What are NFT collections and why should you pay attention to them?
NFTs, also known as Non-Fungible Tokens, are unique digital assets encrypted with blockchain technology that cannot be counterfeited. Everything from a simple tweet to detailed works of art can be sold and bought on the internet market as an NFT. The NFT market is experiencing exponential growth with a rapid rise in popularity NFT Collections. This has opened up a number of digital assets (art, collectables) for their enjoyment Non-working token society.
What are NFT collections and how are they created?
In simple words, an NFT collection can be defined as a unique selection of a variety of digital assets (eg videos, music, art, tweets). Since digital art is the most dominant category of NFTs, the collection of these artworks is usually created/published by an individual artist (or a collaboration of artists).
NFT collections store a limited number of these assets and each Non-working token in the collection is stored individually on the blockchain. Each digital symbol displayed in the collection also displays metadata that contains valuable information such as the artist’s name, the creation date, the title of the artwork, and other relevant information.
Typically, an NFT collection contains around 5,000 to 10,000 digital tokens that are usually variations of the same design. Bored Ape Yacht Club (BAYC), a popular NFT collection, for example, contains a collection of around 10,000 unique images of their signature chained digital monkeys on the Ethereum blockchain. Pudgy Penguins, on the other hand, is an 8,888-piece collection of NFTs featuring cute and chubby cartoon penguins.
Due to the individuality of each token, one of the biggest benefits NFT collections offer the community is the availability of unique and rare tokens. NFT collections also provide innovative opportunities for creators and artists to monetize their work and gain proper recognition.
In addition, the themes, narratives and artistic approaches behind the NFTs of a collection can act as a glue to bring together like-minded people and can thereby increase the camaraderie and cohesion of the respective community.
NFT collections can be created by following some basic steps. The first step involves the user creating art (eg music, memes, videos, avatars and digital art) that appeals to a broad demographic. The user should then set up a crypto wallet (e.g. Metamask wallet) on a suitable blockchain (e.g. Ethereum) followed by minting their artwork into a Non-working token.
One thing to remember is that after the user finishes creating their NFT collection, they should set realistic prices for each Non-working token before offering them on NFT marketplaces such as OpenSea, Rarible, Nifty Gateway and Superrare.
Top 5 Collections of Non-fungible Tokens
- Launched by Yuga Labs as an NFT collection of unique 10,000 PFPs (profile pictures) of chained primates, Bored Ape Yacht Club is at the forefront of the most popular NFT projects. The collection contains distinct avatars of animated monkeys with strange expressions. Bored Ape NFT cost increased from $190, since launch in April 2021, to $80,000 as of March 2023.
- CryptoPunksone of the oldest Non-working token collections, consisting of 10,000 unique ‘punk’ characters, were created at Larva Labs. The “punks” in this collection are basically 24✖24 pixelated images of male and female characters along with some non-human characters like zombies, aliens or monkeys.
- With a collection of 10,000 anime-style NFT characters, Azuki was launched by a Los Angeles-based startup, Chiru Labs. Golden Skateboard NFTs are known to be the world’s most expensive skateboards in both the virtual and physical worlds.
- NBA top shot, another big name on the list of popular NFT collections, is a project that celebrates people’s passion for basketball. NBA Top Shot provides a platform for its users to buy, sell and trade a collection of basketball video clips, or “NBA Moments.” These influential NBA moments can be used as trading cards by users.
- One of the hottest NFT collections launched to date will be Moonbirds. It’s a PFP-based project based on the Ethereum blockchain with a fancy collection of 10,000 unique pixelated owl images.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
