NikeCraft and PsychoKitties: Why these two NFTs are trending

Highlights

• NFTs can have a different price trajectory as compared to native tokens like ETH and SHIB.
• PsychoKitties has recently made an entry, while NikeCraft is a part of Tom Sachs’ collection
• NikeCraft NFT holders recently got a chance to avail “General Purpose Shoe” for free

Even though non-fungible tokens (NFTs) use the same blockchain tech that is used by native tokens, their performances can be as different as chalk and cheese.

For example, CryptoPunk NFTs and the ETH token are both based on the Ethereum blockchain; however, their price trajectories are poles apart. While CryptoPunk #5822 is said to have sold for a whopping US$23.7 million a few months back, the biggest native token ETH has lost nearly 70% so far this year.

While cryptocurrencies continue to lose value, with the total crypto market cap having plunged below US$1 trillion, there are NFT assets, which have sold for very high prices.

On that note, let us explore two NFTs that have gained traction in an otherwise dull crypto market.

1. NikeCraft

NikeCraft NFTs are a part of a broader offering by artist Tom Sachs. Sachs’ other NFT assets include Apple, Coca Cola, Ferrari, Chanel, and Budweiser.

NikeCraft NFTs created a buzz last week when it was announced that the holders of these NFTs could claim free General Purpose Shoes. Available on the OpenSea marketplace, NikeCraft has 138 unique assets. These are a part of hundreds of Tom Sachs’ NFT assets, which include the above mentioned brands.

Over 500 unique assets of these brands are listed under Tom Sachs: Rocket Factory. Enthusiasts require ETH to make purchases on OpenSea.

Also read: Speculations swirl around Depp’s NFTs featuring his daughter Lily Rose

2. PsychoKitties

PsychoKitties NFTs are a part of the wider metaverse, and the project is expected to have games, digital assets, and “social hangouts”. A new project in the metaverse space, PsychoKitties has 10,000 assets. It should not be confused with another NFT gaming project named CryptoKitties, which is also popular.

PsychoKitties is listed on NFT marketplace, Crypto.com. Crypto.com’s official website suggests that PsychoKitties’ total trading volume stands at nearly US$11.7 million, as of writing, with an average price of nearly US$685.

The artist behind PsychoKitties is Ugonzo.

Costliest NFTs

Pak and Beeple are two of the most popular artists in the field of NFTs. Beeple’s Everydays stays the most expensive NFT to this day, while Pak’s Clock ranks second.

In terms of projects where multiple NFTs share a single dominant theme, CryptoPunk and BAYC are popular. The assets of CryptoPunk have sold for millions of dollars.

Viewpoint

Native tokens of blockchain projects are under severe stress as of now. Separately, Celsius Network has suspended the withdrawal of assets. This is apparently making crypto enthusiasts more worried. NFTs are arguably not being impacted by these disturbances. NikeCraft and PsychoKitties are two of the NFTs that are trending. How they fare in the long term and what rewards do they bring for holders is a wait-and-watch game.

Also read: What future does Celsius Network hold after its suspension?

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