NFT Dip

It’s no secret that we are going through a major NFT dip right now. Prices and volume have been falling for some time, and there doesn’t seem to be an end in sight. 

The once USD 2 trillion industry is now back at just above the USD 830 billion and has wiped out investors’ wealth massively with investors panic selling their portfolios for fear of further losses. 

The market crash has not spared the big NFT revolution as well. Eminent collections like Bored Ape Yacht Club (BAYC) and CloneX suffered huge dips in their value. BAYC dropped by almost -65% from its all-time high.

While all of this paints a picture of immense mistrust, fear, and instability, the bear markets present an opportunity for investors to jump in on fundamentally strong projects when the prices are very low.

Below are five NFT projects that are worth noting for investors looking to but the NFT dip.

Five NFT Projects to Buy During this NFT Dip

Cool Cats

Cool Cats are an NFT collection of randomly generated and stylistically curated NFTs on the Ethereum blockchain. The 1st generation consists of 10,000 randomly assembled cats from over 300k total options. Cool Cats have a variety of outfits, and faces and come in a range of colors. The project emerged as an opportunity for a community-driven collective while boosting crypto awareness, adoption, and bringing utility to NFTs.

There are currently 5.6K collectors of Cool Cats. The floor price of the project is 2.75 ETH and it boasts a total volume of 109.4K. 

In Q1 of 2022, the Cool Cats team introduced the Adventurer’s Guild and rolled out a feature that let users earn native MILK tokens and other rewards. In March, Cool Cats signed with Creative Arts Agency (CAA) which is said to expand opportunities for Cool Cats characters across an array of areas, including licensing and merchandising, animated content, brand partnerships, live events, publishing, and more. 

It is speculated that the second generation of Cool Cats will involve an NFT breeding feature similar to CryptoKitties letting users generate new NFTs depending on the inherited traits of parent NFTs.

Alien Frens

Alien Frens is a community-driven collection of 10k randomly generated ERC-721 tokens on the Ethereum blockchain. The project’s goal is to build the biggest group of “frens” in the Metaverse.

Being a collector of the Alien Fren NFT provides access to awesome PFP and a lifelong frenship with 10k other Frens, a ticket to the project’s IRL events, Invasions, Exclusive Merch, Comic Books, and more.

The project currently has 6.8K owners and the floor price remains at 0.37 ETH. The total volume was 27.9K.

In Q1 and Q2 of 2022, Alien Frens dropped its clothing line merch and a full-length music album featuring Murda Beatz. It also plans on hosting private events for all holders and launching its 30-page comic book launch soon. This story will reveal the fascinating world of Planet Fren.

Monfters

Monfters Club is an NFT PFP project on the Ethereum blockchain. It is DAO-driven and consists of a collection of 8,000 unique limited avatars with different combinations of cosmetic elements. The goal is to eventually evolve the whitelist club into an open platform where various projects can participate.

It currently has 3.7K owners, its floor price is 0.02 ETH and it has a total volume of 3.9k. It plans on rolling out novel features including connecting the Web 3.0 NFT issuance, a whitelist club, and trading with Web 2.0 social media platforms and online communities seamlessly.

Recently the project renewed the artwork and the whitelist club is scheduled to launch in August.

Otherdeeds

Backed by Yuga Labs, Otherdeeds is a dynamic NFT collection. It is a vital part of the MMORPG GameFi P2P adventure, Otherside. Each Otherdeed comes with a set of resources that are essential to playing the game.

The project consists of 100K items, 34.4K owners, and at the time of writing, had a floor price of 2.2 ETH. The total volume of the project is 310.5K. The biggest deal relating to Otherdeeds was a $1 million margin in secondary sales of the NFT.

Their Demo day was a huge success and with more demo’s coming we’re particularly excited about this one. Never fade Yuga.

Robotos

Robotos comprises a collection of algorithmically generated droid characters. They are constructed from various metal outfits, tin faces, digital accessories, top pieces, faces, backpacks, arms, and colors.

Production company Time Studios launched an animated series based on the Robotos NFT collection. There are currently 5.6K Robotos NFT owners and the floor price of which is 0.24 ETH.

Conclusion

The NFT industry is still in its early days but investors should not feel discouraged by the recent dip in prices. There are still plenty of interesting projects to invest in that show potential for long-term growth. Do your own research and always consult a financial advisor before making any investment decisions.