• Thu. Oct 10th, 2024

What Are Blue-Chip NFTs?

What Are Blue-Chip NFTs?

Blue-chip nonfungible tokens (NFTs) are admired for their high-end reputation, quality, and potential for long-term value appreciation, similar to the blue-chip stocks in the traditional finance markets. These NFTs hold high value and are mainly considered prestigious in the nonfungible token space. The tokens mostly have various qualities that add to their prestige.

  • Iconic collectibles – some of the blue-chip NFTs are sentimental and historical, such as rare physical art in digital form and iconic artifacts.
  • Famous creators and artists – in most cases, the blue-chip NFTs feature renowned creators, artists, and businesses, whose NFTs are more attractive and credible because of their adoption track record.
  • Rare and exclusive – blue-chip NFTs mostly have a restricted quantity or unique traits that assist in boosting their worth.
  • Cultural or historical importance – an NFT of a famous sporting moment or digital artwork of a considerable art period might be blue-chip because of its historical or cultural importance.
  • Community demand – Blue-chip NFT collectors and traders are normally massive and active. A committed community enhances its blue-chip status.

Analysts and experts agree that it takes a lot of patience, investigation, active involvement, and awareness of the NFT market to discover these blue-chip NFTs.

The potential blue-chip status of some NFTs can be acknowledged by keeping a keen eye on nonfungible token markets, reviewing influential people keenly, and studying all available historical data. Nonetheless, since the market can be quite volatile and dynamic, it is important to approach NFT investments carefully and do careful and informed due diligence.

What is a Blue Chip NFT and Blue Chip NFT Projects

Methods Of Finding Blue-Chip NFTs

There are various methods available to find top-quality blue-chip NFTs. They include following influencers, researching established platforms, considering rarity and demand, and tracking famous collaborations and artists.

Here is an overview of the best methods of finding worthwhile blue-chip NFTs:

Look at established platforms

You can start with Rarible, OpenSea, NBA Top Shot, SuperRare, and other major NFT markets and platforms. Such platforms mostly host many blue-chip NFTs developed by renowned celebrities, artists, and brands.

Follow NFT specialists and influencers

Ensure that you keep up with the trends and developments in the NFT market by following collectors, influencers, and specialists. In most cases, these individuals discuss blue-chip NFTs. Join NFT forums, communities, and social media platforms.

Related:Steve Aoki Teams Up with The Untamed Producer NSMG to Kick off their NFT

Demand and rarity

Blue-chip nonfungible tokens mostly have limited quantities, historical significance, unique artwork, or collector demand. Focus on limited-edition, rare, and culturally significant NFTs. Before evaluating and determining NFT collections as blue-chip assets, ensure that you examine their performance and reputation.

It is crucial to note that the NFT market is dynamic, and what may be considered a blue-chip NFT currently may change in the coming days. Before investing, do an extensive background check, stay informed, and evaluate the general market trends and demand.

Engage with NFT communities and influencers

Participate actively in many NFT platforms and communities and follow influencers who can offer insights, exclusive opportunities, the latest trends, and potential blue-chip NFTs.

Participating in NFT drops and auctions

Through the NFT drops and auctions, users can potentially acquire blue-chip NFTs after their initial release or by bidding.

Reviewing historical data

Analyzing previous sales, market trends, and the performance of particular NFT collections enables users to make informed choices according to performance, rarity, and potential value appreciation.

Blue-Chip NFT Examples

Some of the notable examples of these NFTs include CryptoKitties, CryptoPunks, NBA Top Shot, and Bored Ape Yacht Club (BAYC).

CryptoPunks

CryptoPunks ranks among the earliest and most iconic nonfungible token projects, with 10,000 24×24 pixel art characters. These characters have unusual and desirable traits that sell for considerable prices in the NFT secondary markets.

Bored Ape Yacht Club (BAYC)

BAYC is an NFT collection that features 10,000 custom-made Bored Ape NFTs. These NFTs have diverse backgrounds, features, and accessories. Owning a Bored Ape gives access to multiple benefits and perks available within the Bored Ape Yacht Club community.

CryptoKitties

By description, CryptoKitties is a collectible nonfungible token project. Here, users can breed, trade, and collect different virtual cats. Every CryptoKitty has distinct traits and attributes, which makes them attractive to collectors.

NBA Top Shot

NBA Top Shot is still dominating the NFT space. The project is an officially licensed nonfungible token platform that provides basketball-themed collectible moments. The NFTs capture many iconic highlights from NBA games and are majorly popular among basketball collectors and fans.

Related:Dapper Labs Set To Hit The Mainstream With NBA Top Shot NFT’s

How To Acquire Blue-Chip NFTs

Blue-chip NFT acquisitions can increase in value since their huge demand and scarcity in the NFT market make them attractive to investors. The best blue-chip NFTs are those which boast a history of investors and collectors showing lots of interest in them.

Here is how to invest in these NFTs:

  • Research the NFT market and stay updated about all developments and trends in this dynamic space.
  • Review reputable NFT platforms and projects with a major history of hosting and dropping blue-chip NFTs.
  • Have a budget for NFT investments that aligns with the risk-return investment profile.
  • Select a crypto wallet that supports NFTs, such as Trust Wallet, MetaMask, or Ledger Wallet.
  • Set up an account on a renowned NFT platform. Get to know the platform’s user interface, features, and all involved fees.
  • Do background checks on blue-chip NFTs looking for features and attributes that make them valuable, such as special features and limited supply.
  • Buy by carefully following the platform’s set guidelines, which normally involve linking your wallet, placing a viable bid, or purchasing the NFT at the listed price and confirming the executed transaction.
  • Send and securely store the acquired nonfungible tokens in your crypto wallet.
  • Review the market trends and create your investment strategy accordingly.

What are Blue Chip NFTs?

Is It Advisable To Invest In Blue-Chip NFTs?

Just like all other investments, acquiring blue-chip NFTs comes with risks, including the possibility of fictitious projects, market volatility, and severe violations of intellectual property (IP) rules and regulations.

Although these NFTs are often believed to be stable and attractive because of their established market demand and scarcity, NFT investments should be made carefully. Possible price changes, market turbulence, and the potential of shambolic and falsified NFT projects are some of the risks involved.

Blue-chip NFTs may feature digital assets inspired by trademarked or copyrighted material. In case the NFTs use protected IP without authorization, there is a possibility of infringement. Legal issues, including litigation and takedown requests, may arise and affect the NFT’s legality and worth.

Also, since the legal space governing NFTs is still developing, ambiguities may arise on how the NFTs will be governed and handled. To guarantee adherence to the rules, including Anti-Money Laundering regulations and securities legislation, one has to be updated with all applicable laws within their jurisdiction.

Since the NFT space is still in its early stages of development, it is hard to project the long-term performance of these assets. However, some of these risks can be mitigated by conducting extensive background checks, diversifying investment portfolios, and keeping up with market trends.

Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.