5 Undervalued Ethereum NFTs | Bankless

With the specter of Blur farming no longer what it once was, the recently bearish Ethereum NFT scene may have bottomed and could be due for a big rebound soon.

Of course, amid such a reversal, major collections like CryptoPunks, Pudgy Penguins, and Miladys would likely fare well—but what about lesser-known gems that may also be seriously mispriced today?

When I look around the ecosystem, a handful of smaller projects currently stand out to me as prime contenders to enjoy second winds thanks to being notable digital artifacts.

Let’s highlight these projects and talk why they matter!

1) 0xmons

Creator: 0xmons
Current floor: 0.42 ETH

Eponymously named after their creator and first released in December 2020, 0xmons are pixel monster digital collectibles whose animations were made via Generative Adversarial Network (GAN) tech.

In having used machine learning in this way, 0xmons is one of the early pioneering AI art projects in the crypto scene, and for that reason I suspect it will go on to age well as an AI collectibles play.

2) Avastars

Creators: nft42
Current floor: 0.013 ETH

In the NFT history books, Avastars is notable for being the first profile picture (PFP) project to pioneer a system for storing all its traits fully onchain on Ethereum.

This technique inspired dozens of other onchain collections in the years since the Avastars February 2020 launch, so this significant influence plus the really accessible floor price at the moment has me thinking it’s not a bad time to nab some of these PFPs.

3) CrypToadz

Creator: Gremplin
Current floor: 0.25 ETH

Among the most talented and iconic “one of us” artists in crypto is Gremplin, and his September 2021 10k PFP collection CrypToadz was a signature ode that perfectly encapsulated the vibes of the previous NFT bull run.

I choose to live in a world where artists like Gremplin get the respect they deserve, so I simply choose to believe that CrypToadz should trade higher than 0.25 ETH. And, say in 5 years, I think they will trade higher than they do today as more and more people will have caught up on his lore.

4) Mutant Garden Seeder

Creator: Harm van den Dorpel
Current floor: 1.07 ETH

In my opinion, one of the most exceptional art series to come out of NFTs in 2021 was Mutant Garden Seeder by artist Harm van den Dorpel. In short, each of the 512 pieces in the collection dynamically evolve over time per Ethereum block hashes, making it a really compelling exploration of living art and digital organisms.

All that said, I believe a floor of ~1 ETH is just too low for a collection of this caliber, and I wouldn’t be surprised to see these pieces trading around 4 ETH again within a few years as new collectors wise up to Harm’s works.

5) Terraforms

Creators: Mathcastles
Current floor: 0.54 ETH

If you read my recent Terraforms guide, it should come as no surprise that I consider this project one of the most undervalued in the Ethereum NFT space. Launched in December 2021, Terraforms is a 20-level virtual “Hypercastle” whose parcels evolve over time via its smart contract code.

A trailblazer in runtime art, Terraforms stands out for being fully onchain, continuously dynamically generated, and highly composable. I consider anything lower than a 1 ETH floor for this collection to be an outright steal because I think these pieces will stand the test of time thanks to their artistic significance.