An insight into Profile Picture NFTs

Everyone needs an identity to represent themselves on online platforms. For this purpose, display pictures are used. However, when it comes to representing a character that has been created digitally, non-fungible tokens based profile picture are used.

These tokens are chunks of digital art which are used by users to represent themselves on social media platforms. The artwork consists of different expressions of the face of a character, and every piece has its own collection.

Just like other tokens, these profile picture NFTs are also protected by a blockchain and can be sold or purchased through digital currency. Despite having the drawback of using someone else’s NFT by screen capturing it, the artwork is still getting sold.

There are many varieties of these tokens available. CryptoPunk is one of the oldest samples of NFT. CryptoPunk offers ten thousand different punks. This service was introduced back in 2017 and was made by Larva Labs.

Initially, these tokens were not charged and could be used for free, but today they are sold for up to a million dollars. At the end of the first quarter of the ongoing year, one of these artworks went out for $7.6 million.

Another example is BAYC, short for Bored Ape Yacht Club. Just like CryptoPunk, BAYC also holds ten-thousand different tokens. However, in CryptoPunk, only the head is visible, whereas in BAYC, the trunk is visible as well. Due to this, Bored Ape is able to offer more variety in terms of accessories and garments. They also offer member-only services as well, such as using dogs as NFT instead of apes.

Cool Cats is another NFT offering example with the same number of collections as the previous two. Unlike Bored Ape, Cool Cat has artwork depicting different features of a cartoonish cat. With different combinations, the number can go up to over three hundred thousand options.

With Metaverse’s arrival, these NFTs could be used as an avatar by the users so they can represent themselves on virtual platforms. In the metaverse, the options to customize the avatar would be way more than the already available features. Take a look at below infographic for more insights on profile picture NFTs, which comes courtesy of Visualcapitalist.

Read next: Platforms that reigned supreme in 2021 (infographic)
Previous Post Next Post