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Talks around non-fungible tokens have been top-ranking topics in and around the art world for a while now. The infusion of this technology into how different work of art gets recognition and patronage is an interesting concept to the artists and art collectors. Interestingly, those who can pick out valuable art and fine details are sitting right at the top of the food chain. The kingpins in the NFT art world are those that can afford and old rare and unique NFT artworks. These select sets of individuals own artwork worth millions in dollars and control exclusive works of art from around the world. To understand how the hierarchy of this NFT gold mine is built and who the kingpins are, you need to understand why the whole rig became important in the first place. The line that follows explains basic NFT concepts, NFT arts, and their direct relation to real artwork. It further explains how NFT art collection works, the value in NFT communities, the NFT marketplace, and top NFT projects from around the world.

 

NFTs for Art

The coming together of NFTs and artwork is as a partnership made from the beginning of time. To many, NFT artwork projects are a joke that they do not quite grasp. Those who are already a player in the game understand what is at stake and are biting off their chunk of flesh. NFTs are digital credentials that represent real-world assets like arts, music, video among several others. These unique digital tokens operate on blockchain smart contract protocols. As an important use case, they are useful for the verification of the authenticity of certain assets over the blockchain public ledger. Originally, you could say that the concept of NFT was already around as far back as 2012. However, its first projects were launched in 2017. NFTs are most useful for selling exclusive collectable items online. Because each of the tokens is unique or limited, their scarcity makes them more valuable to both the creators and the collectors. These exclusive items can be bought and sold at different auctions or platforms with cryptocurrency payment of choice.

 

In recent times, artists prefer to put their work up as NFTs because of obvious benefits. If the art is good, the artist with minted art on the blockchain can almost be sure that they will receive offers from art collectors in no time. The participation and purchase of these digital arts and other creative content are entirely virtual. This is all thanks to the NFT marketplace that brings both the creators and artists together.

 

How NFT Art Collecting Works

Collecting unique pieces of art is always intriguing to a select number of people for obvious reasons. The expression of self and uniqueness of the artwork draws its admirers in to mesmerize them with its beauty and meaning. Just for context, the OpenSea NFT auction marketplace says it tracked over $10 billion worth of artwork as NFT sales since its inception in 2017. The art world adoption of NFTs is still the most successful thus far since inception. Profile picture projects like CryptoPunks and Bored Ape Yacht Club are some of the successful artwork projects. NFT art collecting is lucrative possible via two things – ownership and exclusivity. For some, being an art collector is a professional career for creating and managing wealth. It entails knowing which art’s worth will go up and those that will not do well in the marketplace. Understanding this basic concept on a deep level is important for art collectors to build their million-dollar art collection.

 

Value of Community

One of the things that art collectors, both physical art and digital art, understand well is the power of having an interesting community. In conjunction with the power of speculation, collectors can get the price they want for their art and get it to the people that want these art pieces. In these early days in the NFT market, speculations are a great tool for art collectors.

For art collectors, having a presence in these communities is important to cement their place as the contact for certain art assets. Furthermore, the value of being in a community is the exclusivity it provides. Using art as a way of satisfying that need for community is a great idea. With different NFT communities that surround the different NFT projects like Bored Apes, Cryptopunks, Pudgy Penguins and others, it is giving the futuristic community vibe that is all too new to decide where it is going.

 

With the movement and the monetization possible from the digital art expressions, it is teeming to become an expression of a person’s digital status. Already, people are touting the NFT to be an active form of the metaverse. This form of identity in the metaverse is already shaping to be huge considering the development of the online universe where we are supposedly looking to live. When you think about it, the value of both the artwork and the ownership that NFT provides is a perfect match. The use of ownership as the ticket into a community makes the community tight-knit. This extension of communities is the missing digitalization of this millennia-old social structure. For those in certain communities, their access to certain events and meetups are tied to their NFT collection and membership. This level of exclusivity is one of the reasons why the value of these communities are bound to continually rise.

 

Top NFT Projects

So far, NFT projects have bordered around several digital contents like art, music, images, and several others. NFT adds ownership features to these projects. The new NFT projects are seemly the future of merchandise sales. They are also a way for musicians and content creators to regain ownership of their work and earn a royalty for life.

For the list of top NFT project so far, the list below explains why these NFT projects are successful and why they are seemingly popular:

 

  1. CryptoPunks

This NFT art project is a collection of 10,000 software-generated characters by developers at Larva Labs. Back in 2017 when these characters were created, their personality and uniqueness was the value determinant of these pieces of digital art. One of the most expensive NFT sold is a Cryptopunk worth around $532 million.

 

  1. Bored Ape Yacht Club

Bored Ape Yacht Club is an NFT art project that has 10,000 ape characters. Back in April 2021, these different apes with their distinct characteristics such as facial expressions, fur colours, and accessories were minted on the blockchain. The features on these apes are continually being updated to keep the owners engaged while increasing the value of these unique characters. This project also includes a Bored Ape Kennel Club for its owners to adopt an NFT dog. These NFT dogs are capable of creating Mutant Serum that is useful to the owners to mint Mutant Ape NFT. The Bored Ape club and Mutant Ape NFTs are digital assets that are tradeable on the NFT marketplace.

 

  1. NBA Top Shot

The NBA’s collaboration with Dapper Labs manages a collection of digital collectables. Top Shot NFTs is a collection of key moments of NBA games from top players in memorable moments. The highest selling NFT in NBA Top Shot is that of LeBron James in his epic clutch moment. So far, Top shot has 10.6million transaction sales number according to DApp Radar data.

 

  1. Axie Infinity

Axie Infinity is a Metaverse game that is quickly ascending in its fame. Since its inception in 2018, this platform offers its gamers a play-to-earn model. This model provides players with the opportunity to play and earn real-world money. Players get to play the game, collect and develop certain creatures that they can trade in the Axie marketplace to earn tokens.

 

  1. Art Blocks

This NFT project is a collection of artworks that are generated by a smart contract on the Ethereum blockchain protocol. This art collection is a collective work from various artists. The ERC-721 NFTs have the variable it needs within its scripts to generate the artwork for this art collection. Some of the arts are 2D while others have 3D interactive pieces.

 

 

NFT Marketplace

One thing you should make sure you take away from this article is the fact that NFT is simply the representation of ownership of unique or exclusive assets. NFT marketplaces are platforms where NFT buyers and sellers interact to exchange valuable crypto assets. When selecting an NFT marketplace trading, you should first decide th

e digital asset type you would prefer to trade. When choosing the marketplace you prefer, another important thing you have to consider is the type of token the platform supports. Knowing that the tokens are the main means of exchange puts them right at the centre of everything. While some platforms support a wide variety of tokens, others have few tokens that they utilize for specific purposes. When you decide to open an NFT marketplace account, you should make sure that you are funding your wallet with the correct token type.

Now that you have an idea about what the NFT marketplace is all about, here are some of the top NFT platforms where the kingpins of NFT play

 

  1. OpenSea

By far, OpenSea is a platform that leads when it comes to NFT sales. It is the platform where you will find all sorts of digital assets. It allows its user to sign up free and look through extensive assets. OpenSea also offers its users an easy-to-use process for creating and minting their NFT. One thing you can be confident about is the ability to use different payment tokens for your purchase. OpenSea is a platform that offers over 150 different tokens for its users to buy and sell different digital assets.

 

  1. Axie Marketplace

This is a platform for the Axie Infinity video game. Axies are mythical creators that gamers can buy and train to fight against other gamers to earn a reward. This platform offers its users the opportunity to buy Axies, entire lands, tools, and other valuable items in the game as NFTs for use in the game. This platform uses the Axie Shards token that is built on the Ethereum blockchain. Because of this, this token is available for trading on several other NFT marketplaces.

 

  1. Larva Labs

Larva labs is the platform on which the famous CryptoPunk NFT project was launched. In 2017, Cryptopunk NFTs were given away for free. However, some of these NFTs are selling for millions of dollars since then. Larva labs have other outstanding NFT projects like Autoglyphs and several others that were built on the Ethereum blockchain protocol.

 

  1. NBA Top Shot Marketplace

NBA Top Shot marketplace is the NBA’s foray into the world of digital art ownership and NFTs. There are some rare collectables in form of play highlights and video clips. They are of certain memorable moments of basketball that are tradeable from the stables of the NBA. Using the FLOW blockchain protocol, this marketplace is only allowing its users to buy and sell on this platform alone. If you are interested in owning one of the available NFTs on this platform, you can easily sign up on the platform to purchase one of these rare moments. For as little as a few dollars, you can own one of the NFTs available on the NBA Top Shot marketplace.

 

  1. SuperRare

From the name, you can already guess what this NFT marketplace is bringing to the table. SuperRare is a platform that focuses on digital creators. This platform includes sections for art, 3D images, and videos. SuperRare has its token – RARE, which is based on the Ethereum blockchain protocol. This token’s main focus is to find and curate new digital creators that will populate the marketplace. SuperRare NFTs can be bought and sold on the OpenSea Platform.

 

Conclusion

The big players in the art world understand what is at stake with the inclusion of innovative technologies with artworks. The scramble by the big guns to secure their large share in the chunk of value that is continually being created is evident in the rise of NFT artworks. The kingpins are those who own the majority of NFTs pieces in these NFT projects. If you are also interested in joining their exclusive and unique rank, you need to develop the eye to see and spot unique arts before it goes mainstream.

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