Non-fungible tokens are having a fantastic year due to the influx of buyers joining the community. NFTs are essentially digital collectibles, helping the creative industry grow exponentially. Since the beginning of 2021, there have been exciting and interesting products sold as NFTs. This, in turn, is helping the sector record higher trading volumes. Although some people are yet to buy into NFTs, many believe that the industry is here to stay. Many creators have also made a substantial amount of money by selling exciting products. With the growing interest, it’s evident that the industry will attract more buyers into the digital asset community.
What Are Non-fungible tokens (NFTs)?
NFTs are a new generation of digital products. Essentially, non-fungible tokens are tokens that show ownership of a particular collectible. Thanks to the industry’s appeal, lots of crypto enthusiasts are interested in the new community.
In fact, many people sell their artworks, toilet paper, and even pictures as NFTs. Christie’s iconic auction, which resulted in the sale of Beeple’s expensive artwork “ The First 5000 Days,” pushed the NFT narrative, even to mainstream media. The British auction house sold the piece for a staggering $69 million, making it the most expensive NFTs existing. Again, many people are indecisive regarding the industry.
Being a relatively new community, not many people understand why some NFTs are so valuable. While some non-fungible tokens hold no extrinsic value, many have actual value, helping holders sell them in marketplaces. You cannot change NFTs and replace them with another one because they are unique. Most NFTs are in very little supply, accelerating scarcity. In many circumstances, fungible tokens have a large supply, which in turn affects value. Experts place a high value on non-fungible tokens with smaller supplies in the crypto world because they are usually one-of-a-kind.
Undervalued NFT Products
Despite having a successful run, many people still are yet to buy into the NFT Industry. These NFT projects have massive potentials, which could help holders record significant profits. In years to come, these undervalued NFTs may attain a more attractive height. Since the non-fungible tokens industry is still young, many projects are still undervalued. With that in mind, the present time poses an excellent opportunity for interested buyers to purchase them before they skyrocket. Below are the top five undervalued NFT projects in no particular order.
Bored Ape Yacht Club (BAYC)
Bored Ape is arguably one of the most popular NFTs in the space. Although growing at an impressive rate, Bored Ape is still undervalued. BAYC is a collection of 10,000 Bored Ape avatars based on the Ethereum blockchain.
Besides being a cool and intriguing NFT, the BAYC has other notable benefits. According to the official website, the asset doubles as the membership card, helping holders access The Bathroom. The Bathroom is a graffiti area, which should appeal to lovers of art.
What makes BAYC different?
According to BAYC, every Ape is unique and has been generated from more than 170 possible traits. The apes also have diverse facial expressions, headgear, and clothes. While all the apes are different, some are rarer than others. Oftentimes, rare Bored Apes cost more than the average NFT, attracting more capable buyers.
The NFT is stored as an ERC-721 on the Ethereum network, allowing creators to leverage blockchain technology to bring their ideas to life. Because of Ethereum’s programmability, programmers can add exciting new apps to the network.
Mutant Apes Yacht Club
Mutant Apes Yacht Club is a derivative of the BAYC. Created by Yuga Labs, the BAYC community distributed the new collectibles to owners of the original apes. Still, you can buy Mutant Apes on NFT marketplaces without owning a Bored Ape token. Since its official launch, the collectible quickly rose in value, attracting lots of digital product lovers.
The tokens are still undervalued, and buyers can buy early to enjoy more significant returns. BAYC announced that Mutant Apes Yacht Club (MAYC) would be its second and final tier of club membership on the official website. So, the idea behind MAYC is to reward Bored Ape owners with corresponding Mutant versions of their tokens.
BAYC asserted that the NFTs are a lower tier created for bringing in new members into the club. Now, interested users can join the club through this avenue, especially those who sold earlier on. Having different types of apes and rarity, Mutant Apes are notably different from the others. While M1 tokens are quite common—with 7,500 of them in existence, Mega Mutant Serum tops the rarity level—with only eight available. And for the final kind, M2, which has 2,492 tokens available. The team behind the Yacht Club NFTs officially released this token on August 28, drawing massive attention from the crypto space. Presently, there are 20,000 MAYC, helping new buyers join the club.
Ape Gang NFT
Since its release in mid-2021, Ape Gang has attracted lots of buyers in the NFT community. Quite similarly to the Ape Club, the NFT has apes as the avatar. Again, it has intriguing and exciting artworks revolving around the ape world.
According to the official website, the Ape Gang has 10.000 Toucans for release. Still, they are also working on a new game for the NFT. NFT games are gradually becoming a thing amongst game lovers, creating an avenue for them to earn rewards in the form of rare and expensive digital collectibles.
Similarly, the Ape Gang community revealed that the Toucans are unique, having more than 140 possible traits. These traits are in the form of different clothing, headgears, and even eyes. Despite having it’s growing community, the Ape Gang NFT is still undervalued. The NFT has massive potentials, especially with numerous projects it’s working on to attract more buyers.
Parallel Life NFT
Parallel life is an NFT-based card game supported by the Ethereum network. This NFT is quite different from most NFTs on this list as it focuses on changing the gaming experience. Since this NFT game is a tradable card game (TCG), players can win valuable cards and sell them on marketplaces.
It focuses on human evolution, leading to the development of diverse human groups with specific strengths and storylines. Due to the Earth’s radioactivity, some humans left the planet to continue the species on another planet. However, not everyone left the Earth. Most of those who remained on Earth died due to exposure to radiation.
With an exotic and realistic-looking card collection, Parallel has a lot of potentials and could be worth more in the future. For now, the game is still in its development stage, and the team revealed that it would need lots of funding to create a well-built game. Still, many people are anticipating the official release of the TCG. You can receive your Parallel NFT tokens through your Ethereum wallet. Another thing to note is the diverse cards on the game. The game has a wide range of mind-blowing cards widening your option ranges. Because of its solid fundamentals and potentials, it’s pretty evident that Parallel Life is currently undervalued.
Sandbox Land is a metaverse built on the Ethereum blockchain. In this world, users can play and monetize their experiences. According to the website, the virtual world empowers creatives, helping them unleash their creativity. Here, creators can create items and mint them as non-fungible tokens. This verse has an ERC-20 token known as SAND, which is also the platform’s native token.
To create games, players can leverage Sandbox’s Game Maker. When using the software, you don’t need coding experience to develop your game, making it easier for everyone to create a product. You can create the game with Vodexit and also share your creation with the community. Gaming NFTs are on the rise, especially with the growing interest in NFTs.
Sandbox Land is relatively undervalued since it has some intriguing features any non-fungible token lover would love. The NFT world revolves around creators and how they can monetize their crafts, making it crucial to develop attractive products. Sandbox allows game makers to earn rewards on their new games, creating an avenue for income generation.
Similarly, asset creators can leverage the platform’s marketplace to put up assets for sale. However, before you can enter the game and create products, you need the SAND token. Also, you can use the token to buy other kinds of digital products in the game.
The digital asset world is expanding daily with unique products and services. For one, the NFT industry is not slowing down, especially with the new interests in digital collectibles. However, because of its relative novelty, many people have not bought these NFTs. Today, these tokens are largely undervalued, which is great news for interested buyers. Buyers can buy these digital assets and explore the world of digital collectibles, thereby accelerating growth.
Top Five Undervalued NFT Projects