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PFP, a “profile picture,” is one of the most popular NFTs. PFP NFTs are static two-dimensional images used as unique identities on social media platforms.
The PFP NFT originated from a project launched in 2017 by Matt Hall and John Watkinson called “CryptoPunks.”
Top PFP NFTs include:
- CryptoPunks NFT
- Bored Ape Yacht Club (BAYC)
- Doodles
- World of Women (WoW)
- Cool Cats
- Moonbirds
Introduction
Profile pictures are often used to identify users on social media uniquely, and PFP NFTs have quickly become another way of doing that.
There has been a trend in using Bored Apes and CryptoPunks as profile pictures on Twitter and other social media platforms. PFPs can be hand-drawn or digitally generated.
Non-Fungible Tokens (NFTs) are unique assets or digital arts with metadata and identification codes tokenized through a blockchain. You cannot exchange an NFT for similar NFTs — as no NFT is similar. They all have properties that make them unique.
Many individuals without knowledge of blockchain and Web 3 associate Non-Fungible Tokens solely with NFT PFPs like Crypto Punks and Bored Ape Yacht Club. Although arguably more popular than other NFTs, PFP NFTs are generative art within a vast NFT ecosystem.
Developers usually limit the number of NFTs in a collection and categorize them by their uniqueness. PFPs are usually created with limited availability, making them scarce. Its rarity is what makes it valuable and expensive. As of April 2022, the floor price of CryptoPunks was about $180,000.
What do PFP NFTs look like?
PFP collections are usually generated art images curated based on an algorithm with a particular character, like a cat or ape, as their theme. The collections usually create avatars with different characteristics such as body shape, background color, facial features, and accessories.
These images are usually static and two-dimensional, with developments towards animated PFPs. They have head-to-shoulder or chest portraits and could have human or animal characteristics.
While PFPs like Bored Apes adopt the chest-up style, other projects now adopt the animation style. Such projects include The Imaginary Friends and The Invisible Ones.
Compared to other NFTs, Profile Picture NFTs enable individuals to upload them on their social media accounts.
The Origin of PFP NFTs
To understand and adequately explain PFP NFTs, you should know where they originated. In several cases, a group of artists create PFPs and launch them as a limited collection of at least ten thousand tokens. The collections will have a similar base artwork and over a hundred attributes.
The idea for creating the first PFP NFT came about in 2017 through the CryptoPunks project launched by Larva Labs, a company founded by Hall and Watkinson. The company created thousands of pixel art pictures of punks ( impersonal persons).
Although created in 2017, the PFP project did not gain global traction until 2020. In 2021, other PFP projects started to surface — PFP projects like Degenerate Ape Academy, Bored Ape Yacht Club (BAYC), and SpaceBudz.
The Larva labs launched ten thousand digital generative art with head-to-shoulder characteristics initially. These digital generative arts serve as profile pictures across different social media platforms.
Anyone with an Ethereum wallet at the mint event had free access to the Punks; they only had to pay the gas fee needed on the Ethereum blockchain to burn their name as proof of ownership of the artworks.
To establish exclusive ownership of the CryptoPunks, Hall, and Watkinson developed Ethereum (ERC-20) tokens. The creation of the ERC-20 laid the foundation for a standardized digital token called the ERC-721 that was tailored solely for non-fungible tokens.
PFPs are also related to trading cards; they are collectibles created in their thousands with different degrees of rarity.
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How do you make PFT NFT?
The creation of PFP NFT is relatively straightforward. It operates with a plug-and-play method. The first step is for users to choose a platform to create their personal PFP NFT.
The next step is to input the desired unique traits — like, head shape, facial features, and background color, into the blockchain application or software. The user can offer the minted NFT for sale on an NFT marketplace.
Behind this easy creation of the PFP NFT by users is a lot of backend work done by artists and developers. The traits used in creating NFTs by users are usually first created by an artist in collaboration with software developers.
Once creators decide on a character or theme, the artists would create every trait that would make up the avatar in a way that the whole composition properly aligns.
Top-Rated PFP NFT Projects
Let us go over the top-rated PFP NFT projects in our ecosystem.
1. CryptoPunks NFT
The Punks were the first profile picture NFTs successfully minted on the Ethereum blockchain. The CryptoPunks set the ground running for the generative trait combination used by other PFP projects. As mentioned earlier, this NFT Project laid the foundation for every other PFP project.
Many people use CryptoPunks as profile pictures on social media platforms, especially Twitter and Discord. The rarity and rush for the Punks made their prices skyrocket. The rarest Punks cost over $7.5 million each, while the common Punks are worth circa $200,000.
2. Bored Ape Yacht Club (BAYC)
Yuga Labs created the Bored Ape Yacht Club (BAYC NFTs) collection in April 2021. This is the second most prominent PFP NFT project after CryptoPunk. The collection launched 10,000 Bored apes with unique cartoon-style qualities. Each Ape has 170 traits existing in its computer-generated features.
The BAYC made available different incentives to its NFT owners. These incentives include getting a dog NFT (the Bored Ape Kennel Club (BAKC), a SERUM used in minting their own Mutant Ape Yacht Club (MAYC), and access to exclusive content on the “Discord” Server.
It is also important to mention that Yuga Labs gave owners of its NFT commercial rights — they can market and create content with them and even monetize it.
At the initial launch of the Apes, the price for minting was just under $100. It was well received and gained swift popularity within the NFT community. It sold out the same month it launched.
As of the time of writing this piece, the BAYC floor price, according to CoinGecko, is $86,556. Its market cap is $865,386,808. Many celebrities and influential people own and promote BAYC assets — hence its sky-rocket price.
Some celebrities who own this PFP NFT include Jimmy Fallon, Snoop Dogg, and Post Malone. The BAYC has a unique structure that its NFT owners can relate to as a community.
3. Doodles
Evan Keast, Jordan Castro, and Scott Martin created the Doodles collection of 10,000 hand-drawn NFTs. Although Scott Martin originally designed Doodles features, the creators randomly assigned traits and matched them through an algorithm like BAYC, Cool Cats, and CryptoPunks.
The Doodles collection launched on October 17, 2021, at a high price of 420 ETH. At the launch, the Discord server remained closed after only 1000 individuals had signed up. The Doodles has been very intentional about building exclusivity and a strong community. The floor price of Doodles, according to CoinGecko, is 2.20042 ETH.
4. World of Women (WOW)
Yam Karkai created this collection of Profile Picture NFTs. The collection consists of 10,000 hand-drawn female avatars. The creator made the collection to close gender gaps and bring diversity to cryptocurrency and blockchain technology.
The World of Women profile picture NFT launched on the 27th of July 2021 and sold out overnight. Holders of the PFP NFT received ‘World of Women Galaxy’ through airdrops for free in March 2022.
The Market Cap, according to CoinGecko, is $17,613,107. According to crypto news in the NFT community, Reese Witherspoon bought WOW NFTs and may be set to create her own NFT.
5. Cool Cats
The Cool Cats NFT project is an Ethereum-based collection comprising 9,999 randomly generated PFP NFTs. The collection launched in July 2021. The character is a blue cat with over 300,000 unique trait variations.
The worth of the Cool Cats varies based on their rarity. The rarity is divided into four classes — Classy, Exotic, Wild, and Cool. At the launch of the NFT, owners sold their Cats for as much as $130.
The management of the Cool Cats NFT projects has made their intentions known to the crypto community on their plan to expand into a well-established gaming metaverse where the Cats can breed and go on quests.
6. Moonbirds
This is a very recent PFP NFT project, launched by Kevin Rose on April 16, 2022. The collection consists of Pixelated Owls. Holders of this NFT collection have an access card that lets them into an exclusive club for NFT holders. The Moonbirds NFT is on par with the ERC-721 standard.
Although very new in the NFT market, the high rate of income the NFT has generated is impressive. The NFT project made $364 million within 5 days of its launch. Moonbirds is a part of the Proof Collective — a group exclusive to NFT artists and collectors.
Use Cases of NFT PFPs
Crypto Community and Networking
Most PFP Projects are intentional about communal relationships. These projects give their holders incentives like access to exclusive content and clubs. The PFP NFTs give people a sense of belonging and identity as they are eager to represent their community in the NFT space.
Social media platforms, especially Twitter, also encourage this. For example, Twitter gives a BAYC NFT holder a verified badge for linking their BAYC NFT to their Twitter account.
Profit
Profile Picture NFTs are a way to make income. Because of their scarcity and limited nature, their prices are always mostly on the high side. While some collectors like to collect PFP NFTs for exclusive representation, others collect them to resell for profit.
Summary
PFP NFTS have become valuable assets in the digital space. There is no better time for them to become prominent than now, as sectors and systems have become digitalized.
PFP NFTs are not just digital collectibles; they have become digital footprints and forms of identity for NFT owners.
PFP NFTs have become incredibly popular, and there is no looking back. The digital future is here, and seeing what the future holds for the NFT community is amazing.
PFP can signify an NFT collection crafted for use as profile images, or just a profile photo that features an image sourced from an NFT collection.
People use PFP NFTs as profile pictures on social media. They also use them to make passive income and showcase membership in an exclusive community— like the Bored Ape Yacht Club and Crypto Punks.
Some of the benefits of PFP NFT include:
1. PFPs can sometimes serve as avatars in the Metaverse.
2. They serve as governance tokens and allow owners to vote in the NFT community.
3. Some PFPs allow owners to participate in exclusive events with notable societal individuals.
1. CryptoPunks NFT
2. Bored Ape Yacht Club (BAYC)
3. Doodles
4. World of Women (WoW)
5. Cool Cats
6. Moonbirds
Shawn Munir
Shawn Munir is the CEO of Coinweb.com and spearheads all the collaborative partnerships for the platform. He bought his first Bitcoin in 2017 and never looked back. He is also an investor in 200+ Web3 startups and is considered an expert in the field. Before building Coinweb with his co-founders, he co-founded Presail, a management platform designed for companies and investors to manage their investments in Web 3. In addition to his entrepreneurial endeavors, Shawn serves on the United Nations...
