NFT Projects that Ruled in 2022

Non-fungible tokens , or NFTs, created a gold rush in 2021 following the multi-million dollar sales of artwork NFTs. The trends for NFT growth continued in 2022, albeit with innovative challenges. Amidst the concerns regarding depreciating sales of NFT art, the innovation in every new NFT project boosts the possibilities for long-term sustainability of the industry.?

The applications of NFT in finance and art are no longer the only use cases of non-fungible tokens. As the talks about utility-based NFTs and non-fungible tokens in sports, fashion and other industries gain momentum, the NFT landscape gains new projects. Let us take a look at the top NFT projects which grabbed the limelight in 2022.?

Most Popular NFT Projects in 2022

Non-fungible tokens have become ubiquitous assets in the rapidly developing web3 ecosystem. The state of NFT in 2022 witnessed the involvement of more brands, celebrities and creators with NFTs. On top of it, blockchain networks introduced new protocols for facilitating NFT creation in a bid to maintain pace with developments in the web3 space. Many non-fungible token projects arrived in 2022 with unique traits and functionalities. However, only a few of them stood out with distinct advantages over others.?

1. Nouns

The Nouns NFT project was created in 2021. The DAO of the project has continued its growth run with an emphasis on open-source IP creation alongside community governance. Nouns is a PFP NFT collection with daily auctions of one pixelated NFT, which have helped the project with around 29,150 ETH for its treasury.???

2. Reddit Collectible Avatars

The next most popular NFT collection in 2022 is the Reddit collectible avatar collection. The Reddit NFTs have been created on the Polygon blockchain. More than 7 million Reddit collectible avatars have been minted on Polygon, including over 5.3 million unique NFT owners in the ecosystem.?

3. Pudgy Penguins

Another top choice among popular NFT projects in 2022 draws attention toward Pudgy Penguins. The project was launched in 2021 and failed to maintain momentum after a few months. However, 2022 spelled out a drastic resurgence in the popularity of Pudgy Penguins NFT following a change in ownership. The collection introduced new plans for merchandising, a Sotheby's auction and launching a children's book.

4. Bored Ape Yacht Club

While the new players in the market have gained significant attention, the existing projects continued growing further. The most noticeable NFT in 2022, Bored Ape Yacht Club or BAYC NFTs, maintained its dominance over the NFT market. The impressive market capitalization alongside cultural prominence of BAYC NFTs has played a crucial role in strengthening their reputation.

5. Azuki

One of the interesting projects in the NFT landscape in 2022 is Azuki. The anime-themed NFT collection features around 10,000 NFTs with artwork based on themes of classic anime shows. It achieved the fastest and most successful NFT drops, with the collection selling out in just 3 minutes with a total sales volume of $30 million. The vision of Azuki NFT collection for developing a decentralized metaverse brand also worked in favor of improving its popularity.?

6. Moonbirds

The list of top NFT projects in 2022 also includes Moonbirds NFT collection. The collection of 10,000 pixelated owls experienced rapid growth in their floor pricing. Launched by the Proof Collective, Moonbirds NFT project aims at expanding the scope of utility with NFTs with nesting. The Nesting feature is almost similar to staking, which can ensure the potential value of every NFT with longer durations of holding.

7. QQL

The most popular NFT in the generative art category is QQL, an Ethereum-based NFT collection. QQL utilizes a finely-tuned algorithm based on Ethereum for generating artwork in the form of vibrantly colored circles. NFT owners can customize the artwork before converting it into NFTs. Mint pass owners can only add NFTs to the official QQL collection.?

What Does 2023 Hold in Store for NFT Projects?

The bear market conditions in the crypto market have been driving investors away. One of the harder truths for the NFT ecosystem in 2022 was the decline in sales of NFT artwork as compared to 2021. However, it is important to note that one NFT project does not represent the whole NFT ecosystem.

The drive for innovation with web3 advancements can fuel the rise of new non-fungible token collections for different utilities. Most important of all, top brands such as Coca-Cola, McDonald's, Burger King and Taco Bell have been showing more interest in NFT projects. Therefore, it is safe to assume that 2023 will also be a year of new NFT projects and more valuable benefits.????

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*Disclaimer: The article does not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!