As the market returned to Earth this year, several NFT collections stood out against adverse conditions. The Best NFT Drops for 2022
Key TakeawaysThe NFT Market suffered a slump in 2022 along with the rest of crypto, but some collections stood out.
Yuga Labs’ Otherside Mint raised a record $310 million in April.
The scene was helped by the contributions of generative artists such as Tyler Hobbs and Emily Xie.
Share this article The Best NFT Drops in 2022. It is not necessary to remind anyone that NFTs had an impressive 2021. It would be impossible to discuss the state of the emerging space in 2022 without acknowledging the technology’s boom during the last crypto bull market. After the Christie’s Beeple sale, Mania flooded the NFT market. New Bored Ape Yacht Club-inspired avatar collections dropped daily, digital rocks were selling at millions, and no-longer-existent hedge funds were spending seven figures on generative arts JPEGs. The market was much more quieter in 2022 as crypto entered what some call its most severe winter yet. The prices of many JPEGs that were once highly sought-after fell, while trading volumes on all major markets declined. NFT believers have renewed hope that this thing can still be made, despite the difficult economic environment. OpenSea was one of the biggest winners of last year’s boom. However, many promising new competitors entered the space, but none have yet to take its crown. Meta, the world’s largest social media company, launched support for “digital collectibles” via Instagram. Reddit also gained three million users through its avatar sale. The best NFT collections of 2018 stood out because there was less noise on social media and only the most dedicated users. We selected five of our top picks that had a significant impact on the space in the past year to kick off our 2022 In Review series. The market was flooded with the most talked about avatar mints in 2022. Generative art had a strong run and Yuga Labs proved that Bored Apemania still has life. Memories of Qilin – Emily Xie Emily Xie, an Asian-American generative artist based out of New York, is one of the most prominent examples. She’s part of a tight-knit community that pushes the boundaries of digital art using code, alongside Ben Kovach and Tyler Hobbs. Xie was a prominent figure in the generative arts space before NFTs were invented, but her profile has increased in 2022 with the release of Memories of Qilin (this year’s top-selling Art Blocks collection). Memories of Qilin reflects Xie’s unique style. It pays homage to traditional East Asian painting and, like many top-tier generative arts collections, feels like something that could have been done by hand. Memories of Qilin by Emily Xie is one of the most highly sought-after Art Blocks collection. Source: Memories of Qilin/Art Blocks. Xie created the collection by using techniques such as masking and geometric design with p5.js. The result is 1,024 striking outputs that evoke real lifelike images. Memories of Qilin is a collection that explores folklore. Its name comes from a unicorn-like creature found in Chinese mythology. Memories of Qilin was launched in March as the market was trending down and was initially overlooked by the niche generative art scene. The floor price climbed and has remained strong as NFT interest wanes. Trading activity in Memories of Qilin, and similar collections, shows that the NFT market is becoming more fragmented. Those who are drawn to generative arts are often not the same as those who are looking to make a profit by flipping avatars. The Memories of Qilin fan base is closer to traditional art collectors. This is a great thing because this art would look great in a gallery or home. CWMoonbirds Moonbirds is a collection of 10,000 pixel-art owl avatars created by art collective PROOF. It was launched on the Ethereum blockchain in April. The collection was immediately criticised for its high price, which cost 2.5 ETH (around $7600) at the time. Moonbirds’ launch was a result of the popularity of PROOF’s earlier NFT passes. These gave holders access to limited pieces from top crypto and NFT artists. Even at $7,600, the demand was greater than the 7,875 public supply (2.125 NFTs were reserved only for PROOF Collective holders, and the PROOF team). Moonbird #2642 was sold to The Sandbox for 350 Ethereum shortly after its launch. It’s the highest-value secondary sale of a Moonbird NFT. Source: Moonbirds. The PROOF team ran an auction to determine who could mint. To win, hopefuls had to submit a wallet with 2.5 ETH. After all entries had been received, the team discovered that it had received four entries to the allowlist raffle for each NFT. Although the PROOF team took precautions to prevent the drop being Sybil-attacked, some cheaters were able to get through multiple times. Moonbirds stood out among other hyped collections in this year’s popularity because of how easy it was to minters to make life-changing cash in a short time. Moonbirds sold for more than 30 ETH at their peak. This represented a 1,100% return relative to the 2.5 ETH mint price. As crypto winter set in, Moonbirds began to lose their value on the secondary market, as NFT interest waned. They are currently traded at a floor price 7.3 ETH and are still highly sought-after along with other avatar collections such as Doodles, Azuki and Bored Ape yacht Club. TCOtherdeeds NFT plots for Otherside Yuga Labs weren’t a disappointment in 2021. The Bored Ape Yacht Club creator seemed determined to continue its winning streak. Bored Ape fever was still high after the landmark acquisition of Larva Labs CryptoPunks, Meebits, and ApeCoin airdrop. But the excitement topped with the launch of Otherside Yuga’s long-promised Metaverse realm. Otherside launched in April with a highly anticipated mint to plot virtual land called Otherdeeds. Regular crypto followers waited in line for a spot alongside the usual NFT suspects. The demand for the 55,000 plots of virtual land was so great that gas prices soared to thousands of dollars. Yuga released a statement blaming Ethereum’s failed launch. After the dust settled, Yuga made more than $310 million in ApeCoin. This made the drop one of the most lucrative in NFT history. Otherdeeds NFTs with a “Mega Koda” character are some of the most valuable land plots on Otherside. Source: Otherside. Despite the initial rocky start, there was buzz about the Otherdeeds NFTs for days after the reveal. Although the secondary market saw a surge in the 10,000 plots that featured “Kodas” as well as the rarer “Mega Kodas,” the unique alien-like characters that will play a prominent role in Otherside, prices have since dropped as crypto winter reigns. Yuga has not yet revealed the final look of Otherside, except for a demo run. Although Otherdeeds have been trending downward since the mint, the collection has the highest volume of trades on the market, with 358,000 ETH worth of volume just on OpenSea. While it is possible to predict when Otherdeeds will be in demand again, it will likely require Metaverse hype and a great product to make new heights. It still has a chance to be dominant once the market picks back up, thanks to Yuga at its helm and the passion of the NFT community. CWgoblintown.wtf NFT collections can surprise the market even in bear markets. No collection has proved this better than goblintown.wtf.goblintown.wtf consists of 9,999 ugly goblin avatars launched as a free stealth mint on May 21. Although initially the collection was not well-known, interest grew quickly due to the mystery surrounding it. All that was known at the time was that the NFTs were a reference “Goblintown”, a term used by crypto natives to describe bearish conditions within the digital assets space. The details of the creators of the project, future plans and what the NFT might serve were not available. “Crustybutt da Gobblin King” was sold in May for 69.42 ETH. (Source: goblintown.wtf)Whenever there’s a mystery, it lets imaginations run wild, and in this respect, goblintown.wtf was no exception. Many members of the crypto community speculated that the collection might have been linked to Yuga Labs, the creator of Board Ape Yacht Club. This was due to a reference in a leaked pitch deck by the company to goblins. Others noticed similarities between the art style and goblin voices heard from an enigmatic twitter spaces call. This led to speculation that Mike Judge was at least partially responsible. The secondary market prices for goblin NFTs rose as speculation and excitement grew. Goblins were able to trade for as high as 10ETH, which was almost $20,000 during peak mania. The rarest piece in the collection, “Crustybutt da Gobblin King”, sold for 69.42 ETH. It remains the highest secondary sale of the collection’s collection to date. TCQQL–Tyler Hobbs, Dandelion Wist Tyler Hobbs are best known for creating Fidenza, the most important NFT collection in generative art. Although he has dropped a few pieces since his magnum opus, which was a huge success during NFT mania 2021, QQL could have the greatest impact on the future. QQL was created in collaboration with Archipelago cofounder Dandelion Wist. This collaborative experiment invites the collectors to be the creators. Fans can explore the QQL algorithm through the project’s website interface. They can experiment with a variety of settings to create their outputs. Mint passes holders can add to the collection by either picking a favorite from their archive or purchasing a QQL seed from another. QQL shares some similarities to Tyler Hobbs’ Fidenza. Source: QQL. The collection’s collaborative nature allows co-creators to keep out their best work. The algorithm’s depth makes each piece surprising diverse. QQL is based on distinctive ring shapes in a variety colors similar to Fidenza. However, the algorithm is richer and more complex than that which put Hobbs on the map. In September, 999 QQL mint pass sold for 14 ETH at a Dutch auction. This shows that the NFT market is still viable despite declining activity across the board. At press time, only 150 of the passes were redeemed, indicating that collectors intend to keep them for the long-term. QQL could be a significant collection in the story of generative art, even though it could take decades to complete. CWDisclosure. At the time this article was written, some of the authors held Otherside NFTs, QQL mint passes, ETH and a variety of other crypto assets. Share this article Decentral Media, Inc. does not act as an investment advisor. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. 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