It is no secret that the NFT market is currently experiencing a severe decline. Costs and quantities have been declining for some time, and there appears to be no end in sight.
The formerly USD 2 trillion industry is now just above USD 830 billion and has drained investors’ money significantly, with investors panic-selling their portfolios out of fear of more losses.
The market meltdown has not been as kind to the big NFT revolution. Notable collections such as Bored Ape Yacht Club (BAYC) and CloneX experienced significant price declines. BAYC plummeted by almost -65% from its all-time high.
While all of this presents a picture of extreme mistrust, anxiety, and instability, bear markets present an opportunity for investors to invest in really robust projects at very low prices.
Below are 5 NFT initiatives worth mentioning for buyers looking to purchase the NFT dip.
Five NFT Initiatives to Invest In During This NFT Dip
On the Ethereum blockchain, Cool Cats is a collection of randomly created and stylistically chosen NFTs. The initial technique comprises of 10,000 cats assembled at random from over 300,000 options. Cool Cats are available in a variety of clothes, colors, and with a variety of faces. The objective evolved as an opportunity for a community-driven collective to increase crypto awareness, adoption, and NFT utility.
There are now 5,600 Cool Cats collectors. It has a total amount of 109,4K and a ground value of 2.75 ETH.
In the first quarter of 2022, the Cool Cats team introduced the Adventurer’s Guild and a feature that allowed customers to earn native MILK tokens and other incentives. In March, Cool Cats signed with Inventive Arts Company (CAA), which is claimed to enhance licensing and merchandising options, animated content material, model partnerships, reside occasions, publishing, and extra for Cool Cats characters.
It is expected that the second generation of Cool Cats would have an NFT breeding feature similar to CryptoKitties, allowing users to make new NFTs based on the inherited characteristics of their parents.
Alien Frens is a collection of 10,000 randomly produced ERC-721 tokens on the Ethereum blockchain that is governed by the community. The objective of the mission is to form the most influential group of “frens” in the Metaverse.
Being a collector of the Alien Fren NFT grants you access to greater PFP and a lifelong frenship with 10,000 other Frens, as well as a ticket to the mission’s IRL events, Invasions, Unique Merch, and more.
There are currently 6.8K owners, and the ground value remains at 0.37 ETH. The total amount was 27,900.
In the first and second quarters of 2022, Alien Frens released merchandise for their clothing line and a full-length record featuring Murda Beatz. In addition, the company intends to arrange private events for all holders and release its 30-page comic book shortly. This narrative will reveal Planet Fren’s interesting world.
Monfters Membership is an Ethereum blockchain-based NFT PFP objective. It is DAO-driven and consists of 8,000 unique, restricted avatars with various combinations of physical attributes. The ultimate objective is to transform whitelist membership into an open platform where multiple initiatives can participate.
It currently has 3.7K owners, a base value of 0.02 ETH, and a total supply of 3.9K. It intends to put out unique features, such as Internet 3.0 NFT issuance integration, whitelist membership, and seamless trading with Internet 2.0 social media platforms and online communities.
The mission recently renewed the artwork, and the debut of whitelist membership is anticipated for August.
Supported by Yuga Labs, Otherdeeds is a dynamic NFT collection. Otherside is an essential aspect of the GameFi P2P MMORPG experience. Every Otherdeed comes with a collection of sources that can be essential to playing the sport.
The project comprises of 100,000 devices and 34,000 owners, and at the time of writing had a ground value of 2.2 ETH. The total task quantity is 310.5K. The largest transaction with Otherdeeds was a $1 million profit on NFT secondary gross sales.
Their Demo Day was a tremendous success, and with additional demos forthcoming, we are especially excited for this one. By no means fade Yuga.
Robotos consists of a collection of algorithmically created droid characters. They consist of a variety of metallic garments, tin faces, electronic equipment, top things, faces, backpacks, arms, and colors.
The production company Time Studios has produced an animated series based on the Robotos NFT collection. Currently, there are 5,600 Robotos NFT owners with a ground value of 0.24 ETH.
The NFT industry is still in its infancy, therefore investors should not be disheartened by the recent price decline. There are still a great number of intriguing investment opportunities with potential for long-term development. Before making investment decisions, conduct your unique analysis and at all times consult with a financial counselor.