Profile Pic Non-Fungible Tokens (PFP NFT) has taken the digital world by storm in recent months, and they are here to change the way we use social media platforms. If you are a newbie in the digital art realm and want to understand how PFP NFT projects works, you are at the right place. Let’s take a deep dive into the details of the NFT collectibles or avatars. We will learn what PFP NFTs are and how they function in the digital economy.
Always skeptical about what are NFTs and why they are so costly? You are not alone. Let’s get into the basics first. NFT’s can be anything digital and there are endless possibilities for them to shape the metaverse. They are unique digital assets that cannot be replaced. Right now, we are in the initial phase of NFTs and the market revolves principally around digital art.
Evolution of PFP NFTs
We all use profile pictures for our social media identity. The game has changed now with the introduction of Profile Pic NFTs. PFP stands for Profile Picture, and we can certainly say these are the seeds of the Metaverse where everything will go virtual.
PFP NFTs are a group of avatars that can be used as profile pictures on social media sites. Each group normally contains about 10,000 avatars and each of them has a blend of unique characteristics that are randomly generated and combined.
Twitter was the first social media platform to embrace the NFT trend. Twitter is allowing its users to put NFTs as profile pictures and it has become a status quo in the digital world. Owning an NFT profile pic is something similar to owning a Rolce Roys but in the virtual world. Celebrities and influencers are spending millions of dollars to get into this exciting trend as early as possible.
PFP NFTs are linked to the Etherum Blockchain and the Cryptocurrency world. All transactions are done using cryptocurrency, and there is an unbelievable amount of money spent on each PFP NFT project. The high valuation of PFP NFTs has made them remarkably difficult to purchase and sell. But there is a less complicated way to get into this new NFT trend.
The story of CryptoPunks and Bored Apes
The unfolding of PFP NFTs started with the tremendous popularity of projects such as Bored Apes Yacht Club (BAYC) and CryptoPunks. Launched in April 2021, the BAYC NFT collectibles sold for an initial price of .08 ETH which is approximately $200. As you read this article in December 2021 the floor price of a BAYC NFT is 51.25 ETH. That is a whopping amount of $207,473.93.
With the huge success of BAYC and CryptoPunk PFP NFT projects, thousands of new NFT avatar projects emerged in the market. These NFT collectibles are creating an opportunity for people to flash themselves in the digital world without bothering about their real-world identity.
Smart contracts on the Etherum blockchain are used to create and manage the Non-Fungible Tokens. Planning to get into the PFP NFTs world and own a few of them? It’s not a cakewalk but with the right strategy and planning, you can launch yourself in this new world of digital assets.
How to own a PFP NFT?
The most effortless way to own a PFP NFT is to get into a new project and mint the avatars before they become worth millions of dollars. You can rely on secondary markets such as OpenSea or mint the NFTs directly from the project’s official website.
There is an immense risk associated with minting new PFP NFTs. There is no guarantee if the PFP NFT project will become successful or not. There are auction houses that sell myriad NFT collectibles, and if you get your hands on the right digital art, there is a chance you will become an overnight success. Avoid suspicious secondary markets that boast about unbelievable rewards and try to scam the newbies in the NFT projects market.
The Profile Pic NFTs and their functioning are still mysterious to common people, and the amount of money involved is too hard to digest. The NFT world is in its initial stage and growing exponentially. This is the right time to learn more about the PFP NFT projects and get in early to the NFT collectibles world.