The last few years have brought riotous growth for non-fungible tokens (NFTs). In 2021 the industry became public knowledge, with news stories breaking about this new form of wealth investors were scrambling to acquire. Prices rocketed, but the overwhelming hype had its drawbacks. The price of some sales was driven by speculation rather than actual value, creating confusion over the worth and staying power of NFTs. Environmental concerns were rife, too, due to the astronomical amounts of energy required to validate the blockchain-encrypted transactions.
The hype and market for NFTs have settled slightly, though the future significance of the industry is undisputed. BCC Research has projected the market will encounter significant growth over the next five years, reaching $125.6 billion in value by 2027.
Given the global significance of these new digital assets, BCC Research is committed to providing accurate evaluations of the industry. Our recently published report breaks down the dynamics, drivers, and challenges of the global NFT market. Below, we’ll be considering the top 5 product launches that have characterized the NFT landscape in recent years.
The top 5 NFT collections
The Bored Ape Yacht Club (BAYC) generated sales of $421.3 million during 2022, making it one of the top NFT launches ever. Built on the Ethereum blockchain, the Bored Ape Yacht Club houses a collection of 10,000 programmatically generated ‘bored apes’, formulated from over 170 possible traits.
It launched back in April 2021, when the industry was on the cusp of its ascension. It has become a well-established and well-known vendor of NFTs ever since.
As the name denotes, the Mutant Ape Yacht Club (MAYC) is an extension of the popular Bored Ape Yacht Club NFT collection. The enormous popularity of BAYC paved the way for MAYC’s own success: in 2022, the collection achieved sales of $343.3 million.
Evidently, both variations of the Ape Yacht Club have a dedicated community of followers. The creators, Yuga Labs, include a member pass with sales of their NFTs, adding to the exclusive allure of the brand. Despite a wavering market in recent weeks, the brand remains popular and has the backing of multiple celebrities.
Azuki was launched early this year and has a collection of 10,000 manga-style avatars. Created by Chiru Labs, the company generated sales of $367.4 million across 2022 – no mean feat considering the brand’s relative infancy. Azuki aims to identify users with The Garden, touted as “a corner of the internet where artists, builders, and web3 enthusiasts meet to create a decentralized future”.
Meebits include 20,000 unique 3D vowel characters whose NFTs have been bought by the likes of Snoop Dogg. Meebits is another creation of Larva Labs, the company that devised CryptoPunks NFTs. Unsurprisingly, it aims to accomplish similar levels of success to that of CryptoPunks, but sets itself apart from its predecessor in that it’s designed for the metaverse. Meebits achieved sales of $48.6 million in 2022.
The other creation of Larva Labs, CryptoPunks is one of the original and most famous NFTs. They’re designed as two-dimensional characters, of which there are only 10,000. With validation taking place on the Ethereum blockchain, CryptoPunks launched all the way back in June 2017. It amassed sales of $216.1 million in 2022, indicating that the NFT is highly capable of long-term success.
Learn about the global NFT market
At BCC Research, we’re experts in decoding lucrative markets. Providing an in-depth analysis of the global state of play of the NFT industry, our report on non-fungible tokens offers an invaluable tool for those with vested interests in the industry. Investors, NFT providers, and software developers alike can benefit from the high-quality research provided in this report.
To download your free report overview, or purchase the full report, click here.