Top NFT Projects in 2024

Non-fungible tokens (NFTs) have tremendously grown in popularity since their creation several years ago. In 2021, the sales of these digital assets peaked as millions of dollars in artwork NFTs were traded worldwide. This frenzy continued the following year with new challenges. One of the major concerns among investors was the depreciating sales of NFT art. However, innovation was the key to keeping the interest in NFTs alive during the crypto winter of 2022.

Last year, we witnessed the expansion of NFT applications to other industries beyond finance and art. Non-fungible tokens have found new niches, from sports to fashion and other sectors. So, let us review the top NFT projects of 2022 that significantly increase the adoption of these crypto assets.

QQL

This Ethereum-based NFT collection is likely the most popular project in the generative art category. QQL generates vibrantly colored circles through a finely-tuned algorithm deployed on the blockchain. This project was very successful last year, selling over $17 million worth of NFT mint passes upon launch, despite the brutal crypto winter. Buyers of the mint pass can customize this artwork before turning it into NFTs. This approach allows users to become artists and even get royalties when their art creations are sold.

Nouns

Nouns is an NFT project launched in 2021. This project and its corresponding DAO have been expanding, emphasizing open-source IP creation alongside community governance. Nouns is a profile picture (PFP) NFT collection auctioning off one pixelated PFP daily. These sales meant about $37.8 million for the project’s treasury in 2022. Noun holders can vote on project proposals and how their pooled funds should be spent.

Pudgy Penguins

This NFT project was launched in July 2021. However, it lost momentum after a few months. Pudgy Penguins regained its former popularity after Luca Netz purchased this NFT collection in April 2022. The young entrepreneur helped introduce new merchandise plans, including launching a children’s book. The project also held an auction at Sotheby’s.

Reddit Collectible Avatars

Reddit’s NFTs, known as ‘collectible avatars,’ were launched on the Polygon blockchain in the summer of 2022. Over 7 million Reddit collectible avatars have been minted so far. There are around 5.3 million unique NFT holders, making this collection one of the most successful NFT projects of 2022.

Azuki

Azuki is an anime-themed NFT collection. The collection comprises around ten thousand NFTs with artwork inspired by classic anime shows. It was quite successful in 2022, selling out in just three minutes, totaling $30 million. Azuki also plans on developing a decentralized metaverse brand, which will likely increase its popularity in the coming years.

Goblintown

Most NFT art collections rely on beautiful artworks for their success. However, the Goblintown NFT collection used the opposite formula. These Ethereum NFTs went viral at the end of May 2022, a few days after the collapse of the Terra blockchain. Despite the falling prices of most cryptocurrencies, the Goblintown NFTs were a tremendous hit, providing the fun the distressed crypto community needed. True, the art of these NFTs is ugly. However, the launch was clever and well-timed when the crypto winter began in earnest. From a free mint, this NFT trend led to $96 million worth of secondary market trading.

DeGods

Ethereum is still the dominant NFT platform by total trading volume. However, NFTs on the Solana blockchain are gaining traction thanks to exciting projects like DeGods. This NFT collection comprises profile picture NFTs and offers several benefits to holders. The project was launched in 2021 and became the most valuable Solana NFT project in the summer of 2022.

Bored Ape Yacht Club

So far, we have reviewed new players in the NFT market that gained significant attention in 2022. However, some veteran projects continued expanding further. That was the case with Bored Ape Yacht Club (BAYC) NFTs, the dominant NFT project by market capitalization. This collection gained cultural prominence and an unparalleled reputation in 2022.

The Bottom Line

The crypto winter of 2022 negatively impacted sales of NFT artwork compared to 2021. Yet, several innovative NFT projects kept this industry afloat during the market turmoil of 2022. In 2023, incorporating web3 advancements will likely lead to the development of new NFT collections for different utilities. Moreover, big companies like Mcdonald's, Coca-Cola, Taco Bell, and Burger King have shown interest in NFTs. Hence, there is enormous potential for new NFT projects in 2024. LetsExchange.io will continue listing digital tokens associated with the most successful NFT projects, which you can trade at competitive rates.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.