What are NFT collections?
When an NFT is created, an artist will usually assign it to a collection.
An NFT collection is a group of NFTs that all have something in common, whether it’s style or character type.
For example, Beeple has a collection called Everydays.
Beeple creates a piece of art every day for a set number of days, known as a round.
These are individual artworks combined into a 3-minute-long video.
Beeple then mints 100 of these Everydays videos for each round.
So, to reiterate, an NFT collection is a series of NFTs that are in a particular style by a single artist.
You could think of them like first generation Pokémon cards or Pinecones from the trees of Stockholm from winter 2018.
These are collections, and so are NFTs that fit a certain trend.
A single artist can have hundreds of collections, each with their own theme and style.
What can I do with an NFT collection?
You’ll be amazed to know that not all NFTs are created equally.
Some NFT collections are used as pure art.
These types of NFT collections are just there to look pretty and be admired.
But, some collections can be used in blockchain based games.
For example, there’s a game known as ZED Run where you can mint your own NFT racehorse.
You then enter your NFT horse into races where you can win crypto as a prize.
You can also breed your NFT horse with other NFT horses to create an army of NFT horses.
If your horse has rare traits, you can put it up for breeding, earning a cut of the breeding price as a reward.
The rarer your horse’s traits are, the more money you can charge for others to breed with your NFT.
You can then build up your own NFT collection of horses.
This same concept applies to tons of other crypto games, and there are dozens more in the works and about to go live!
What makes an NFT collection worth money?
Everyone wants to get into the NFT space so that they can make a ton of money as quickly as possible.
Unfortunately, not every NFT collection is valuable.
There are a few ways to make a collection valuable, but for the average Joe, making an NFT collection worth a lot of money is impossible.
If an artist is well-known in the NFT space, then their collections will automatically fetch more money at auction.
Celebrities like Grimes, Jack Dorsey, Paris Hilton and Snoop Dogg will also be able to charge more because they’re already famous and have a massive following.
Alternatively, you can run a major marketing campaign to create hype for your NFT collection.
If you do this successfully, you’ll grow your following and be able to charge more for your collection.
So, at the end of the day, it’s all about your following.
The more followers and the bigger your community is, the more your NFT collection will be worth.
Where can you buy NFT collections?
If you want to get your hands on some NFTs, then you’re going to want to head on over to an NFT marketplace.
There are dozens out there, but a few have more NFTs listed, meaning you’ve got more choice.
Think about it like going to the store.
If you go to a small corner store, you’ll have a smaller choice of items to buy compared to going to a superstore.
The same goes for NFT marketplaces.
These have great volume and are trustworthy.
You can find the best NFT marketplaces here.
Can you buy a single NFT from an NFT collection?
The stock market has left this impression that you can only buy whole units in the minds of the world.
But, crypto doesn’t have to be the same way, and this applies to NFTs as well.
What this means is that if you want to buy an NFT, you can buy a single one.
You don’t need to buy the entire NFT collection, which is fantastic.
Imagine having to buy $1 million worth of NFTs if you wanted to take part.
So, if an artist has an NFT collection consisting of 1,000 pieces, you can buy a single NFT from that collection.
This is just like in the regular art world.
You don’t have to buy every Picasso in the world.
You can choose to buy a single Picasso, or one a print of one, if you wish.
Can I reproduce an NFT collection?
If you’re going to drop a large chunk of change for an NFT, you might be thinking about making more copies of it and profiting in a major way.
Now, there are a couple of issues here that you’re going to run into.
If the NFT that you bought is a #1 of 1, then the artist only created 1 copy.
If 10 suddenly appear on the market, people will know something is up and that they’re not legitimate.
You’ll instantly get blacklisted from the community and the reputation of the NFT that you bought will be severely tarnished.
In fact, you’ll make headlines for all the wrong reasons, so avoid doing this.
NFTs are also non fungible tokens.
This means that they cannot be duplicated or replicated.
You’d have to mint a whole new line of NFTs attached to the piece of art you own.
It would cost you a lot of money to do and it’d crush your reputation.
What you can do is fractionalize your NFT collection.
What we mean by this is that you can create 10 or 100 NFTs that give the holders part ownership in your NFT collection.
Whichever wallet holds 51% or more of the new tokens you’ve created will be the majority token holder and therefore the “legal owner”.
This is a great way to buy a rather expensive NFT collection and has the potential to work.
Just make sure that the other people you’re doing this with are all in it for the same reasons as you and you can trust them.
The last thing that you want is for the group to pool their ownership together and take the NFT from you while splitting the profits.
What’s the most expensive NFT collection?
NFT collections have gone for eye watering sums of money in a matter of seconds in the past.
The hottest collections have sold out in less than a minute, meaning you’ve got to be quick if you want to snap up the most popular NFT collections.
But what about the most expensive collections?
Well, let’s take a quick look at those!
|Bored Ape Yacht Club
|Ethereum Name Services
|Fidenza by Tyler Hobbs
#1 CryptoPunks – $5 billion
There are 10,000 punks in the CryptoPunks NFT collection, with the average price being a mouth-watering $465,000.
When you think these were given out for free, it really blows your mind.
All in, the CryptoPunks NFT collection is worth an insane $5 billion at current prices.
But watch this space as that figure is only going to increase.
#2 Bored Ape Yacht Club – $2.12 billion
Sticking with the 10,000 theme, Bored Ape Yacht Club (BAYC) comes in second place.
There are 10,000 Apes in circulation, fetching an average price of $160,000 each.
This gives it a total market cap of $2.12 billion, which makes it the second most expensive NFT collection!
#3 Ethereum Name Services – $965 million
At number 3 we’ve got an NFT collection that you may never have heard of.
Ethereum Name Services (ENS) is essentially your Web3 username.
You buy a username from ENS and you can then assign your wallet to it.
It’s an NFT collection as each name is totally unique, so go get your hands on one of these bad boys before your favorite moniker gets taken!
The average price for an NFT from the ENS collection is a little over $800, but some go for considerably less.
#4 Fidenza by Tyler Hobbs – $837 million
Say goodbye to pixel art as Tyler Hobbs is making NFT art stylish.
His Fidenza NFT collection uses a flow field algorithm to create intricate patterns and styles.
In fact, these patterns are so cool and unique that a single piece can fetch upwards of $800,000 at auction.
There are only 999 pieces in this NFT collection, and they don’t go up for sale often!
#5 VeeFriends – $500 million
Finally, we’ve got the VeeFriends NFT collection from Gary Vaynerchuk.
These are hand-drawn artworks, each with their own set of features and characteristics.
Due to the fact that this NFT collection is hand-drawn, no 2 pieces will ever be the same, no matter how hard anyone tries.
The average price of one of these critters is $48,700, so you will have to be snappy if you want to get one at a good price!
Which artists have the best NFT collections?
Art is subjective, and beauty is in the eye of the beholder.
The same goes for NFT collections.
Just because we find a particular NFT collection to be attractive and stylish doesn’t mean that you will.
So, this is why it’s important to look around and do your research before you buy – unless you have millions of dollars that you want to waste.
If you’re going to buy an NFT, you want to make sure it’s something that appeals to you, has a function that you can use or is something that you feel has real value.
So, whether that’s a ZED Run horse, a Decentraland plot of land or a Beeple, it’s really up to you.
There are popular NFT collections out there, and these will always cost the most money.
But again, just because it’s popular doesn’t mean that it’s the best.
A lot of people agree that Beeple has fantastic artwork and it’s incredibly varied, but it’s not for everyone.
So, rather than looking for a single best NFT collection, find a collection that suits your taste and dive into that!
Can I sell my NFT collection?
If you’re an NFT artist or a collector, there will come a point where you might want to sell your NFT collection.
All of the best NFT marketplaces will let you create a seller’s account and list your NFT collection for sale.
When you buy an NFT, the marketplace will give you the option to relist it instantly.
It’s up to you whether you do this or keep it hidden in your personal wallet.
If you want to sell your NFT collection, just login using your crypto wallet to any of the best NFT marketplaces, and you can list your NFTs for sale.
Don’t forget to set a fair market buy now price, otherwise you could sell yourself short.
What we mean by this is that if you bought your NFT collection for 1ETH, set your buy now price as 3ETH, as an example.
That way people can place bids and you might get 2ETH in the end for the NFT collection, but it’s still better than the 1ETH you paid for it.
Just be savvy when it comes to selling, and don’t forget to add lots of information about your NFT collection.
This gives buyers all the information that they need to fall in love with your collection and buy it!
Go find the best NFT collections!
There are thousands of NFT collections out there from thousands of artists.
Some collections are worth millions, and some are worth pennies, it’s up to you to decide the true value of an NFT collection.
Spend some time having a look through the various NFT collections that are out there so that you can find something that suits your tastes.
You wouldn’t drop money on a painting you don’t like, so don’t end up doing the same with NFTs!