NFT is simply a non-fungible token or cryptocurrency. A fungible token is something that can be easily exchanged for another token. Usually, this refers to a currency.
There are a few reasons why NFTs may be considered better than fungible tokens, but the main reason is that they are 100% unique. No two tokens will ever be the same, which is why they are great for appreciating value.
What is PFP NFT?
One typical type of NFT is a profile photo or PFP. You can think of them as small works of art that serve as your Twitter profile picture. Influencers and celebrities who make high-profile purchases attract attention. The first PFP NFT to debut in 2017 was CryptoPunks. A Profile picture NFT is a digital asset with no in-game use but can be used for social media and advertising. Profiles (tokens) can increase the value of various communities, such as groups, clubs, brands, fans, and influencers. These tokens are often used in games such as Fortnite. They can also be used as gaming items in games that are based on real-world currencies; they’re not a cryptocurrency themselves.
How PFP NFT Works
When you have an asset (NFT), it’s recommended that you have a profile picture associated with it. This photo will be used for your profile on other platforms (Facebook, Twitter, etc.). If a user wishes to use your NFT as their profile picture, they will need to register the image on your site; click on ‘Use this as my profile picture. The user will then proceed to upload the photo, and you can then convert their uploaded photo into an array of hex values.
When registering your NFT, you also can create a name for it (e.g., PictureProfileNFT). This name will then go into your contract.
This allows you to reference your NFT. You can convert your profile picture into an NFT, the pictures will then be associated with your account and can be transferred from one account to another. This process is called minting.
TRENDING PFP NFTs FOR YOUR PROFILE PICTURE
The Plaque of Frogs is a profile picture NFT on Twitter. The iconic white plaque with a frog is sometimes referred to as the most-liked profile picture in the world because it has over 8.2 million likes and counting.
The Plaque of Frogs is an art created by Matt Furie in March 2010. The original Plaque of Frogs art was created as a tribute to his pet frog named Pepe, and the rest is history. The image went viral after featuring on the cover of an issue of “Boy’s Club” comic book, which was published in May 2008. Matt Furie has sold thousands of his artworks since then, and people have been asking him to customize their plaques with names or nicknames, but he still hasn’t put out a small batch for sale.
In 2014, the Pepe transitioned into an NFT when the Rare Pepe Wallet team created the first NFT wallet called the “Rare Pepe Wallet” on the Ethereum blockchain. Then, in 2017, Matt Furie created the official Rare Pepe Directory listing all the official Rare Pepe and their unique contract addresses.
By 2015, Rare Pepes began appearing with watermarks and collection of 1,200 rare Pepe images reached $99,166 on eBay before being removed.
In October 2016, one-of-a-kind Rare Pepe NFT “Pepenopoulos” sold for $3.6 million at Sotheby’s. Due to growing demand for on-chain collectible assets, the first Rare Pepes were mined in block 428,919 on the Bitcoin blockchain in September 2016, before the term “NFT” was common. With Ethereum’s growth and market support in 2017, a digital collectibles community grew, prompting developers to create more platforms to catalog and exchange digital images. In the burgeoning art-centric crypto market, creators could publish their work as digital tokens with a fixed circulation. Collectors could then sell, trade, or store their collections.
The past year has seen BAYC become a barometer for NFTs, just like bitcoin is for the overall crypto market. The entry fee for NFTs at the Bored Ape Yacht Club was $400,000 in April, the month when NFTs were at their peak. That amount is now closer to $150,000 due to the crypto crash brought on by the Federal Reserve’s decision to raise inflation rates to combat inflation. Not the highest ever, but absurd when you consider that these NFTs sold for approximately $200 each in April. Owners of Bored Apes who used their NFT as their Twitter profile photo include football player Neyman Jr., Timbaland (1.6 million followers), and Eminem (22.6 million followers) (55 million followers). Additionally, BAYC members Jimmy Fallon and Paris Hilton talked about their Apes in a cringe-worthy Tonight Show segment. In February, Justin Bieber made waves by investing $1.29 million in a Bored Ape Yacht Club NFT.
The NFT collection’s creator, Yuga Labs, has already added a coin to the ecosystem (Ape Coin). More significantly, it’s creating “Otherside,” a “metaverse” MMORPG game.
Ether, the second-largest cryptocurrency, is intrinsically linked to its value. That means if crypto crashes, as detractors have long predicted, NFTs like BAYC are likely to lose their appeal. The first batch of N.F.T.s sold by Bored Ape Yacht Club brought in more than two million dollars. Since then, nearly 100 million dollars have been traded for the collection’s items, with the cheapest apes frequently fetching close to 14,000 dollars. The project has sparked a flurry of related clubs in recent months and a craze among crypto-enthusiasts for N.F.T. avatars.
More than 13,000 fans and N.F.T. owners are members of the Bored Ape Yacht Club’s Discord server, which often holds conversations in channels like #crypto-talk and #sports-bar. Within the larger Internet chaos, the mutual investment among club members creates a sort of bond that is both social and financial.
The Yuga Labs team launched MAYC, a new collection inspired by and partly derived from the BAYC collection, to express their gratitude for their community and complete the first stage of their project roadmap.
The first 10,000 Mutant Apes sales generated $96 million in the first hour after their release. 10,000 more Mutants were produced from “Mutant Serums,” which were airdropped to current BAYC holders.
20,000 NFTs with a Mutant Ape theme were assembled to form the Mutant Ape Yacht Club on August 28, 2021. MAYC was developed to bring new collectors into the BAYC ecology as the second-ever expansion to the Bored Apes habitat. Since its debut, the collection has grown significantly in popularity and is now the market leader for PFP NFTs.
The Mutant Ape Yacht Club is a distinctive organization that obtains its value not only from its parent firm but also from reasons outside of market conditions, aside from becoming a well-known gainer with connections to Yuga Labs.
For starters, MAYC made it possible for more NFT aficionados than anticipated to join the Bored Ape community. Sadly, Bored Ape NFTs continue to be expensive and out of reach for the common person. Still, Kennel Club NFTs and later Mutant Apes have occasionally seen the entry barrier decrease noticeably, opening up new levels of accessibility to the coveted BAYC community.
Bored Apes may have lost ground to Mutant Apes regarding accessibility and appeal among people outside the NFT space. People who are just vaguely familiar with Web3 can connect to the MAYC brand because many apparel labels and other businesses use Mutant Apes as brand ambassadors on social media platforms like Twitter.
Sappy Seals is a PFP NFT with a seal theme, as the name suggests, and each seal has a different set of characteristics. In August 2021, the project released the 10,000 Sappy Seals collection, which was in high demand and sold out in just 10 minutes.
As of this writing, the highest price for a Sappy Seal sale was approximately 15.625 ETH, while the typical cost for a Seal NFT is approximately 0.34ETH. With an impressive total trade volume of 3.9K ETH, the currency floor price of the Seals is close to 0.7435 ETH, or almost $1250. Many individuals find Seals appealing because of their relatively lower price compared to other high-quality PFP NFTs and their potential to one day rank among the best NFT collections.
To increase the sustainability of our ecosystem, The Sappy Seals are also donating to ocean cleanup initiatives a portion of the entire sales earnings. Therefore, a crucial component of the Seal’s plan is proactive assistance for marine habitats.
Approximately 4400 owners and a large fan base currently own Sappy Seals. The Sappy Seals community is as vibrant and diversified as many other NFT groups.
10,000 cute seal NFTs called Sappy Seals to have a home on the Ethereum blockchain. It is a project driven by the community to grow the metaverse.
Pudgy Penguins used to be the champions of the charming aesthetic, but seals are now.
Without a doubt, the Sappy Seals community’s strength and unity are frequently mentioned on NFT Twitter. Others consider it a “cringe” community, even though most consider it a good, positive community.
On September 2, 2021, Sappy Seals was established under the leadership of @wabdoteth, who also built the Pixlverse. This metaverse platform has carefully linked several other NFT initiatives to create a formidable organization.
PFP NFT Community Reaction
Competitions and discussions between communities may not be bad overall because they can increase the utility and market value of NFTs.
Competitions like this keep a community engaged, especially if they’re already popular.
With so many NFT projects, the market is flooded. As a result, NFT projects are looking for new ways to attract investors and community members.
Free NFT giveaways and community competitions are one-way projects that can achieve this goal. Those who participate can win prizes.
Many competitions require you to own the respective NFT. Other competitions may not require an NFT. Instead, hold the project’s cryptocurrency token or follow them on social media.
The best NFT giveaways and competitions raise awareness for the project.
This October, the plaque of frogs will be holding Frogtoberfest. This contest is where projects choose a theme- anything from animals to space to landmarks. The community votes for the best NFT designs based on their quality and creativity.
The best NFT design, according to the community members, will receive the mfost votes, and the project will award it. Usually, the design gets a few hundred dollars of ETH in prize money. The contest is currently trending on Twitter using the hashtags #FROGTOBER.
I heard that @ThePlagueNFT frogs are the best.
I’m kinda new let’s connect 🐸 Show me your frogs I’ll follow back. #RIBBIT #FrogsFlex #FROGTOBER pic.twitter.com/lOzc2l3FTM
— RickyG (@0xRickyG) October 10, 2022
The Twitter blue NFT PPFs feature makes the above-listed community activities easier and more possible.
Through the feature, users can use their profile pictures to indicate and publicly display their membership in a specific NFT community. Additionally, this allows for interactions and discussions on various social media platforms. One of the simplest ways to exercise a prized possession is through this.
It is more authentic than simply copying and using the picture as a profile picture because it incorporates OpenSea’s API, metadata, and collection verification.
Viewers can get immediate access to the NFT name, creator, collection description, and other extra properties of the artwork by tapping on a verified NFT PFP. As long as NFT is the connected wallet, this feature will be accessible. The image will remain the PFP after the transferred item but no longer contain any details.
Even though anyone can easily access NFTs online, the person who produced them is still regarded as their rightful owner. As a result, laws governing them and their owners and guidelines to stop NFTs from being wrongfully stolen exist.
It is against the law to screenshot an NFT and sell it or pass it off as your creation. As it violates established copyright laws and reflects poorly on the NFT’s original inventor, particularly if it is an artistic endeavor.
It is not necessarily prohibited to take a screenshot of an NFT and save it to your computer or phone. It is OK to take a screenshot of an NFT to remember what it looks like, save it for future reference, or to make it easier to locate.
However, a problem arises when you attempt to pass off the screenshotted NFT as your original work and sell it to someone else.
In cryptocurrency, there is a lot of speculation, but it’s important to understand that PFP NFTs are extremely challenging to sell. PFP NFTs are comparable to creative works. If you need money immediately, selling it immediately is not an option. Instead of looking for something to flip, discover a piece that speaks to you and that you can use in your way.