From bored app portraits to pixelated cryptopunks, 2D avatar NFTs — commonly referred to as PFPs or profile picture NFTs — have dominated the NFT market.
Non-fungible tokens (NFTs) are unique blockchain tokens that indicate ownership, but for many people the term NFT is synonymous with PFPs such as Bored App Yacht Club and Cryptopunks.
However, these PFPs are actually distinct from the blockchain tokens they are linked to. PFP images – like that of a bored monkey – are actually metadata associated with NFTs.
What is PFP-NFT?
In essence, it is an image, usually static and two-dimensional, that can be bought and sold as an NFT. Typically, they take the form of a head-and-shoulders portrait depicting an animal, person, or other such anthropomorphic creature.
A Cryptopunk, Bored Ape and Moonbird NFT. Images: OpenC
PFP-NFTs usually have a random set of traits with varying degrees of rarity (e.g. color, accessories like hats and sunglasses, and other enigmatic features). The rarest traits can make a PFP valuable; For example, there are only nine alien cryptopunks and they have traded tens of millions of dollars.
How does PFP-NFT work?
PFP NFTs can either be mined from the NFT Collection website or purchased from the secondary NFT marketplace such as OpenC or Magic Eden. Once purchased, the NFT will appear on the user’s supported cryptocurrency wallet (such as MetaMask or Phantom) as well as on their profile page of the NFT marketplace where they purchased the asset.
Ethereum PFP NFT owners can connect their crypto wallet to their Twitter Blue account to check their profile picture NFTs for a “hexagon” shape or show their NFTs on Instagram or other social media accounts.
What can PFP NFT be used for?
Not all PFP-NFTs are the same. Some, such as B. mForce or Goblintown NFT insist that they offer holders certain benefits beyond the images they buy. They are often released either in the public domain or under a Creative Commons license, meaning anyone can reuse NFT’s images regardless of ownership.
Other PFP NFTs like Moonbirds promise holders specific benefits that go well beyond the use of a purchased art image, such as staking for token rewards, exclusive merchandise, and access to the Discord community. To the.
And some PFP NFTs are dynamic NFTs, meaning their avatar images may change over time based on community events or lore changes.
How do PFP-NFTs differ from other NFTs?
PFP-NFTs primarily focus on the fact that each NFT is an avatar that can be used as an internet alias in place of a personal photo. But an NFT can be attached to many other types of metadata beyond 2D art.
For example, blockchain-based metaverses like The Sandbox, Era Labs’ Otherside, and Decentraland sell virtual lands as NFTs, and Proof Collective sells NFTs that don’t offer art but access other forms of benefits. Acts as a membership card for ,
Why is PFP NFT important?
PFP-NFTs arguably sparked the broader NFT culture phenomenon, and this is often the first thing that springs to mind when thinking of NFTs.
They are a starting point for NFT technology and give crypto-novices a glimpse of what the technology could offer in the future.
Outside the Cyborg Gallery in Shoreditch in London, England which exhibits a range of Cryptopunk and Cryptoskool NFTs and offers viewings by appointment only. Image: Kate Irwin
The future of PFP NFT
While game character NFTs for Axie Infinity are by far the most traded collection according to CryptoSlam data, Bored Ape Yacht Club (BAYC), Krypto Punk, and Mutant Ape Yacht Club (MAYC) PFPs fill the NFT collection. . The remaining top 4 places with billion dollar total sales.
But does PFP NFT have a future? Some believe the avatar craze is just a fad and will eventually be replaced by virtual lands in the metaverse, membership cards, blockchain games, or other useful NFTs.
But for now, the PFP NFT serves as a badge of membership in a particular club; Bored owners of Ape Yacht Club NFT count the likes of Snoop Dogg and Madonna among their peers and enjoy access to special events like Ape Fest.
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