The non-fungible token market has exploded in recent years. Digital artists, musicians, and celebrities jumping on the NFT train. While the NFT sector was extremely small, it boomed in 2021, and it has been growing ever since then. The NFT industry is estimated to be worth more than $6.5 billion. Despite the current state of the cryptocurrency industry, NFTs are being traded daily. This shows that, while the NFT sector is heavily depended on crypto’s performance, NFTs are not dead.
As the market continues to expand, it can be challenging to know what NFT to buy in 2023. This article will explore some of the most exciting aspects of NFTs and highlight NFT projects in the spotlight. This way, we want to make sure you are well-informed about the market. While this is not financial advice, our goal is to make it easier for you to choose the right digital NFTs.
What Are Non-Fungible Tokens (NFTs)?
Before we go deeper into what NFTs to buy in 2023, let us briefly explain the fundamentals of NFTs. Non-fungible tokens (NFTs) are digital assets. They are unique and not interchangeable. NFTs exist on a blockchain that ensures their scarcity and authenticity. NFTs can represent various items, such as art, collectibles, music, and virtual land.
Each NFT has a distinct value. As their name suggests, they cannot be exchanged one-for-one like cryptocurrencies. For example, Bitcoin and Ethereum are fungible tokens. 1 BTC = 1 BTC and 1 ETH = 1 ETH. So, these cryptocurrencies are fungible, meaning that they are interchangeable with themselves. NFTs are different because they hold individual characteristics. Even when NFTs are issued in collections of thousands of pieces, each one is owned individually. This means that every single NFT has metadata that makes it different from another NFT.
NFTs use metadata to store information. This data may include the creator’s identity, ownership history, and other relevant details. Metadata ensures the provenance and uniqueness of an NFT, ensuring the ownership of the asset. This feature helps in verifying an asset’s legitimacy through proof of ownership.
How Do NFTs Work In The Real World?
NFTs are powered by smart contracts. These contracts are self-executing and exist on a blockchain, with the first ones being built on Ethereum. They outline terms and conditions for how the NFT will behave under any circumstance. Smart contracts enable secure trading of NFTs as well as the secure holding of NFTs. They also automate royalty payments for creators.
NFTs have gained popularity in various industries until today. Digital artists use NFTs to sell their artwork more safely and profitably. Musicians and entertainers create NFTs for limited edition releases, with musicians as big as Rihanna releasing songs through this technology. Virtual worlds and metaverse platforms use NFTs to represent virtual land and in-game items as well. Gaming platforms employ NFTs for in-game items and play-to-earn mechanics as well.
NFTs have attracted both praise and criticism throughout the years. Supporters argue that NFTs empower creators and offer new revenue streams. They also emphasize the importance of digital ownership in an increasingly online world. While digital ownership is critical for the future, blockchain is the only technology that can provide a safe platform for such ownership. Critics, however, question the long-term value and sustainability of the market, referring to the NFT market as the “NFT bubble.”
Non-fungible tokens hold immense value in the digital world. Through this technology, every industry in the world will be revolutionized. Every transaction, agreement, and everything else will be done in a timely and cost-efficient way. Below, we have listed some of the top NFT projects for 2023. Some of these projects are focused on the artwork, others are focused on in-game ownership, some others are traded for status, and some are for PFPs.
Top NFT Projects For 2023
y00ts
y00ts is an innovative NFT PFP collection featuring 15,000 unique non-fungible tokens. This NFT collection aims to pay homage to the thriving Web3 community by combining aesthetic appeal and practical functionality. Each y00t showcases vibrant colors and striking artwork, carefully curated to embody the spirit of the internet’s most talented builders and creators. Drawing from the artistic style of Doodles with added detail and effort, y00ts embraces a playful and engaging visual approach. This makes them highly sought after by collectors and enthusiasts alike. Until today, y00ts have accumulated more than 116,000 followers on Twitter.
But y00ts goes beyond just aesthetics. Every y00t is designed to be functional. y00ts has a built-in staking mechanism that allows holders to earn points every minute their y00t is staked. These points can be accumulated and redeemed for fantastic prizes. This adds an element of excitement and reward for the y00t community. This NFT collection showcases a captivating blend of art and utility. By owning a y00t, investors acquire the stunning NFT and also become part of an amazing community. To make the experience even more unique, there are over 50 highly active clubs within the y00ts community.
Mirandus
Moving on, we have Mirandus – an immersive fantasy metaverse. The huge fantasy world built on blockchain technology shows how different gaming can look some years from now. This innovative NFT collection offers unique assets inside its Metaverse. Through such features, they provide collectors with unparalleled ownership and gameplay possibilities.
Ownership of in-game assets plays a central role in Mirandus. That is because only 1650 deeds will ever be available. These deeds empower players to claim and develop parts of the wilderness. In the wilderness, players can establish everything from small farms to sprawling cities. This is harder than living in a deed, however, because you have to fight monsters and bosses. Currently, 99% of the deeds have been sold, signaling a strong interest in this NFT-based Metaverse project.
The game has 5 main character types:
- Elf
- Halfling
- Orc
- Dwarf
- Human
Until today, the Elves and Halflings have been sold out. Nevertheless, new players can still purchase Orcs (74% sold), Dwarves (82% sold), and Humans (99%) sold, from the market. You can also find Elves and Halfings in second marketplaces like OpenSea. By March 2023, Mirandus has accumulated over 11.5k followers on Twitter.
Galaxy Eggs
(art)ificial, an innovative art studio, is pushing the boundaries of technology and the metaverse with its latest NFT collection, ‘Galaxy Eggs.’ The collection includes 9,999 visually captivating Eggs. Galaxy Eggs is (art)ificial’s first step in contributing to the metaverse and Web3. The company wants to support digital art within this ever-expanding realm.
Galaxy Eggs is more than just an eye-catching collection; it tells an enthralling story based on the collection. The story is spread across 23 chapters and 2 seasons and it’s set to expand. This immersive narrative combines elements from profile picture (PFP) projects, metaverse experiences, and gaming, creating a complex and engaging experience for collectors. By purchasing a Galaxy Egg, the investor uncovers a new community; one full of wonders, excitement, and adventure. The team of Galaxy Eggs is a very dedicated team, with individuals working tirelessly towards growing the community and improving the project. The three individuals who make up the core team of this project are Gal Barkan, Mr. Bob, and Gili Gilik.
Galaxy Eggs has just begun its journey and today, they have amassed around 49,400 followers on Twitter alone.
Checks – VV Edition
Checks – VV Edition is an NFT collection that dwells around the concepts of ownership, authorship, and notability in the current digital age. The collection is inspired by Twitter’s verified checkmark. The Twitter checkmark was introduced in 2009 as a symbol of notability for notable individuals. Some of the individuals who were verified were journalists, politicians, athletes, artists, and celebrities.
The verified checkmark, a small icon near the name of someone, suggests that the individual’s words hold more weight; their opinions are better informed; and their achievements are greater than the average person’s. In essence, the checkmark represents status, and status equates to power.
However, Elon Musk‘s acquisition of Twitter changed everything. When Musk got control of Twitter, he decided to sell verification marks for only $8 per month. Now, the value of this symbol is being called into question. If everyone can be verified, does notability still hold meaning? If no one is deemed more notable than another, are we all equally notable?
Checks – VV Edition NFT collection encourages us to reflect on the significance of symbols and status. Moreover, it encourages people to reflect on the value they assign to symbols digitally. The artwork in this collection may or may not be notable. However, the message is clear: in an age where everyone can achieve notability, perhaps we should reconsider what truly sets us apart as individuals.
The artwork that “may or may not be notable” got attention quickly after its release. Today, the creator of the collection has over 267,000 followers on Twitter. Don’t trust – check.
Upcoming NFT Projects
Now that we are done with what NFT to buy in 2023, let us look at the best upcoming NFT projects. Two of the project that caught our eyes the most were Ethereum Boyz Club and KandyLand. Both projects have long-term visions and goals when it comes to their projects. Not only that, but KandyLand has already begun working on and posting videos of their planned animated series.
KandyLand
KandyLand is one of the biggest upcoming projects in the NFT sector. This project is an innovative NFT collection designed to transform the digital entertainment economy. The team of KandyLand aims to create mesmerizing virtual experiences and products that bridge the gap between consumers and creators in Web3. Additionally, they want to influence several industries. Even before its official launch, KandyLand has garnered significant external demand, with over 171,000 followers on Twitter. In just 2 months, they surpassed the usual limitations of Web3 native projects. To this day, the project has no official release date.
Moreover, KandyLand is committed to elevating the output and quality of its offerings. The team wants to turn whatever they offer into immersive, playable experiences. They are collaborating with Goldenlane Studio, a renowned animation and cinematics studio, for their KandyLand animated series. For your information, Goldenlane Studi is known for collaborations with industry giants like EA, Apex Legends, and Lostark.
Awakening Order
Furthermore, we have the Order of Awakening. The Order of Awakening is an upcoming 3D digital NFT collection. Additionally, the design of this NFT collection provides outstanding benefits for collectors in the crypto space. Some predictions estimate an NFT market cap of $80 billion in 2025. However, today’s market capitalization of the NFT industry sits at just over $6.5 billion. Through these estimations, the community of this NFT collection predicts a high floor price for the collection’s digital assets.
The collection features 3,333 unique art pieces, each possessing distinctive properties and offering a range of perks based on their rarity level. These benefits include membership access to exclusive drops, partnerships, and extraordinary experiences. According to its website, the collection will launch on the 12th of July 2023. At the time of writing, Awakening Order has a following of 25,900 on Twitter. The collection has already released the Beta demo version of their game on Steam.
Takeaways
- Non-fungible tokens, also known as NFTs, are tokens that are not interchangeable with one another.
- While Bitcoin is an interchangeable, fungible token, NFTs are non-fungbile and you cannot trade them with one another.
- NFTs use smart contracts to operate. Through smart contracts, the creator can code whatever they want to happen with their code.
- There is a list of top NFT to buy in 2023. The four main projects are Galaxy Eggs, y00ts, Checks – VV Edition, and Mirandus.
- Two honorable projects we want to mention are Awakening Order and KandyLand.
- All in all, investing in NFTs is a good thing until you do it without considering external factors. Please DYOR first and then invest only what you can afford to lose. This is not financial advice.