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NFTs, also known as Non-Fungible Tokens, are unique digital assets encrypted with blockchain technology that cannot be counterfeited. Anything, from a simple tweet to detailed artwork, can be sold and purchased on the internet market as an NFT. The NFT market is experiencing exponential growth with a rapid rise in the popularity of NFT collections. This has opened up a variety of digital assets (art, collectibles) to the delight of the Non-Fungible Token community.
What are NFT Collections and how are they created?
In simple words, an NFT collection can be defined as a unique assortment of a variety of digital assets, (e.g., videos, music, art, tweets). Since digital art is the most dominant category of NFTs, the collection of these artworks is generally created/released by an individual artist (or a collaboration of artists).
NFT collections store a limited number of these assets and each Non-Fungible Token in the collection is stored individually on the blockchain. Moreover, each digital token showcased in the collection exhibits metadata comprising valuable information like the artist’s name, the date of creation, the title of the art piece, and other relevant information.
Typically, an NFT collection houses around 5,000 to 10,000 digital tokens that generally are variations of the same design. For instance, the Bored Ape Yacht Club (BAYC), a popular NFT collection features a collection of around 10,000 unique pictures of their signature bored digital apes on the Ethereum blockchain. Pudgy Penguins, in contrast, is an 8,888-piece collection of NFTs depicting cute and chubby cartoon penguins.
Owing to the individuality of each token, one of the major advantages NFT collections offer the community is the availability of unique and rare tokens. NFT collections also provide innovative opportunities for creators and artists to make money from their work and get proper recognition.
Additionally, the themes, narratives, and artistic approaches behind the NFTs of a collection can work as a glue for bringing together like-minded people and can thereby increase the camaraderie and cohesiveness within that respective community.
NFT collections can be created by following some basic steps. The first step involves the user creating art (e.g., music, memes, videos, avatars, and digital art) that appeals to a wide 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 an Non-Fungible Token.
One thing to remember is that after the user is done creating their NFT collection, they should set realistic prices for each Non-Fungible Token before offering them on NFT marketplaces such as OpenSea, Rarible, Nifty Gateway, and Superrare.
Top 5 Non-Fungible Tokens Collections
- Launched by Yuga Labs as an NFT collection of unique 10,000 PFPs (profile pictures) of bored primates, Bored Ape Yacht Club is at the forefront of the most popular NFT projects. The collection features distinct avatars of animated apes with weird expressions. The Bored Ape NFT cost increased from $190, since its launch in April 2021, to $80,000 as of March 2023.
- CryptoPunks, one of the oldest Non-Fungible Token collections, consisting of 10,000 unique ‘punk’ characters, was 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 apes.
- Featuring a collection of 10,000 anime-style NFT characters, Azuki was launched by a Los Angeles-based startup, Chiru Labs. Its 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 in the list of popular NFT collections, is a project that celebrates the passion of people for basketball. NBA Top Shot offers 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 to be launched to date would be Moonbirds. It is 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, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
