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Prominent figures like Justin Bieber, Eminem, Stephen Curry, Snoop Dog, and numerous others have proudly showcased their PFP NFTs on their social media profiles. When they showcase their PFP NFT characters, it signifies their ownership of NFTs and grants them exclusive community access for each respective NFT project. Interestingly, the price of a PFP NFT reaches thousands or even millions of US dollars, underscoring why PFP NFTs serve as indicators of both social standing and financial prowess. So, what exactly is an NFT PFP, and what are the most popular examples? Find out more in this article.
Article Summary
- 🖼️ PFP NFT stands for “profile picture non-fungible token.” These NFTs are used as profile pictures or avatars in social media, such as Twitter, Telegram, Discord, and Github.
- 👽Cryptopunks, originating in 2017, pioneered the PFP NFT trend, serving as a source of inspiration for major PFP NFT projects like Bored Ape Yacht Club (BAYC), Azuki, and many others.
- 🎨 OOwning a PFP NFT not only allows individuals to participate in an exclusive community but also provides a canvas for digital self-expression while showcasing one’s social and financial standing.
- 💰 The price of PFP NFTs is influenced by factors such as rarity, utility, community engagement, project partnerships, and global market dynamics
What is an NFT PFP?
PFP stands for “profile picture,” and in the world of NFTs, it refers to a unique digital representation that users adopt as their online identity, often as a profile picture or avatar.
A PFP NFT is similar to a social media profile picture but in an NFT form. It means that the avatar has verifiable blockchain ownership rights.
The user can own the artwork rights by purchasing a PFP NFT. Information about this ownership is recorded on the blockchain, allowing the owner to prove ownership of the digital asset. In other words, they own the one-and-only copy of the PFP NFT.
Each PFP NFT has unique traits that set it apart from others, such as design elements, colours, accessories, or other special attributes. Some examples of the most popular PFP NFTs are Cryptopunks, Bored Ape Yacht Club (BAYC), Azuki, Clone X, Meebits, and others.
Also read: It’s Easy, Here’s How to Trade NFTs.
History of PFP NFTs
When discussing NFT PFPs, it’s inevitable to mention Cryptopunks. Cryptopunks is a pioneer NFT project featuring pixel art of punk characters. In 2017, Matt Hall and John Watkinson (Larva Labs) created Cryptopunks and sold it as a unique crypto token representing ownership.
Initially, Cryptopunks used standard ERC-20 tokens with some customizations. Cryptopunks’ presence then led to the developing of a new token standard for NFTs, the ERC-721. This token is more suitable for NFT functions that differ from other crypto tokens.
The success of Cryptopunks then paved the way for other PFP NFT projects, such as the Bored Ape Yacht Club (BAYC) developed by Yuga Labs. BAYC launched in 2021 and gained massive attention from the crypto and NFT community, making it one of the biggest and most successful crypto projects.
At the end of 2021, BAYC NFT #8817 broke the record as the most expensive NFT sold for 852.39 ETH or 3.4 million US dollars at the time.
What Affects the PFP NFTs Price?
Several key factors influence the price of PFP NFTs. The rarity and uniqueness of the NFT are some of the significant factors that increase the price. The more rare or unique an NFT PFP is, the higher its potential price.
Project popularity also plays a role, as high demand can increase prices. Collaborations with famous projects or personalities and good or bad news can also affect price movements. In addition, global market factors such as crypto market sentiment and overall NFT trends also have a significant impact.
Azuki NFTs had terrible news in June 2023, which caused a sudden drop in the NFT's price. This drop was caused by the launch of Azuki Elementals, which did not meet the community's expectations. Azuki Elementals' artwork was similar to the original Azuki (OG).
Read more about the Azuki price drop in this article: What Happened to Blue Chip NFTs? Azuki Price Drop & Its Impact on the NFT Ecosystem.
Why are PFP NFTs So Popular?
PFP NFTs became so popular for some compelling reasons. Its popularity dates back to the initial success of CryptoPunks in 2017, which inspired the concept of digital avatars as NFTs.
Also, the NFT market experienced an incredible surge in 2021, which included the sale of an NFT by Beeple for 69 million US dollars in March 2021. This monumental event firmly established the PFP NFT as a symbol of prestige and status, thus attracting the attention of the rich, famous, and NFT enthusiasts.
Owning a unique NFT PFP can signify a status symbol in the crypto community and online world. No wonder public figures such as Eminem, Snoop Dog, and Justin Bieber display their NFT PFP on social media accounts.
In addition, PFP NFTs allow collectors to show their affiliation with exclusive communities, like BAYC, that offer its members access to exclusive events, merchandise, and other benefits. It turns PFP NFTs into more than just a visual representation but also a ticket to various uses.
Top 5 Most Popular Avatar PFP NFT Collections
Data from DappRadar shows that Bored Ape Yacht Club (BAYC) has the highest market cap among other NFT PFPs. It is followed by Mutant Ape Yacht Club (MAYC), Meebits, Moonbirds, etc.
Here are some examples of the most popular NFT PFPs today.
Notes:The floor price is based on September 22, 2023.
1. Cryptopunks
Release date: June 22, 2017
Total NFT supply: 10,000 NFTS
Floor price: See here
CryptoPunks is one of the most iconic and influential NFT projects in the history of the NFT world. It has helped establish trends and standards in the ever-evolving NFT ecosystem.
This NFT project was launched by Larva Labs in 2017 before being acquired by Yuga Labs in 2022. This pixel image of punk characters became one of the first NFTs minted on the Ethereum blockchain.
There are five different types of punks with various additional traits with a total collection number of 10,000 punks: Male (6039), Female (3840), Zombie (88), Ape (24), and Alien (9).
2. Bored Ape Yacht Club (BAYC)
Release date: April 23, 2021
Total NFT supply: 10,000 NFTS
Floor price: 24 ETH
BAYC currently tops all PFP NFT collections with a market cap of over 820 million US dollars. The NFT project with the character ‘bored ape’ provides use cases for its owners, one of which is a members-only club.
In 2022, BAYC launched the ApeCoin (APE) token as a community incentive and governance token. Besides, BAYC released the highly anticipated Metaverse project, Otherside, with the Metaverse land sale, Otherdeeds.
3. Meebits
Release date: May 4, 2021
Total NFT supply: 20,000 NFTS
Floor price: 0.99 ETH
Meebits is an NFT project with 20,000 3D voxel figures resembling game characters such as Minecraft and Roblox. The project was developed by Larva Labs, which also developed Cryptopunks, to have these NFTs used in various games, virtual worlds, and other applications.
Meebits has a DAO system, MeebitsDAO, which develops the Meebits ecosystem from the community’s proposals. This development includes creating animations, improving cross-platform interoperability of the Meebits model and enforcing MeebitsDAO decisions.
4. Moonbirds
Release date: April 16, 2022
Total NFT supply: 10,000 NFTS
Floor price: 0.99 ETH
Moonbirds is a PFP NFT depicting pixelated bird characters with various accessories. The project gives its owners a unique experience to connect with artists.
Moonbirds was created by prominent US internet entrepreneur Kevin Rose, a member of the Proof Collective – a limited-access NFT collectors and artists community. Quoted from NFT Now, the project is widely regarded as one of the best PFP collections ever created. A few days after its launch, Moonbirds generated nearly 100,000 ETH in revenue (around 300 million US dollars at the time). It immediately became one of the best-selling NFT collections of all time.
5. Pudgy Pinguins
Release date: July 22, 2023
Total NFT supply: 8,888 NFTS
Floor price: 4.48 ETH
Pudgy Penguins is a collection of 8,888 NFTs featuring images of cute and chubby penguins. Owners of the NFTs, called “The Huddle” and “Pengus,” get access to exclusive events, intellectual license (IP) rights, and the right to create commercial projects with the Pudgy Penguin images they own.
The project was initially controversial due to ownership changes, as the project’s creators needed help to fulfil the initial promises. After the ownership change, the project became more successful with expansion into physical toys and major investments. The current team, led by Luca Netz as CEO, has taken Pudgy Penguins to new levels in the NFT world.
Conclusion
There are several key factors why PFP NTFs have reached such a high level of popularity. One of them is the status and prestige aspect. For some users, owning a rare or famous PFP NFT serves as a means to showcase their wealth and financial status within the NFT community.
In addition, NFT PFPs also allow individuals to feel connected to a community that shares similar goals. The PFP chosen could reflect interests, values, or identities shared with a particular community.
Apart from these reasons, NFT PFPs offer an exciting and creative way to express a user’s identity online and as an innovative way to participate in the digital world.
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References
- Langston Thomas, PFP NFTs: Meet 20 of the Best Web3 Art Projects, NFT Now, accessed 21 September 2023.
- Unchained Crypto Team, PFP NFTs: What Are They & Why Are They So Popular? Unchained Crypto, accessed 21 September 2023.
- Benedict George, What Are PFP NFTs? Coindesk, accessed 22 September 2023.
- Jade Gao, Top 10 Most Popular Avatar PFP NFT Collections, DappRadar, accessed 22 September 2023.
