According to Coingecko, as of the time of writing, for instance, the floor prices of BAYC and CryptoPunks were $126,853 and $66,543, respectively, much higher than less popular NFTs like Silks Genesis Avatars (SILKS) or Calvaria, going for $151.99 and $0.00159, respectively.
Celebrity Recognition/Brand Power And Community
Blue-chip NFTs have a strong brand name and recognition in the NFT market. They are often endorsed by celebrities, influencers, or famous organizations. They also have a loyal and active community of fans and supporters.
The higher the number of supporters and promotion of the NFT project by famous people or influencers, the more confidence and trust traders/investors have in that NFT.
Historical Value
Blue-chip NFTs have a proven track record of consistent value appreciation. They have been around for a long time and have survived market ups and downs. They also have a high sales volume, which shows that many people want to buy them.
For example, CryptoPunks are considered the first NFT project on the Ethereum blockchain, and they inspired many other pixel art and generative art projects.
To add to that, Beeple’s “Everydays: The First 5000 Days”, is the first NFT artwork to be auctioned by a major auction house, and it sold for a record-breaking $69 million. This shows the rich heritage of the historical background these NFTs share.
Commitment of The Project Team
Blue-chip NFTs have a professional and experienced team behind them. The team is responsible for creating, developing, and maintaining the NFT project. They also have a clear vision and a solid roadmap for the future of the project. They communicate regularly with the NFT community and provide updates and feedback. Besides these, the track records, history, and stake or level of skin-in-the-game of the team members in the crypto industry also add to boosting the profile of an NFT to blue-chip status.
Utility
The real-world utility, which refers to the usefulness and functionality of the NFT project beyond being a collectible, is a common distinguishing feature of blue-chip NFTs from other NFTs. An example is the Bored Ape Yacht Club, which is a popular NFT collection, that grants its owners access to a private online club, where they can socialize, network, and collaborate with other members, as well as enjoy exclusive perks and opportunities. Thus, in contrast to other NFTs, their functionalities and usefulness of blue-chip NFTs are usually clearly spelled out.
The Most Popular Blue-chip NFT Projects
as already pointed out., blue-chip NFTs are considered industry leaders and are more likely to grow than other NFT projects. They are often characterized by their rarity, historical significance, and cultural impact.
The list below contains some of the most popular blue-chip NFTs in the marketplace:
CryptoPunks
These are some of the first and most famous NFT collections, launched in 2017. CryptoPunks are pixelated portraits of different characters with various attributes. They were one of the first NFT projects on the Ethereum blockchain and there are only 10,000 of them.
CryptoPunks are highly sought-after and valued by collectors and investors, and the reason is because they represent the history and culture of the NFT space. The most expensive CryptoPunk, CryptoPunk #7523, sold for $11.8 million on June 10, 2021.
Bored Ape Yacht Club (BAYC)
BAYC are funny cartoon images of apes with different traits and accessories. They are part of a community that gives access to exclusive benefits and events. Bored Ape Yacht Club is more than just an NFT project, it also grants its owners access to a private online club, where they can socialize, network, and collaborate with other members, as well as enjoy exclusive perks and opportunities.
launched in 2021 by a studio called Yuga Labs, there are 10,000 BAYC NFTs The average sale price of a Bored Ape is over $40,000, and the most expensive one was sold for $1.3 million in September of that same year.
World of Women
World of Women are artistic portrait of diverse and empowered women. They are part of a movement that supports women’s causes and charities and serves to encourage more female presence in the web3 world. There are 10,000 World of Women NFTs and the most expensive WoW sold for about $707k at the time of the deal on January 5, 2022. It was bought by the Sandbox project.
NBA Top Shot
NBA Top Shot is an official NFT platform of the National Basketball Association, and it features digital collectibles of the best moments and players of the league. NBA Top Shot is one of the most popular and successful NFT projects, and this is so because it attracts millions of fans and enthusiasts, who can buy, sell, and trade their favorite NFTs, as well as enjoy exclusive content and experiences.
The average sale price of an NBA Top Shot NFT is over $14, and the highest sale price was $208,000, in February 2021, which was for the #23 Lebron James Dunk video clip from the Cosmic series.
Axie Infinity
Axie Infinity is a leading NFT game that has a dedicated and talented team of experienced developers, designers, and community managers. As a unique gamified NFT, Axie Infinity offers a fun and rewarding gameplay experience, as well as a robust and innovative economy. As of the time of this writing, according to CoinMarketCap, a crypto data and prices analysis platform, the price of 1 AXS is going for $6.94.
How to Create a Blue-chip NFT?
Creating a blue-chip NFT is not an easy task. it requires a lot of creativity, skill, and effort, as well as a good understanding of the NFT space and market. Below, some of the guiding steps (though not very detailed) that can help creators create a blue-chip NFT are:
- Choose a niche and a theme for the NFT, that is original, relevant, and appealing to potential buyers and collectors.
- Next, create the NFT using the appropriate tools and/or software, and make sure that it is high-quality, unique, and expressive of the creator’s style and vision.
- Mint the NFT on a suitable blockchain network and platform. Endeavor to ensure that it is secure, authentic, and scarce.
- To reach and engage the target audience and market, promote the NFT using the right channels, strategies, and techniques.
- Lastly, maintain and update the NFT using the feedback, reviews, and suggestions of the owners and users, and by all means necessary, see to it that it provides value and utility to them.
How to Find Blue-chip NFTs?
Finding and acquiring blue-chip NFTs requires a lot of research, analysis, and networking, as well as the use of the right platforms, tools, and resources. Some of the strategies to find blue-chip NFTs include, but are not limited to the following:
- Research established platforms, Some of the most popular and reputable NFT platforms and marketplaces are OpenSea, Rarible, SuperRare, Foundation, Nifty Gateway, and others, such as Mintable, KnownOrigin, Async Art, and MakersPlace, which are websites where people can buy and sell NFTs. These platforms most times, host a wide range of blue-chip NFTs created by well-known artists, celebrities, and brands.
- Follow influencers and NFT specialists, such as Gary Vaynerchuk, Beeple, and Pranksy, who are people who have a lot of knowledge and influence in the NFT space. They share useful insights, opinions, and recommendations about blue-chip NFTs on social media, podcasts, and blogs that may be very helpful in guiding a user, especially crypto newbies, in making informed trading/investment decisions.
- Track notable artists and collaborations, such as Pak, Damien Hirst, and The Weeknd, who are famous creators who have made or partnered with blue-chip NFT projects. They often announce their new releases, auctions, and events on their websites, newsletters, and social media.
- Consider rarity and demand, which are factors that affect the value and popularity of blue-chip NFTs. Focus on rare, limited-edition, or culturally significant NFTs that have a high demand and a low supply. You can use tools like CryptoSlam, DappRadar, and NonFungible to track the sales volume, floor price, and ranking of different NFT projects.
- You can use filters, such as price, volume, rarity, or category, to narrow down your search. You can also use rankings, such as market cap, floor price, or sales volume, to compare different NFTs. You can also use analytics, such as historical data, charts, or indicators, to evaluate the performance and potential of NFTs. Social media, such as likes, comments, or retweets, can come in handy to measure the popularity and sentiment of NFTs, before deciding which to invest in.
What Are Some Examples of Reputable Blue-chip NFT Creators?
The list below of examples of some blue-chip NFT creators that are widely admired and respected in the market are:
Beeple
Beeple is a legendary digital artist, who has been creating and posting new artwork every day for over 13 years, and who has entered the NFT space, with stunning and provocative NFTs, that reflect his views and opinions on various topics and issues. He is one of the most influential and successful NFT creators, as he has sold his NFTs for millions of dollars, and has since collaborated with major brands and celebrities, such as Louis Vuitton and Eminem.
Larva Labs
This is a pioneering NFT studio, that has created some of the most iconic and influential NFT projects, such as CryptoPunks, Meebits, and Autoglyphs. Larva Labs is one of the most reputable and innovative NFT studios, as they have set the standards and trends for the NFT space, and have produced some of the most valuable and rare NFTs in the market.
Pak
Park is a mysterious and enigmatic NFT artist, who has been creating and experimenting with NFTs for over a decade, and who has challenged and questioned the concepts and conventions–the status quo, if you like– of art and value.
Pak is one of the most controversial and intriguing NFT artists, as he has sold his NFTs for millions of dollars, and has partnered with major platforms and institutions, such as Sotheby’s and Async Art.
Conclusion
Blue-chip NFTs are the most valuable and prestigious NFTs in the market, and they have many characteristics, benefits, and risks, that make them attractive and challenging for both buyers and sellers. Finding and acquiring blue-chip NFTs requires a lot of research, analysis, and networking, as well as the use of the right platforms, tools, and resources. Blue-chip NFTs are not only a form of digital art and collectibles, but also a form of investment and access, that can provide financial and social rewards or opportunities, for their owners. All in all, blue-chip NFTs are the epitome of the NFT space, and they represent the innovation, creativity, and diversity of this emerging and dynamic field.
