My Degen NFT Picks for 2023

I am in general very selective and conservative about which kind of NFT projects I invest it. This is due to the fact that NFT space in general is really high risk and most projects fail to sustain long term.

I do however buy some projects which I feel are really undervalued and have some potential to bounce back in the future. The strategy I use is similar while picking a bunch of penny stocks in my stock portfolio. While bulk of the shares I select are blue chip I do include some penny stocks as their upside is much higher though the risk is high as well.

On a similar note most of the NFTs I hold have strong teams behind them which are delivering steadily over the years so the risk of being rugged now is minimal.

The NFT projects I will be outlining in this post are heavily over-sold at the moment due to several factors which led to loss in investor faith. However they still have strong teams which continue to fight despite the adversaries so I continue to hold them.

I would like to clarify that I hold multiple NFTs in all the projects I have mentioned in this post and considering the high risk involved it should not be considered as investment advise. This is more of a probability exercise I am doing where I will come back at the end of 2023 and see how many of these projects went dead, how many just survived and how many bounced back stronger.

6. Loopy Donuts

This project holds a special place in my collection as this was the first NFT rug that I did not expect at all as it did not have any typical red flags. This project made me realise that it is impossible to avoid a rug no matter how careful you are. The project was backed by many popular Twitter influencers so it quickly gained a lot of hype. The artist Xenia was quite popular and doxxed on Twitter and people assumed she was part of the core team. They had no idea then that she was just contracted for the art and did not know anyone from the core team personally.

The project had a sold out launch, art was beautiful, they soon launched their native token $CHILL which was not very common at that time this gave it added popularity. It launched a companion collection called Loopy Cups. Everything seemed hunky dory till now and floor was consistently hitting 0.2 E which was about $800 at that time.

There was a next collection of baby donuts announced and it seemed to be one of the best projects to get in at that time. Then out of nowhere came the shock that the devs rugged the project and stopped communicating. By now the community had grown big and strong with some fans even getting their donut NFTs tattooed on their hands and other body parts. I can’t even imagine how it must have felt watching a project you have tattooed on your body get rugged. I guess something similar to getting your girlfriends name tattooed and being dumped the next week, but I digress.

At that moment I thought the project will go to Zero like all rugs but the community decided to take matter in their hands. They managed to get hold of the smart contracts and assigned core team roles to doxxed community members who had grown attached to their cute donuts.

Current Floor: 0.004E or $7

Why I am Bullish: Given the strong foundation the project has with companion collection launched and in pipeline and a stable native token functional if they manage to offer any utility or marketplace for their token this project can easily to a 100X within 2023. This is the bet I am taking and picking up more donuts at current floor. It is a really risky move I am aware but I personally think the art is top class and definitely worth more than $7 just for arts sake.

Link- https://opensea.io/collection/loopy-donuts

5. The Beeings

Beeings was another project that had a dream start being pushed hard by Twitter influencers and right after launch the floor pumped over 0.3E but everything started going downhill from there.

Current Floor: 0.007E or $12

Why I am Bullish: The art is decent, though I will not call it top class. What makes it unique is their vision was to do something to save the bees all over the world. If they are able to recover during 2023 the floor can easily 10X, though I don’t see a 100X happening anywhere in near future but you never know. Crazier things have happened in crypto.

Link- https://opensea.io/collection/thebeeings

4. Planktoons

This is definitely the cutest PFP collection I have seen. Its heartbreaking to see that people can rug something so cute. What I like about this collection is that it is comparatively limited with the collection size being 4.4K.

The challenge is that last heard the community has still not been able to get control of smart contracts so future is still not certain.

Current Floor: 0.001E or $1.5

Why I am Bullish: The floor is really oversold and if the community is able to take over and start building in 2023 it will zoom to 100X in no time.

Here I would like to add a disclaimer that I am holding big bags of this project and plan to get my bag to more than 100 NFTs considering it will cost me about $200 including gas. If this project manages to bounce back and get anywhere close to 0.5E you can be certain that I would have hit my retirement targets in one go.

Link- https://opensea.io/collection/planktoons

3. Neko

This is an interesting project with pixelated bouncing cats. I did not find it that special but my 2 year old daughter seemed really fascinated by them so I decided to buy a bunch for her.

This is a 10K collection where the mint price keeps going up in slabs as more are minted. Currently there are about 7.7K already minted

Current Floor: 0.013E or $20

Why I am Bullish: The floor was recently under 0.001E and has started to see some movement now, which means I am not the only one interested in it. I am holding a big bag and don’t plan to sell at any level before 1E.

I have a hunch this project will do a comeback in 2023.

Link- https://opensea.io/collection/neko-official

2. Project Nebula

This project is a class apart and I have already written several posts on it. The game revolves around exploring the space in your spaceship with the option of claiming the planets you encounter on the way. The spaceship and planets are NFTs which can be traded. This is the only project on my list which is running on Icon (ICX) chain. This project was in fact one of the strongest going platforms I was part of and never expected it to face any hiccups. I guess the long bearish face tested even the strongest. This project recently announced that they were going to put all developments on hold as they had run out of money to pay their devs.

As expected this caused quite a bit of FUD and the Planet NFTs prices have taken a dip. I continue to hold on as I see the community is still not giving up and many are volunteering to chip in till the tough times get over.

Current Floor: 30 ICX or $6

Why I am Bullish: The community is hardcore which is determined to stick to the project through thick and thin and will see it sustain till the bull phase kicks in.

Link- https://play.projectnebula.app/

VoxelVille

This project was one my first NFT picks and I have written several posts earlier about why I love this project so I will not get into the details. What attracted me to the project was the unique style of making housing based NFTs of different varieties like suburbs, lake side cabins, jungle huts etc.

The project had a sound strategy with launching each collection and even successfully launched a native staking token but even they made one mistake. They launched a companion collection of 10K volume while their typical collection was of 250-750 size and that also during peak bear market. Expectedly the collection did not sell out and also caused negative market sentiment about the project.

They are making adjustments in their strategy to fix the damage and I am personally betting on them to recover.

Current Floor: 0.04E or $70

Why I am Bullish: Their floor is not as cheap as other projects in the list but you need to consider that it is lower than the mint price and once the market recovers and they complete their Avatar collection reveal I expect to see a quick 10X to the floor price. This is my biggest bag in the entire list and I hold more than 20 NFTs of the plot and 15 more of the Avatar companion collection.

Link- https://opensea.io/collection/voxel-ville-official

I would like to end by repeating that this should not be taken as financial advice. Continue to DYOR and this is just what I plan to do with the money I can afford to lose.

I will probably do a quarterly analysis to see how these picks are performing so I get a better idea about how good or bad my NFT decisions are.

If you have your eyes on any NFT collections that are really undervalued at the moment and you expect them to bounce back then do let me know in the comments.

Cheers,

SamBTC