NFTs, or Non-Fungible Tokens, have emerged as a dynamic investment avenue, promising unique digital assets backed by blockchain technology. In 2024, the market for NFT projects is expected to expand further, presenting investors with a myriad of opportunities. While high-value NFTs often steal the limelight, the realm of “cheap” NFT projects holds immense potential for astute investors seeking promising yet affordable options.
Understanding Cheap NFT Projects
Cheap doesn’t equate to low-quality in the realm of NFTs. These projects offer entry points for individuals with varying investment capacities. They often represent budding creators, undiscovered talents, or evolving platforms that hold considerable promise for growth.
Criteria for Evaluating NFT Projects
Community Engagement
A robust and active community surrounding an NFT project can significantly impact its value. Communities drive interest, foster collaborations, and often indicate the project’s potential longevity.
Project Roadmap
A well-defined roadmap outlining the project’s future plans, developments, and milestones is crucial. It showcases the project’s vision and its journey ahead, aiding investors in assessing its sustainability.
Quality of Artwork
The core of an NFT lies in its artistic appeal. Projects boasting high-quality, original, and captivating artwork tend to attract more attention and potential buyers.
Market Trends
Understanding market trends and demand patterns is pivotal. Projects aligned with trending themes or addressing current market interests have a higher likelihood of success.
Top 10 Best Cheap NFT Projects to Invest in 2024
1. Genzee: Genzee is an NFT collection that is similar to the likes of the Bored Ape NFT collection however, instead of monkeys (well, apes) it uses humans as a template. Each NFT is a depiction of a human drawn in a cartoon style with different outfits and accessories. Genzee has a chance to blow up in the future as Gen Z likes fashion and ways to show off their individuality. At the time of writing, the cheapest Genzee NFT on OpenSea was 0.032 ETH ($52.21) .
2. Encryptas: Encryptas is a relatively unique NFT project that doesnt use the same style most recent NFTs do, instead opting for something more minimalistic and artistic. Every Encryptas token is an outline of a woman with broad shoulders the only things that change are the colors, hairstyles, clothes, and accessories. They look simple yet stylish at the same time. At the time of writing, the cheapest Encryptas NFT on OpenSea was 0.0165 ETH ($26.92) .
3.PixelBeasts: PixelBeasts are a cheap yet interesting NFT collection that was created by an NFT artist called Yohei Nakajima. The tokens are stylized in an 80s-esque pixelated retro style and are pictures of cute animals. At the time of writing, the cheapest PixelBeasts token was 0.0053 ETH ($8.66) .
4.autoRAD: AutoRAD is a rather unusual NFT project that has chosen to go for geometrical shapes instead of trying to use stylish or cute characters to attract attention. AutoRAD NFTs look like something you might see in a math textbook or a synth-wave album cover. According to the projects description, it aims to resemble the fun spirit of movement in tight compositions and it certainly achieves this, as the art for these tokens does look very dynamic. At the time of writing, the cheapest autoRAD NFT on OpenSea was 0.0001 ETH ($0.16) .
5.Impermanent Digital: Impermanent Digital is a collection of generative art NFTs that are created using a custom algorithm. Each NFT is unique and is created by the algorithm in real-time. The art is abstract and colorful, and each NFT is accompanied by a unique audio track. At the time of writing, the cheapest Impermanent Digital NFT on OpenSea was 0.01 ETH ($16.31) .
6.Pixel Vault: Pixel Vault is a collection of 10,000 unique pixel art NFTs. Each NFT is a 24×24 pixel image that is randomly generated by the algorithm. The art is colorful and playful, and each NFT is accompanied by a unique audio track. At the time of writing, the cheapest Pixel Vault NFT on OpenSea was 0.03 ETH ($48.93) .
7.CryptoPunks: CryptoPunks is one of the earliest NFT projects and is considered a classic in the NFT world. It consists of 10,000 unique 8-bit characters, each with its own distinct traits. CryptoPunks has a large and active community, and the NFTs are highly sought after. At the time of writing, the cheapest CryptoPunks NFT on OpenSea was 0.5 ETH ($815.50) .
8.Bored Ape Yacht Club: Bored Ape Yacht Club is a collection of 10,000 unique hand-drawn apes, each with its own distinct traits. The art is colorful and playful, and each NFT is accompanied by a unique audio track. Bored Ape Yacht Club has a large and active community, and the NFTs are highly sought after. At the time of writing, the cheapest Bored Ape Yacht Club NFT on OpenSea was 0.5 ETH ($815.50) .
9.Art Blocks: Art Blocks is a collection of generative art NFTs that are created using a custom algorithm. Each NFT is unique and is created by the algorithm in real-time. The art is abstract and colorful, and each NFT is accompanied by a unique audio track. At the time of writing, the cheapest Art Blocks NFT on OpenSea was 0.02 ETH ($32.63) .
10.The Doge Pound: The Doge Pound is a collection of 10,000 unique hand-drawn dogs, each with its own distinct traits. The art is colorful and playful, and each NFT is accompanied by a unique audio track. The Doge Pound has a large and active community, and the NFTs are highly sought after. At the time of writing, the cheapest The Doge Pound NFT on OpenSea was 0.02 ETH ($32.63) .
Why Invest in Cheap NFT Projects?
Investing in affordable NFTs offers diversified exposure within the market. These projects have the potential for substantial growth, providing investors with entry points into burgeoning ecosystems.
Risks and Considerations
While promising, investing in cheap NFT projects comes with inherent risks. Market volatility, project failures, or lack of sustained interest could impact returns.
Conclusion
Exploring the landscape of cheap NFT projects unveils hidden gems that may flourish in the ever-evolving digital market. By employing careful analysis and considering the outlined criteria, investors can identify potential winners among these affordable yet promising NFTs.
Disclaimer
The information provided in this article is for informational purposes only. It should not be considered financial advice. Investing in cryptocurrencies and NFTs is a high-risk activity and should be done with caution. It is important to do your own research and consult with a financial advisor before making any investment decisions.
FAQ
Q. What is an NFT?
A. An NFT (Non-Fungible Token) is a unique digital asset that is stored on a blockchain.
Q. What is the difference between an NFT and a cryptocurrency?
A. Cryptocurrencies are fungible, meaning that each unit is interchangeable with another unit. NFTs, on the other hand, are unique and cannot be exchanged for another NFT.
Q. What is the best way to invest in NFTs?
A. The best way to invest in NFTs is to do your own research and consult with a financial advisor before making any investment decisions.
Q. What is the most expensive NFT ever sold?
A. The most expensive NFT ever sold is Beeples Everydays: The First 5000 Days, which sold for $69 million at a Christies auction in March 2021.
Q. What is the future of NFTs?
A. The future of NFTs is impossible to predict, but if the blockchain they were designed for continues to be used and developed, NFTs will continue to exist.
Q. What is the difference between a generative art NFT and a hand-drawn NFT?
A. A generative art NFT is created using an algorithm, while a hand-drawn NFT is created by an artist.
Q. What is a presale?
A. A presale is a fundraising event where investors can purchase tokens before they are available to the public.
Q. What is a decentralized exchange?
A. A decentralized exchange is a cryptocurrency exchange that operates on a decentralized blockchain network, allowing users to trade cryptocurrencies without the need for a centralized intermediary.
Q. What is KYC?
A. KYC stands for Know Your Customer. It is a process of verifying the identity of users to prevent fraud and money laundering.
Q. What is Web3?
A. Web3 is the next generation of the internet, built on decentralized blockchain networks that offer greater security, privacy, and control to users.
Q. What is a launchpad?
A. A launchpad is a platform that allows users to access and partake in all Web3 activities including accessing decentralized exchanges, trading terminals, and investing in crypto presale projects.