PFPs, PFPs. With NFT profile pictures being rolled out to Twitter Blue subscribers in Jan, a CryptoPunk selling for 23.7 million and Azuki overtaking BAYC by sales volume in recent times, what’s all the hype about? Stay tuned as we dive into PFP projects (and some tea) 🍵
PFP (also known as profile picture, or picture for proof) collections dominate the top 10 traded NFTs by sales volume, including Azuki Official and CryptoPunks. But what makes those collections so successful?
3 factors include community, clout and benefits, which we’ll talk about below:
1. Community. Community is an oft-cited success factor in the NFT world which drives collector support. Writer @jennifer_tieu2 mentions the welcoming feel of Azuki’s community channels, and CryptoPunks is known to have been built around a passionate community.
2. Clout. An interesting article talks about signalling costs. With celebrity buy-in and fixed supply, it’s no surprise that interest builds and scarcity drives floor prices up – causing PFPs to become status symbols.
3. Benefits. These vary widely and depend on the project, ranging from airdrops to a cut of royalties, access to live events and in some cases, full licensing rights made available to owners for use in brand merchandise and other creations.
So, with connection to a tight-knit community, ownership being a status symbol and exciting benefits being offered – PFPs hold plenty of appeal, and everyone’s happy. Or are they?
Not in some cases. Whilst projects such as Crypto Mos and World of Women allow a portion of royalties to go back to the artists, other projects have been called out for being exploitative. Some examples include Bored Ape Yacht Club (BAYC), where artist Seneca has spoken out against the unfairness of her compensation, and NFTEvening’s feature on Weather Report.
So the next time you buy a PFP, consider: are you really supporting creators? Who’s behind the project? And is your crypto making NFTs more equitable for all? Here at Bluethumb Digital, that’s what we strive for – putting creators first and uplifting the whole community.
Plus, we’re also opening up the floor to discussion. Let us know if you agree or disagree and feel free to share your suggestions for Bluethumb Digital over on our social accounts!