With the advancements in digital technologies, more and more things from our everyday lives are being transitioned to the virtual world. No wonder, that art is not an exception. In 2023, everyone can create and sell digital art by means of non-fungible tokens.
Non-fungible tokens, also known as NFTs, boomed in 2021. Basically, these are digital assets representing different pieces of art — these might be pictures, pieces of video, memes, and so on. The biggest benefit of NFTs is that, unlike physical artworks, they record the ownership of a user by means of blockchain technology.
The evolution of NFTs is rapid and it attracts more and more enthusiasts all over the world. Today, we are going to take a closer look at a specific type of non-fungible tokens called PFP NFTs and their representation in different digital collections. Let’s get down to business!
Introduction to PFPs
Table of Contents
PFP is an abbreviation that stands for so-called profile pictures. The concept of NFT profile pictures appeared as a result of the NFT idea evolution and its transition from virtual collectibles to highly valued digital assets. As you can guess, profile pictures are used in social media, and users, who want to be more unique, search for PFP NFT collections and use unique tokens as their avatars.
Quite often, social media users put NFT profile pictures to show that they are part of a specific community formed around a certain collection. Obviously, you must have heard about people with funny ape avatars. These are fans of the Bored Ape Yacht Club collection. But there are other popular communities as well, including CryptoPunks, Azuki, Clone X, etc., which can be recognized by the profile pictures of their followers. The interesting thing to learn is that this PFP NFT trend is being followed not only by average crypto enthusiasts but celebrities and large companies as well.
More About PFP NFT Collections
NFT collections that are referred to as PFPs are a set of special tokens that were designed to be used as avatars. Similar to other NFT collections, units of PFP NFT collections are united around a specific topic, although each piece is completely unique. One more feature similar to these collections and average NFT collections is that they are mostly created on the capabilities of the Ethereum blockchain or any other network that enables this process.
The first PFP NFT collection that really headlined the news was CryptoPunks, which was launched in 2017. This collection consists of 10,000 images of totally unique characters, which is why they became so popular as social media avatars. Although CryptoPunks was launched back in 2017, it became a real mainstream only in 4 years when its community started promoting the project on Twitter by means of profile pictures.
On the whole, although the popularity of the CryptoPunks collection has relatively faded out, this trend is quite relevant in 2023 as well. In fact, dedicated crypto enthusiasts are very eager to promote their favorite collections, and changing their avatars on Twitter to gain the attention of your target audience is the simplest step they can take.
Do NFT Profile Pictures Have Any Lucrative Prospects?
As you all know, the world of digital assets is much more volatile than the sector of traditional financial products. That’s why one can never be sure that something will remain the same relevant as it is today in several years.
Nevertheless, we can judge from what we can see today. And today, individual non-fungible tokens and entire collections are being sold at auctions for millions of dollars. Celebrities launch their own collections and engage their followers to become a part of the growing communities. PFP NFT is, in fact, the easiest way to join this community, and we’ve seen this in numerous examples of such collections as BAYC, World of Women, CryptoPunks, and many others. People are likely to fall for fresh ideas and showcase this publicly, so we are quite optimistic about the potential prospects of both well-established PFP NFT collections and newly-emerging ones.
NFT is revolutionizing the world of technology and art. That’s why we suggest you follow the latest news about these trends to stay aware of what is going on in these two uncombinable niches.