What are PFP projects in NFT?
Read about what PFP projects are in NFT space and how they can benefit the owners. Also, gain useful insights over what are the top PFP projects in 2022.
The world of crypto and NFTs have seamlessly introduced new concepts that specifically cater benefits to their owners in varied forms. With such wide expansion and reasonable growth one of the concepts, popularly known as “PFP PROJECTS IN NFT” has snuggled high vogue.
First things first, let’s start from understanding what “PFP Projects in NFT” is;
WHAT ARE PFP PROJECTS IN NFT?
PFP is an abbreviation for “PROFILE PICTURE”. Sounds so common, right? Then what’s the hype all about? Let’s see;
PFPs have been gaining immense popularity in recent times. You might have come across tiny pieces of artwork being collaborated into a single form of picture and uploaded as the profile picture on Twitter handles or other social media platforms of some very famous celebrities and well-known personalities.
These NFTs are created by pairing by randomly assigning attributes to a base character. Basically, when a developer aggregates their ideas with advanced computer technology, PFP NFTs are created.
The characters could be an elephant, a cat, or an ape, created with the motivation to make them rare collectibles and the possibility to sell the character for some extra value.
EMERGENCE OF THE PFP NFT CONCEPT:
The emergence of the first-ever PFP NFT was marked by spotlighting “Cryptopunks”, in 2017. To withhold users’ attention 10,000 unique avatars were created over the Ethereum blockchain.
When the developer of “CryptoPunks,” initially launched their collections, they gave the NFTs away for free — anyone with an Ethereum wallet could claim one. The value of Punks rose rapidly during the NFT boom that occurred in early 2021. CryptoPunk #7804, one of nine “alien” types, sold for $7.57 million last month.
$7.57 million for NFTs! Isn’t it just insane? Some might say of course it is, while others might say it’s worth the value. Well! Let us see why people are dying to buy these NFTs and what value these NFTs provide them.
WHY IS ONE INCLINED TOWARDS BUYING A PFP NFT?
Now to understand this, let’s pour some light on how does a millionaire lives in the real world. What are the possessions they have to showcase?
Similarly, when we take a step into metaverse; “OUR DIGITAL WORLD”, we will need something to flex about, so owning a rare PFP NFT is similar to owning a Lamborghini in the real world.
Individuals like to have a sense of ownership over worthy possessions and valuable items and PFP NFTs hit the exact nerve by giving the owners what they crave for.
Other than fame in the community, PFP NFTs have more to offer:
01) Private club memberships inclusive of the purchase of PFP NFTs can gain owners free and first entry to exclusive events and concerts.
02) Free hangouts at prime casinos, sports arenas and stadiums.
03) Meet and greet events with their real discord and zoom community members and have the liberty to hold auctions in the metaverse.
04) Owners of PFPs have access to many promising benefits, including exclusive access to personalized products, new connections, and chat rooms on Discord.
05) Brands and platforms have also been able to build new customer bases and redefine their credibility through PFP projects.
06) PFP NFTs provide voting rights in the community and facilitate active participation in the decision-making process.
07) Some PFP projects are introducing real-life utilities such as vouchers with games, meals, or physical toys.
We can almost hear you say, “Damm! I want to see them and buy them.” Well, we aren’t sure if these six-figure prices of NFTs rationalize well with your budget or not but we can surely bring you some top and popular PFP NFTs hovering into metaverse in 2022.
TOP PFP PROJECTS YOU MUST BE AWARE OF:
01 CryptoPunks: No matter if you’re a total newbie or a veteran collector, you’ve probably learned quite a bit about CryptoPunks by now.
02 Bored Ape Yacht Club: With a collection of 10,000 NFTs and collectors all over the world, BAYC has become one of the most beloved and embraced projects in all of NFTs.
03 Azuki: This anime-themed avatar project launched in January 2022 and quickly rose to the top of the charts.
04 Clone X: The Clone X project is a joint venture between the metaverse fashion house RTFKT and renowned multimedia artist Takashi Murakami.
05 Moonbirds: Kevin Rose created Moonbirds, as part of his Proof Collective — a private membership club of NFT collectors.
06 Doodles: Doodles are a collection of hundreds of visual traits designed by Burnt Toast. Hand-drawn illustrations include skeletons, cats, aliens, apes, and mascots. Additionally, the collection contains dozens of rare heads, costumes, and colorways of the artist’s palette.
With so many options for NFTs available in the market, it becomes difficult to choose which might be the most suitable NFT for you. Well, to help you a little we have drawn up a simple list of steps one can go through before finalizing the deal.
HOW TO SELECT A SUITABLE PFP NFT FOR YOURSELF:
Before purchasing a PFP NFT you must check the reliability and authenticity of the NFT through the following steps;
01 CHECK-IN SOCIAL MEDIA CHANNELS: You can visit the social media channels of the particular NFT project. Discord and telegram are great platforms to check reliability as all the users and community members stay in touch with the admin panels and freely share the issues they are facing. This way you can get a clear idea of the inside workings.
02 LOOK OVER THE ENGAGEMENT: Engagement plays a vital role in the selection of the NFT. The higher the engagement rate, the higher the reliability of NFT project. Check how well the community is engaging with the project.
03 EXPLORE TWITTER: Twitter uncannily unfolds the truth of any project and keeps you updated about the latest trends in the industry. If they post frequently and give updates on every activity then the project is worth investing in, as it will quickly address the issues of the investor in case of any query.
TWITTER VERIFICATION FOR PFP NFTs:
In order to verify the owners of the PFP NFTs and ensure their authenticity, Twitter had introduced a verification feature.
Starting in January 2022, Twitter allowed owners to set the Twitter profile picture to a CryptoPunk or other NFT, along with a hexagonal border to signify its authenticity.
As for the question of whether someone could copy-and-paste the image, the answer to that is yes, but they would not be able to receive the border of authenticity. The hexagonal border will only be available on the original PFP NFTs.
04 OBSERVE THE VISION: Check out their roadmap and see what plans they hold in the pipeline. Have a look at the upcoming projects they will launch and the strategy they will be moving forward with. Is the NFT worth holding and will it deliver higher rewards in the coming years? If you get a satisfactory answer to all these questions, you must invest in it.
There is a lot of speculation in the crypto space, but it’s critical to realize that marketing and selling PFP NFTs isn’t a walk in the park, until and unless you have reached the threshold of invoking FOMO in the minds of every user. This is similar to the act of selling physical art. In the event that you need money quickly, it’s not something you can easily sell. Rather than looking for something to flip, find something that resonates with you and that you will enjoy using in your own unique way.
Despite the inconvenience in selling these PFP NFTs, they still have a great hold over the audiences and have enough demand and popularity.
CALL TO ACTION:
If you want to learn more on NFTs and cryptocurrencies, come over next Monday for another series of Educative Crypto blogs.
Till then Stay tuned! Keep reading! And don’t forget to share your views on whether these PFP NFTs are worth buying or not?