If you’ve read or seen the term PFP NFTs, you might have thought someone’s cat walked across the keyboard. But no, that alphabet soup has a meaning. bgBenedict decodes and explains:
as their profile picture, for instance. But social media profile pics are just part of a larger ecosystem based on digital image-based NFTs., created by duo Matt Hall and John Watkinson in 2017. Their company, Larva Labs, created thousands of randomly generated pixel art images of stylized people and marketed unique crypto tokens to denote their ownership. The Punks seemed to have fun personalities to which the owners could relate.
The success of CryptoPunks gave rise to a series of other projects inspired by it. Hall and Watkinson went on to create Meebits. These were 3D characters, varyingly unique and tradable just like the CryptoPunks. The floor price of the CryptoPunks was around 62 ETH in April 2022 or over $180,000, according CoinGecko, meaning that’s the cheapest you can buy any individual NFT from the collection. Meebits prices pale by comparison, but you still can’t get your hands on one for less than around 6 ETH .The connection between digital image NFTs and social media profile pictures was solidified whenwhether users owned the NFTs associated with their profile pictures.
As of January 2022, you could set your Twitter profile picture to your CryptoPunk or other NFT and get a special hexagonal border to show its authenticity. Someone else could copy-and-paste the image if they wanted, but they would not get the border. As of writing, this is still limited to subscribers to Twitter Blue and is powered by OpenSea.The most successful PFP NFTs so far arrived in April 2021. It was theBAYC drew a lot from projects like CryptoPunks.
The innovation that BAYC brought was to bundle various perks in with the ownership of the NFTs. For example, owners sometimes get rewarded with other NFTs for free. They each received a dog NFT at one point: the Bored Ape Kennel Club . Then they got a"serum," which they could use to mint their own Mutant Ape Yacht Club NFT with variable traits.
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