The crypto sphere is witnessing yet another winter and this numbing chill has slowed down the NFT market too. We saw some of the massive NFT communities give up on their collections. The dramatic collapse of the most-hyped projects is dispiriting.
The significance of NFTs goes beyond speculation. They have utility across gaming, metaverse, and even the entertainment industries. The NFT industry is still in its early stages of adoption and there are many emerging projects that may capitalize on the real potential of NFTs, which makes it worthwhile to hold on to them for the long term.
Top 3 NFT Projects for Long-term Investment
The NFT market is too crowded at present. Hence we combed through some of the hot collections to pick the top three NFT projects that excel in terms of utility, community strength, gameplay, and historical relevance.
CryptoPunks is just a profile picture NFT collection. How did it make our list? As discussed above, NFTs are digital collectables with traceable ownership. NFTs marked a key milestone in the crypto revolution. While you can download a JPEG as many times you want, you could never own it in its real sense. NFTs proved that you can.
Being a pioneering NFT collection, CryptoPunks holds a special place in the NFT history. The project launched in mid-2017 and soon became the inspiration for the ERC-721 standard. To date, it has been featured in The New York Times, Christie’s of London, Art|Basel Miami, and The PBS NewsHour. With a collection of 10,000 algorithmically generated pixel art portraits of punky guys and girls, it ignited the digital art revolution.
The value of CryptoPunks varies depending on their type and attribute. There are five types of punks — alien, ape, zombie, male, and female in order of their rarity. They can have different combinations of attributes from 0 to 7. The rarer the type and attribute, the higher the demand. These unique avatars successfully tap into the human desire to stay unique. As a Punk NFT holder, you earn an imaginary ticket to a cool club of forward-looking people who understand the importance of Web3 and NFTs. They will remain the major driving force behind the collection.
Guild of Guardians
Guild of Guardians is our next pick. It is one of the most anticipated NFT games of this year, with a waiting list of over 220k players. The mobile, squad-based action RPG is set in a mystic realm of magic, dungeons, orcs, and elves. Here, you can build a team of heroes, combat against monsters, and loot dungeons to earn rewards and level up your game. Your loots, being tokenized, are solely under your ownership.
The prominent feature of Guild of Guardians is its gaming mechanics that lowers the barrier to entry. This gives it long-term potential for growth. Most NFT games are inaccessible to young players with little initial capital. Speculation drives the price of the fungible and non-fungible tokens, preventing actual gamers from getting on board. Instead, investors with little knowledge or interest in the game accumulate them, hindering the growth of the platform in the long run. Guild of Guardians addresses this issue with free entry. The game’s focus on skills and strategy rewards initial investors in the long run.
Chronoface is a Singapore based NFT watch maker that offers limited edition collectible smartwatch faces to the rapidly growing smartwatch market. There will be a total of 4988 unique NFTs watches, connecting the real world to the metaverse.
The demand for smartwatch market is fuelled by the skyrocketing watch prices, where prices of premium watches prices achieved an average growth rate of more than 40%. The huge price increase is caused by a few factors like unfair package deals in authorized dealerships, long waiting lists, grey market dealers and also the Covid-19 pandemic effect, where unspent monies are spent on luxury assets like luxury watches. Chronoface aims to solve the above problems by creating exclusive digital watches for the masses with luxury designs comparable to the physical watch market, if not, better.
NFT holders will have access to their mobile application on Android and IOS devices, where they can pair their NFT faces to almost any smartwatch. Each watch face is unique, and no other user can own the same one. Chronoface also mentioned in their development plans to provides a marketplace for NFT smartwatch users to buy, sell, and trade content anywhere in the world. Their NFT can also be used in future metaverse, where users can wear the watches in their avatars and explore Chronoface storefront in the metaverse.
We introduced you to some of the best NFT projects with long-term growth potential. They widely differ in scope, utility, and vision. Despite that, they have proven their resilience during the crypto crash.