Tag: NFT Project

NFT Airdrops Explained: What Are They & How Do They Work?

Posted on by Andrew Amarosa

NFT airdrops refer to the distribution of an NFT for free to a community or a group of whitelisted individuals. It’s a popular method for NFT projects, artists, and blockchain gaming apps to promote a new NFT collection to the public, draw attention to a new brand, or engage with their communities by handing out rewards.

While NFT airdrops are often free, they usually require users to hold a specific type of NFT to be eligible for the airdrop. This happens when a project announces an upgrade, a sidekick, a special package, etc., that benefits the holder and promotes a new collection as well.

How NFT Airdrops Work

Projects and creators often distribute NFTs by creating a new collection or sidekick by minting the NFTs and sending them to a particular group of wallets. They can also use a portion of the minted supply on later occasions. 

Either way, the idea is to promote hype for that new collection, drive public awareness of the brand, or add value to the existing NFT collection. Likewise, early holders can claim a new NFT, and others have the chance to receive a new token by just doing a few tasks and at a much lower cost compared to the minting stage prices.

Creators usually promote NFT airdrops through their websites and social media channels. A particular set of tasks is outlined to claim the airdrop, such as sharing the post or tagging friends on social media, interacting with the community, creating social media posts or blogs about the airdrop.

The most common types of NFT and general airdrops are:

  • Holder airdrop: these are the most common airdrops, in which projects send NFTs to wallet addresses holding a specific NFT or cryptocurrency. Generally, the more tokens the user has in their wallet, the more NFTs they receive. 
  • Standard airdrop: these are limited NFTs in terms of quantity and time. Users are not required to perform any specific task rather than creating an account and connecting their public crypto wallets to the website. 
  • Exclusive Airdrop: this type of airdrop is a way of rewarding loyal holders who, besides holding the token for an extended period, have attended exclusive IRL events, interacted with the community, and contributed to the collection in some way. Exclusive airdrops are not meant to be confused with bounty airdrops, which are open to everyone to participate.
  • Raffle airdrop: rare NFTs distributed to a few selected individuals. In this airdrop, a creator will form groups using users’ crypto wallets and whitelist them before randomly choosing the winners. In order to participate, users typically have to sign up to the airdrop or perform a series of tasks. 

Examples of Successful NFT Airdrops 

For example, holders of Bored Ape NFTs received a digital vial of mutant serum, which turned their Bored Apes into Mutant Apes: Yuga Lab’s second project. In other words, Bored Apes holders received an NFT airdrop that changed their original NFT.

Mutant Ape #28566. Source: OpenSea

In late April 2022, Chiru Labs announced the launch of Beanz, an airdrop collection of 19,950 NFTs that function as sidekicks to Azuki NFTs. On the day of launch, the highest selling bean sold for 90 ETH, or roughly 250k in that time. 

However, the chances of an airdropped NFT becoming highly valuable in the near future are low, unless we’re talking about NFT projects that have a well-established position in the space. The success of a new NFT collection will highly depend on several factors, including utility, rareness, reputation, exclusive benefits, and membership perks in the community, to name a few.

How to Claim an NFT Airdrop 

NFT airdrops will have different mechanics depending on the creator, but you’ll need a cryptocurrency wallet that supports the specific blockchain and NFT you want to receive. MetaMask and EVM-compatible wallets are the most popular options in this case. You must either provide your public address to the project or connect your wallet to the project’s claim site.

When you visit the airdrop page, you will likely find a set of tasks and rules to perform and follow to get a chance to claim the NFT airdrop. Other times, you don’t need to do anything as the creator already has your wallet and will sort it together with other addresses.

Where to Find NFT Airdrops?

You can find NFT airdrops by following closely NFT projects on their social media or websites to be as early as possible at the time they announce upcoming airdrops. You can also check out aggregators like CoinMarketCap or NFT news sites that usually provide long lists of airdrops.

Safety Tips Before Participating in Airdrops

Beware of random NFT airdrops coming into your crypto wallet. If you receive an NFT or any other token with no verifiable source, it’s likely a scam. In this case, do not sell, trade, or interact with it. 

NFT airdrops are an extension of an already established community, so double-check the airdropped token and see if the source matches with the original creator.

Here are a few rules to follow:

  • Only provide your public wallet address to verifiable projects but never your private keys, seed phrase, or personal credentials. If a project is asking you for any of these, it’s a scam.
  • Make sure you double-check the project’s legitimacy before connecting your wallet to the website or DApp. Scammers will always copy a project’s marketing content, websites, and landing pages to trick people into believing they are legit. Check the URL and any changes in the website’s direction or name.
  • It’s always better to use an empty NFT wallet, as the scammer won’t have anything to steal if you ever fall victim to one.
  • Verify that the tasks you need to perform don’t require handing over personal information.
  • If the task involves sending money or crypto to a specific wallet, it’s a scam.
  • Ignore NFT airdrops sent to your DM – usually scammers or dubious and low-quality NFT projects.

Final Thoughts

Airdrops are similar to being a regular customer in a grocery store and receiving a special treat for all the years you’ve been buying from them, or getting an offer from supermarkets; buy one and get one for free at a later date.

They are a popular way of engaging with communities, driving brand awareness to Web3/NFT projects, or adding value to existing projects; mostly because they’re easy to carry out, cheap, and allow creators to test the community’s reaction to certain types of projects. Airdrops are often seen a win-win for both sides, as they benefit users with new assets without doing too much in return.

NFT Royalties Explained: What Are They & How Do They Work

Posted on by Anthony Georgiades

NFT royalties are payments sent to the creator of an NFT each time it is resold on the secondary market. NFT royalties function similarly to traditional royalties. In business, for example, the owner of a product receives a percentage of the sales or profits. 

In the case of NFTs, the creator can set the royalty percentage during the minting of the NFT.

So, while NFT royalties make it possible for an artist to earn recurring revenue on their work (as long as it’s being re-sold in secondary markets), they’ve been a point of dispute for the various parties.

The following guide explores how NFT royalties work and more. 

How Do NFT Royalties Work?

NFT royalties are calculated as a percentage of the sales price specified by the creator. However, this is not a standardized method as each NFT marketplace, like OpenSea and LooksRare, will use different smart contracts to calculate and handle NFT royalties. If the royalty fee calculation ends in a remainder, it can be rounded up or down to 5 or 10 percent. 

Royalties apply to almost any type of NFT, whether physical or digital. These can be in-game items and collectibles from blockchain games, artwork, PFPs, tokenized music albums, videos, etc. 

The underlying smart contract makes sure the process of each secondary sale is carried out accordingly, depending on the platform. After the sale is verified, the smart contract reserves a percentage, delivering it to the creator’s cryptocurrency wallet. The currency of payment is usually the one supported by the platform. For example, OpenSea supports Ethereum and Polygon, an Ethereum sidechain, so the internal economy runs using ETH.

The percentage of the price sale is pre-defined by the creator, typically 5% – 10%, and this is predefined in the minting stage. So, whenever you buy an NFT directly from the person or project who created it, and then you re-sell it, 5% or 10% of that secondary sale goes to the creator. It’s similar to a company’s shares being traded in the stock market after being sold in an Initial Public Offering (IPO).

An NFT will have a royalty percentage fixed. Some people may think that royalties fluctuate with the market; it’s actually the sale price of the NFT that varies through time and therefore causes variations in the amount of profits creators receive. Price fluctuation will depend on multiple factors, most commonly: market demand, scarcity, and utility.

Why Are NFT Royalties Important?

NFT royalties are a way for digital creators to capitalize on the value of their work through secondary sales. No matter who owns the NFT, a smart contract will ensure the creator receives its fair share.

It’s not just about the minting price; NFT royalties are an appealing (and necessary) source of income for creators. Last year, over $1.8 billion worth of royalties were paid out to creators of Ethereum-based NFTs. 

Depending on how well an NFT or a collection is sold, royalties can generate a substantial amount of profits in the long run. In 2021, Beeple, a popular NFT artist, launched an NFT artwork called Crossroads and received around $6.6 million in royalties.

Pros and Cons of Royalties

NFT royalties, while at first glance can be a simple concept, have become a frustrating topic for marketplaces, creators, and buyers; all clashing on how to properly define the sale process so each party benefits somehow. This caused marketplaces and NFT platforms to devise and employ new royalty methods, such as optional creator earnings (explored in the section below).

First, NFT royalties allow artists to generate passive income while their work is being sold in secondary markets. It also gives creators an idea of how much value their NFT is garnering through time. The more popularity it acquires in the market, the creator’s reputation strengthens —most likely. 

In the case of Beeple, for example, “Everydays – The First 5000 Days” became the artist’s most well-known work of art, selling for $69 million. His subsequent work didn’t need much promotion as he already established a name in the community, helping him profit millions in royalties from secondary sales.

The cons of NFT royalties would be the price volatility —digital creators cannot expect a steady stream of income from royalties as NFT prices could (and most likely will) fluctuate in short periods of time.

Also, some NFT traders that want to speculate resales don’t like the idea of paying a fair share to creators. In 2022, some NFT marketplaces like X2Y2 eliminated royalties from their platforms and instead enforced optional royalties, which outraged digital artists and caused a sharp decline in trading volume. 

Optional Royalties

Optional royalties, or optional creator earnings, allow NFT owners to choose whether or not they want to pay creators a percentage each time they sell their NFTs. In 2023, several NFT marketplaces jumped on this trend, like OpenSea and LooksRare.

LooksRare eliminated default royalties and now grants optional royalties. This means buyers can choose to pay royalties at checkout, making NFT trading more profitable. However, the platform distributes 25% of platform fees to creators and collection owners.

Other NFT marketplaces can provide different types of NFT royalty systems. For example, Ditto Music allows fans to acquire shares in songs from their favorite bands and get paid monthly royalties via Bluebox, the company’s blockchain platform. 

Popular NFT Marketplaces Offering Royalties

Not all NFT marketplaces offer NFT royalties. Here’s a quick list of the most popular platforms with the best royalties:

  • OpenSea: the largest NFT marketplace by volume, offers optional royalties with 0.5% as the minimum for the creator.
  • LooksRare: offers optional royalties, while creators will automatically receive 25% of trading fees.
  • Nifty Gateway: enforced royalties; the marketplace takes 5% of the sale price plus 30 cents to cover credit card processing fees.
  • Rarible: enforced royalties; the marketplace takes 1% on the seller side and 1% from the buyer side for service fees.
  • SuperRare: enforced royalties; the marketplace takes 15% of the primary sale. Each secondary sale will distribute 90% of the sale to the collector, and the original artist receives a minimum of 10% as a royalty.

Final Thoughts: The Future of NFT Royalties

NFT royalties have been a fairly contentious topic lately. Marketplaces, artists, and collectors alike have differing opinions when discussing an ideal royalty system that benefits all the parties involved. However, NFT royalties have helped all kinds of artists globally create a better source of revenue for their work. 

In the art world, royalties are a way to protect artists from having their work unjustly sold without giving them a fair share of the profit. In NFT music, for example, royalties play a slightly different role. NFT albums have become a popular way for artists to sell 99.9% of their work to fans while giving them a small percentage as royalty. This not only allows a broader connection between the artist and the fans but also eliminates intermediaries, like music labels, who take a considerable cut of their revenue. 

What Are NFT Smart Contracts & How Do They Work?

Posted on by Andrew Amarosa

NFTs, wouldn’t exist without smart contracts, and digital agreements written with computer code and deployed on a blockchain. Their main function is to execute one or multiple actions if conditions are met, often following simple “if/when-then” statements, e.g., if X is true, then Y will happen. 

These programs automate execution, and workflow, and streamline the outcome of an agreement between one or multiple parties without the need for an intermediary. These actions, for example, could be the transfer of funds from one wallet to another, storing an NFT, locking deposited funds into a liquidity pool, and more

NFT smart contracts have an important role in keeping the NFT ecosystem healthy and honest Some of their most important functions include handling royalties, ensuring the NFT is unique and non-replicable, verifying ownership rights, and enabling access to exclusive NFT merchandise or events (NFT projects usually throw around exclusive benefits to those who buy a specific NFT from their collection).

What are NFT Smart Contracts?

The versatility of NFT smart contracts plays a key role in the development of the metaverse and the Web3 industry. 

NFT smart contracts are smart contracts specifically designed to create the relatively complex requirements of NFTs, such as provenance, non-fungibility, authenticity, and the hosting on a blockchain network. 

First, let’s have a quick refresher on what a smart contract is. Then we’ll explore how they’re used in the NFT world. 

Smart Contracts: Benefits and Main Functions

Smart contracts are being applied to a wide variety of industries –home sales, supply chain, data sharing between multiple institutions, digital identity, banking —the list is long. 

For example, blockchain supply chain solutions counter the typical setbacks within this industry (data disparity, labor shortage, reliable shipping source, etc.) using smart contracts to automate the shipping process by keeping track of items, administrating and structuring important data, and performing specific tasks if conditions are met.

Some of the main benefits of smart contracts are:

  • Transparency and trust: they facilitate transactions for multiple users in a network without them having to know or trust each other. Everything is carried out by the smart contract and not the user, and participants in a private and public blockchain can see them.
  • Speed, lower costs, and accuracy: by eliminating intermediaries and paperwork and only executing actions they’re programmed to do when terms and conditions are met.
  • Versatility: smart contracts can be programmed to perform a wide variety of tasks, and can be reprogrammed after being deployed on the blockchain to fix bugs or eliminate vulnerabilities.
  • Security: smart contracts are highly secure programs since transaction records are encrypted.

Creating an NFT with Smart Contracts

Minting an NFT refers to the process of converting digital files, like jpegs, videos, and sounds, into an NFT recorded on the blockchain, making it available for everyone to see and purchase. When you mint an NFT, you’re playing with the underlying smart contract that defines the properties of your asset.

Most people experience minting an NFT through a designed, user-friendly website where all you do is press a button that says “MINT NOW” after connecting a wallet, but you can actually mint an NFT directly from its smart contract.

The smart contract assigns the ownership of the NFT to the buyer, but if they decide to sell it at some point, the smart contract of the NFT will automatically transfer ownership rights to the new owner —if conditions and terms are met. 

If an NFT is minted, NFT marketplaces like OpenSea would use another set of smart contracts to carry out the auction. For example, a popular auctioning method is a Dutch auction, which is usually created using an ERC721 NFT smart contract (explored below).

Minting NFTs has become much simpler than when they were introduced in Ethereum’s early days. SmartMint by Pastel Network, for example, is a no-code way to design and deploy an NFT smart contract. 

NFT Smart Contract Standards

There are several types of smart contract standards for creating NFTs; ERC-721 and ERC-1155 are the most widely common. ERC stands for Ethereum Request for Comment, and they refer to a set of technical guidelines for creating smart contracts or digital assets to run on the Ethereum network. 

ERC-721 is the first standard designed for the creation of non-fungible tokens, and it strictly requires all tokens to be non-fungible and have their own unique metadata. ERC-721 only supports NFTs, and each NFT can only be transferred in a single transaction, which tends to  cause congestion if network activity is high. 

On the other hand, ERC-1155 supports the transfer of multiple batches of NFTs and supports the conversion of fungible tokens (such as ERC-20) into non-fungible tokens, and vice versa. Typically, projects building blockchain games will use ERC-1155 to move their NFTs due to the higher level of versatility. 

Ethereum is the most popular option for creating or using NFT smart contracts. Other blockchain networks can have their own set of NFT smart contract standards. Still, a small problem is that, by not having a universal standard, NFTs created on different networks, such as TRON, for example, cannot be traded on marketplaces that support Ethereum, or Ethereum-related chains only like Polygon.

The Role of NFT Smart Contracts in the Metaverse

The metaverse refers to a digital ecosystem in which creators, artists, players, and anyone can explore virtual landscapes, play, socialize, interact with other users, buy and sell NFTs —and much more. 

The metaverse, popularized by Web3 projects like Decentraland and The Sandbox, is, therefore, an opportunity to bridge the financial world with the digital world, but the physical world also jumps in on the equation; physical real estate can be purchased as NFTs, using an underlying smart contract to carry out the process. 

NFT smart contracts in real estate eliminate the burden of intermediaries and hefty paperwork by granting (and verifying) the ownership and rights of a property to the respective party. One famous example of this is Michael Arrington, the founder of TechCrunch and Arrington Capital, who sold his apartment in Kyiv as an NFT.

Final Thoughts: NFT Smart Contracts and You 

NFT smart contracts are the technical backbone of the digital collectible industry. There are several NFT smart contract templates from different blockchains, each competing to provide the best technical guidelines and feasibility to users, NFT projects, and marketplaces.

That being said, NFT smart contracts are already playing a key role in the development of Web3 beyond PFPs of Bored Apes or digital samurais like Azukies. 

NFT smart contracts underpin a trustless and efficient pathway for everyone in the decentralized world to interact with NFTs. Blockchain gaming projects, companies and corporations from traditional industries such as fashion and food and beverage, and financial entities have taken a stab at what might be the next iteration of the internet —and smart contracts are the main pillar of the ecosystem.

Why Are NFTs Valuable? Attempting to Explain Why Some Cost So Much

Posted on by Andrew Amarosa

If you’ve seen headlines of non-fungible tokens (NFTs) selling for millions of dollars then you may be asking yourself: why are NFTs so valuable?

The following dialogue might ensue: Is this just a really rich people thing? Are they laundering money? Is this just fake news biting on click-worthy headlines?

The answer most people will give you is that they’re pieces of art, making them intrinsically valuable. 

But, this doesn’t really give you the full picture of why someone would pay millions for essentially a .JPEG of a monkey. 

While some NFT art pieces like Pak’s ‘The Merge’ have sold for a shockingly high $91.8m, this doesn’t accurately explicate the value of collections like CryptoPunks and Bored Ape Yacht Club (BAYC), both of which have sold for upwards of six figures since their initial release. 

With that in mind, here’s why NFTs cost so much. 

What Are NFTs?

A non-fungible token (NFT) is a digital image, video, or sound recorded on the blockchain and used to certify authenticity. These assets are 100% unique from one another and cannot be physically changed once minted. Ownership, however, can be seamlessly transferred when the token is sold. 

There are many types of NFTs, including profile picture NFTs, such as those used by Cryptopunks, music NFTs that show proof of ownership of a music piece, and NFTs used for play-to-earn (P2E) gaming, which can be used for trading, gameplay, and passive income.  

In 2022 over 101 million NFTs were sold on NFT marketplaces like OpenSea and Rarible, with collections covering a range of niches such as art, gaming, fashion, sports, music, domain names, and text-based NFT collections. 

Why Do NFTs Curate Value? 

NFTs can be both extremely valuable or completely worthless, with one in three collections “retiring”, with little to no trading activity. 

What makes an NFT valuable is its ability to introduce scarcity to the digital marketplace. When buying an NFT you’re not just overpaying for a digital image, you’re buying a digital token recorded on a public ledger, known as a blockchain. 

Ownership of the NFT is completely irrefutable, which limits the total supply and “inflates” its price, thus justifying its value. While this sounds like a great way to profit from what could essentially be digital junk, that’s not exactly how NFTs work. They need to have some kind of appeal to increase their value, which we’ll cover below. 

Artistic Value

NFTs started as digital art, with the first NFT art piece “Quantum” being created by digital artists Jennifer and Kevin McCoy in 2014. The value of NFT art is similar to that of traditional art, in which artists sell their pieces for millions at art auction houses like Christie’s. The concept of such art is often difficult for everyday people to get their head around, particularly when it comes to art pieces like the “Banana art” which sold for $120,000 only to be eaten by a “hungry artist.” 

Other pieces like the Untitled [Bolsena] collection by Cy Twombly, which sold for $38,685,000 in 2020, can also be a little difficult to process, considering it looks like a few scribbles on the page. 

Cy Twombly, Untitled [Bolsena], 1969. Courtesy of Christie’s Images Ltd. 2020.

What makes these particular pieces valuable is the fact that there is only one kind in existence and usually, the art piece has been created by one of the most artistic minds within a generation. 

This can explain why the majority of expensive NFT sales have been one-of-works. Similar to Untitled [Bolsena], they are the only kinds to exist. For example, Clock, which sold for $52.7 million in February 2022 is a truly unique piece. This is because it functions as a digital counter for the days Assange (the activist who founded WikiLeaks) has been in London’s Belmarsh Prison for espionage.

NFT Utility 

Another crucial factor that impacts the value of an NFT is its utility — essentially how beneficial or profitable it is. As NFTs develop, they’re being used to create new business models and revenue streams. 

For example, a musician can sell NFTs that represent a stake in their new record. This would allow a musician to increase their initial revenue, while the NFT holder receives royalty every time the record sells. The value of the NFT will therefore rise based on the number of sales a record makes or the fame level of the musician. This potentially allows the NFT holder to make passive profits on their initial purchase or sell it for one lump sum. 

The concept of utility is also important in the gaming space, in which play-to-earn gamers are using NFTs to generate passive income. 

Within the world of gaming, players can make in-game purchases for skins, emotes and other unique features, however they don’t actually own them. With NFTs, these in-game purchases can be owned, which gives them greater value and the option to be resold. Considering the in-game purchase market is set to surpass $74.4 billion by 2025, NFTs could disrupt the entire market, allowing players to generate from in-game items instead of them being a liability. 

Community 

Some NFTs grant users access to exclusive clubs, similar to real-world clubs like Soho House. Within these clubs NFT holders can network with like-minded investors, as well as celebrities and business owners. A great example of this is BAYC. BAYC hosts thousands of investors and celebrities such as Mark Cuban, Eminem, Shaquille O’Neal, Snoop Dogg, Justin Bieber, Madonna, and Jimmy Fallon, making it the most socially valuable NFT collection worldwide. 

What Is the Future of NFTs?

There’s no way of denying it, blockchain technology is changing the future of digital assets. What were once just pictures on the internet have become unique tangible assets with the potential to generate revenue and create entirely new business models. 

Early adopters of NFTs have slowly started to dabble in the technology, with Taco Bell selling an NFT collection in 2021, and Nike selling an NFT collection known as Cryptokicks in 2022. The NBA has also started to capitalize on NFTs to create a deeper fan connection with NBA Top Shot, which sold over $800 million in NFTs in 2021. 

As blockchain technology continues to grow and evolve, NFT assets will only become more valuable, with early stage assets being more valuable due to being created early on in a new trend. In the future, it’s more than possible that you could own an NFT for your favorite movie, record or clothing, all being just as (or more) valuable than the real-world assets you currently own. 

The 25 Best NFT Memes Will Make You Cry Laughing

Posted on by Anthony Georgiades

With the NFT market experiencing one of its first bear runs, it’s a great time to look at the funny memes NFTs have given us.

You know, a “laugh through the pain” sort of thing.
Memes play an important part in NFT culture, influencing collections like BoredApeYachtClub and Crypto Punks, as well as creating hype around new projects.

And best of all, they make you realize just how crazy NFTs may appear to ordinary people, especially the older generation who think resetting the WiFi box makes you an internet genius.

Whether you’ve lost an NFT gas far, minted a recent rug pull, or your portfolio is getting rekt, here are 25 of the best memes to hopefully put a smile on your face.

  1. When your dad ruins career day

Picture NFTs gurus in 10 years. They turn up at their kids’ career day. Every other parent is talking about their office job, being a firefighter, working in a hospital. But not NFT dad… No. He turns up with his Trezor wallet ready to show off his NFT collection. 

  1. Mental health isn’t real… right?

We’ve all fallen down the NFT rabbit hole. 

“I’ll just buy one,” you told yourself. 

Six months later you’re on your 672nd NFT, your LinkedIn profile picture is an a monkey and you spend 20 hours a day on OpenSea. 

Ready for the next bull market? 

  1. Pixelmon Kevin 

Pixelmon is an NFT project that promised a Pokemon-style Metaverse where you could train and collect Pixelmon. In its initial release video, users saw a stunning world full of beautiful terrains and unique creatures. But on release, they got Kevin… Kevin was so laughably bad that he became a meme. 

  1. NFTs are art, right? 

NFTs have been described as modern art. But art seems to have taken a new form. Instead of stunning mosaics and beautiful paintings, we prefer pixelated figures on a screen. Even as an NFT lover, you have to admit it’s a little odd. 

  1. Who needs the world when you have monkeys?

Post 2020 the world has been a little hectic. Global lockdowns. Economic collapse. The threat of war. But if you just spend a few hours on OpenSea everything looks good. A few monkey pictures here. A few pixelated profile pictures there. Take a deep breath and relax. 

  1. Is your job really worth it?

You work hard for 20 years, get a promotion and eventually, you can buy a house and settle down. Or you can just sell a JPEG for half a million dollars. The choice is yours. 

  1. But why don’t you just right click and save?

When NFTs first made the mainstream media, everyone was asking the same thing: why can’t you just save them? Although more people now understand the blockchain technology behind an NFT, it’s still amusing to see how frustrated owners get when someone saves the image they paid $10k for. 

  1. If only they knew…

BoredApeYachtClub is arguably the most famous NFT collection in the world, being collected by celebrities such as Justin Bieber, Jimmy Fallon, Snoop Dogg, and Eminem. Collectors are known for continuously talking about their apes in a cult-like manner. But outside of the NFT world, nobody knows who they are. You definitely wouldn’t call it party talk. 

  1. I’m building the collection for its utility…

According to Into The Block, the number of NFT collections created on Ethereum increased by 104.5% in 2022. While some of these collections had great utility, many were just looking for a quick profit. 

  1. Mum, I swear I’ll be a millionaire in 5 years

Some people took NFT investing a little too far. You see horror stories of people who lost their life savings in rug pulls, sold assets to pay debt and spent 90% of their time looking for new collections. They’ll be rich soon though, don’t worry. 

  1. Parents in their 30’s vs me in my 30’s

It’s crazy to think that an NFT could be worth more than a house. But many collectors spent more than a house payment on their collection. Collectors such as Starrynight have collections worth over $15 million. That’s several houses and a mansion. 

  1. If only it were that easy

During the peak of the bull market just about everyone was getting involved in NFTs. Unfortunately, very few actually knew how hard it was. With gas fees at an all time high and scams around every corner, a lot of newbie investors got learnt the hard way. 

  1. But mine has different eyebrows, it’s definitely unique

Imagine painting the Mona Lisa, changing her hair color and selling it as a whole new piece. This is kind of how NFT collections work. A little bit of paint, a change of color, and a new accessory- that’s an extra $300 in the bank. 

  1. Why would they ever screenshot?

This meme plays on the screenshot joke and showcases one of the world’s most expensive NFTs. Known as the COVID Alien, it sold for $11.75 million and as you might have guessed, thousands of users simply took a screenshot and used it on their own profiles. 

  1. Christmas is coming

Explaining anything online to family is a little complicated- especially as you go up a generation. Explaining NFTs? Almost impossible. Try explaining to your dad that the monkey you own is worth $50k and he’ll look at you like you’re crazy. 

  1. Where’s my Lambo?

New investors worldwide thought they’d make millions with NFTs. They saw a 10 year old do it, so why couldn’t they do it too? Turns out there’s actually more to making money than just minting.

  1. Mum, I’m an artist

According to the Social Media Examiner, around 98% of all NFT projects will ultimately fail. For every Bored Ape Yacht Club, 98 other projects won’t take off. There’s a multitude of reasons why, but this meme certainly puts a funny spin on it. 

  1. How do you make money on every project?

Here’s a little secret. If you want to win big on NFTs then you need to get in on the whitelist. Whitelists let you get in on a project before it increases in value, which helps you save and profit simultaneously. 

  1. Hi boss, yeah, I quit

Everyone’s seen this classic Wolf of Wall Street moment. At the peak of the NFT market, many investors may have had the same idea. Let’s hope we see an NFT remake of this in 20 years. 

  1. Here’s the bill

It’s great having an NFT worth $150,000. But it’s a bit like having a $150,000 sports car. You can’t use it to pay the bill. 

Hope These NFT Memes Made You Laugh!

The great thing about NFTs is that the market’s just getting started– the ups and downs will fuel a creative cohort of meme creators. As the use cases for NFTs grow, we’ll see more memes to laugh at in the future.

Let’s just hope some of the memes aren’t too relatable. 

Copyright © 2021 Pastel. All rights reserved