Blue Chip NFTs Project: How to Recognize a Potential One?
NFTs are short for non-fungible tokens, each of which enjoys an exclusive serial number that confers ownership on whoever holds it. They are unique and cannot be duplicated or copied because of their minting process that converts and verifies ownership of the crypto asset using a smart contract on the blockchain. Although NFTs have been around for years, it seems that their real prominence can be traced back to the time when the NFT art Everydays: The First 5000 Days was sold for $69.3million in March 2021. Nowadays, they have developed into an eminently lucrative aspect of cryptocurrency investment.
With the growing popularity of NFTs, some of them have become the elite in this sector. They are billed as blue-chip NFTs. As far as we’re concerned, blue-chip stocks are stocks from well-grounded companies with a record for dependability, quality, and stability in the face of financial volatility. Likewise, blue-chip NFTs futures quality, reliability and stability regardless of price action in the cryptocurrency market. Normally, if an NFT project obtains the tag blue-chip, it will also gain a certain reputation.
Some of the most established blue chip NFTs are CryptoPunk, Bored Ape Yacht Club, Cool Cats, etc. However, the overwhelming majority of ordinary investors are not affordable to their prices. As shown in the image below, the top floor price displayed in real-time on the OpenSea marketplace stands at as high as 90.5 ETH, worth nearly $96,034.
Nevertheless, there are some NFTs with the potential of becoming blue chip NFTs in the future, which are cheaper to purchase for now. But considering the fact that there are rug pull scams flooding the market, we’re obliged to be careful when recognizing and investing in a possible blue chip NFT project.
The following shows some of the critical factors to look out for in a potential blue-chip NFT:
● Long-term value
● Adequate trading activity
● Utility of the NFTs
● Originality
● Community-driven
Does MXBOX have the potential of becoming a blue-chip NFT project in the future?
Let’s dive into this question from the aforementioned characteristics:
● Long-term value: MXBOX Avatar NFTs play a crucial part in enhancing the mining efficiency of ‘MXBOX’ miners. The higher level of your NFT, the more $MXBOX tokens you will mine. Considering the supply rule that there are only 210M $MXBOX in total and every 2 years the amount is reduced by half of the total amount till it is fully mined, $MXBOX could see a highly possible rise in its value for long-term holding. To put it another way, investors who hold MXBOX Avatar NFTs long-term will enjoy great returns from NFTs and $MXBOX selling.
● Adequate trading activity: We can’t see the MXBOX NFTs trading activity right now because they are estimated to issue in Mid July. Considering that MXBOX is the first of its kind, the aggregated public interface involving GameFi, NFT, SocialFi and DeFi for Metaverse, open to supporting enhanced reality products such as VR/AR, revolutionary HCI, etc, there’s a high possibility to see MXBOX project thriving in the future with more trading activity in its NFTs.
● Utility of the NFTs: The MXBOX Avatar NFTs have an extensive utility such as ownership of characters in GameFi, exclusive airdrop, mining efficiency rise, pre-mint access, vote and governance, etc. Furthermore, Genesis Avatar NFTs holder has priority to becoming a node validator and enjoying returns from TreasureDAO.
See more: https://mxbox.medium.com/genesis-avatar-nft-e8ad405afda7
● Originality: There is a range of copycats in NFTs projects as NFTs market seems bankable and lucrative. But a blue-chip NFT should be original one while showing promises of providing long-term returns on its investment, rather than a derivative of another famous project. As the first aggregated public interface involving GameFi, NFT, SocialFi, and DeFi for Metaverse, MXBOX pays more attention to the long-term architecture of its ecosystem, adhering to its originality in features, GameFi, NFT utility and so on. That also means the project is not a flash in a pan.
● Community-driven: Driving community also constitutes one of the qualities a blue-chip project has. A vast number of members gather in the MXBOX community in which they could be encouraged by diverse giveaways. Furthermore, MXBOX offers exclusive benefits to its WL members who will have many freebies. And the latest NFTs airdrop (Genesis Avarter NFTs excluded) for WL will be on 18 July.
Closing thought:
This article sheds light on what a potential NFT project might look like, and what elements it might entail. While the market still seems to be in correction, it’s significant for investors to spot a possible project with the potential of receiving the tag blue chip. Will MXBOX pick up massive steam in the upcoming month? Let’s keep watching…
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