What does “Blue Chip” Mean In The NFT Space?
By now, you’ve probably heard the term “blue chip” in the NFT space. The blue chip badge, in my opinion, has to be earned overtime. If you’re unsure what it means and what qualifies as a blue chip NFT project then keep reading.
Blue chip refers to projects that have a solid foundation. These projects have large communities with long-term holders and solid plans to build their brand over time. When you buy into a blue chip project, you are buying long-term value. The risk of blue chip projects failing is lower than other projects because they are well-established entities. They have built trust within their communities over time — something money can’t buy. As a result, NFT projects with blue chip status are pricier.
You’re probably wondering how people spot blue chip projects early. The key is to get involved in different discord communities and research projects with potential while they are in their infancy stage. You might be onto something if you see a community growing month-after-month with founders continuously working on progressing and giving back to their community.
Since the NFT space itself is new, there are few projects that can claim blue chip status. I’ve listed some examples below of NFT projects that I believe can be blue chip worthy:
I’ve included a fairly new project called Deathbats in my list because it is based on a famous band called Avenged Sevenfold. The band has a massive community and strong fanbase. So, although their NFT project just launched, you already know their community is strong. Visit their YouTube channel and you will see they have millions of subscribers. With their strong community, the Deathbats NFT project has a good chance of strengthening quickly.
What do all 6 of the projects listed have in common? Their communities are unbelievably strong. If you don’t believe me, go to their discord groups and find out for yourself. Everyone is more than willing to help and educate newcomers. Many of the founders and community members hold regular Twitter Spaces where community members are able to speak to one another in a live format.
In addition, the communities listed help protect and guide others from scams. Not many communities will do this. As a day-one holder of World of Women, I’ve seen this community raise money for those that had their WoW NFTs stolen by a scammer. People are genuinely there for each other through the good and the bad.
It’s important to remember that the price point for blue chip projects is higher than other NFT projects. For example, the entry point into World of Women is pretty expensive at around 8 ETH. On the other hand, Brain Vomit Garden has a floor of 0.275 which is a more affordable entry point. BVG’s community is super strong and interactive, plus the brand has a great vision. Look for these kinds of opportunities. A low floor price plus a strong community and vision.
Now you know what it means to be a blue chip project. It’s never one single thing; It’s a variety of attributes. We are still early in the NFT game, so keep your eye out for upcoming projects with real meaning.
Thank you for reading!