PFP (profile picture) is one of the most popular NFT collections. It is an exclusive digital image designed to serve as the personal profile picture of the owner.
Non-Fungible Token (NFT) is a unique digital item stored on a blockchain. These NFTs are capable of representing anything from art to in-game items. It serves as a digital record of ownership.
What Is PFP NFT?
PFP stands for profile picture in this NFT collection. It is any NFT, the main purpose of which is to be used as a social media profile picture or avatar. These are digital items that are authenticated and updated on the blockchain network; the uniqueness of the Ethereum blockchain network supports them. Some of the PFP NFTs also grant access to designated online communities.
The PFP NFT generally includes a randomized collection of traits with a variety in their levels of rarity. Some examples of features are color, hats, sunglasses and others. There are only nine alien cryptopunks in existence and those have been sold for tens of millions of USD. The majority of these resources are works of generative art.
Computers using generative algorithms typically produce these pieces and their hand-drawn PFP NFT collections are also popular among NFT traders.
History And Development Of PFP NFTs
NFTs are believed to be a new trend; the actual developers of NFTs are Larva Labs. Matt Hall and John Watkinson founded Larva Labs, a product studio. The founders were able to produce tens of thousands of punk stylized humanoids in the form of pixel art.
Initially, both founders believed that they had found a brand-new app or game for smart phones. Their publication has revolutionized the space of digital art and redefined the concept of ownership.
Larva Labs then presented the prototypes for some of the first NFTs. They presented a slightly modified version of the ERC-20 tokens on the Ethereum blockchain. As a result of constant efforts from Hatt and Watkinson, the development of a specialized digital coin. It is an ERC-721 token standard and it was developed specially for non-fungible tokens.
NFT collectors soon started using their cryptopunk characters as Discord and X profile pictures.
Working Of PFP NFTs
The creation of PFP NFTs can be executed through the website of the NFT collection or it can be bought on a second-hand NFT market such as OpenSea or Magic Eden. After purchasing, the NFTs are reflected on the user’s profile page on NFT marketplace and also in their cryptocurrency wallet. Supported crypto wallets include MetaMask, Phantom and others.
The owners of Ethereum PFP NFTs can present their NFTs on Instagram and other social media applications. They can also connect their crypto wallets to their X to verify their profile picture NFTs for a hexagon shape.
Guide On The Usage Of PFP NFTs
The primary function of PFP NFT is its function as a profile picture. It is one of the key components of the NFT industry and the larger crypto community; it provides NFT owners with an opportunity to display their assets because digital collectibles crave uniqueness and exclusivity.
In contrast, some of the PFP NFT projects allow NFT collectors to enjoy an extended range of usefulness. The major factor in NFTs is their ability to monetize creative works. Artists are required to be careful when incorporating utility into their projects. Most creators and developers do not attribute intellectual property rights to their creations, but PFPs must have a significant practical benefit.
Some of the PFP projects also give access to metaverse resources. With the popularity of NFTs, metaverse, the concept of the virtual world also gained popularity. A PFP NFT can also serve as an avatar in the virtual world, which has added to the popularity of avatars. Moreover, collections like BAYC offer restricted access to the personalized utility; this feature also applies to the follow-up, the mutual APE Yacht Club. PFP owners can also grant access to the benefits that are available in the real world.
Popularity Of A PFP NFT
PFP or profile pictures, is an NFT collection that has gained sudden popularity. The tiny art pieces can be observed as a Twitter profile photo. The celebrities and influencers are also getting attention for their large purchases. The first PFP NFT was CryptoPunks, launched in 2017.
10,000 unique avatars were generated on the Ethereum blockchain and distributed for free. Some of the features of the avatars were rarer than others, these avatars were initially seen as collectibles. Blockchain enthusiasts began to use them on social media, portraying that they had joined the crypto culture.
Over the years, purchasing a CryptoPunk has become more difficult. The cost of a cryptopunk ranges from thousands to millions of dollars, depending on the rarity of the item and whether a user can easily locate it.
Conclusion: Importance Of Owning A PFP NFT
NFTs allow buyers to express themselves while also belonging to a community that shares their values. It is a better illustration of how a community drives NFT value than Bored Ape Yacht Club (BAYC). The project utilized the CryptoPunks approach of minting 10,000 different avatars, which served as membership to their club.
They have joined forces with a 3D virtual world run on Ethereum, that is, Decentraland, The communities were no longer isolated on Discord and Zoom and were met in the metaverse. The NFT collection of BAYC, Yuga Labs are working on their own metaverse.
Moreover, they also offered members the option to claim NFT dog also known as Bored Ape Kennel Club. It is similar to the membership dividend since the value of the dogs increased.
