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Non-fungible token profile pictures (PFP NFTs) have taken the art world by storm, offering unique and exciting opportunities for creators and collectors alike. The term PFP has been used widely in the NFT or crypto ecosystem recently in different contexts, especially as more investors or art lovers have begun to display their profile pictures or avatars in the form of NFT art. This begs the question — what exactly are PFP NFT collections?
In this guide, we’ll explore the popularity of NFT profile pics, their communities, what makes them special, their integration into social media — and their place in the future.
Key Takeaways:
Investors and art enthusiasts use NFT profile pictures (PFPs) to display their ownership of art pieces as avatars or characters.
PFP NFTs and normal NFTs differentiate themselves by ownership, visual representation, market value, rarity and purpose.
PFP NFTs uniquely allow an individual to express their identity in detail, introducing a whole new level of ownership and exclusivity.
The term “PFP NFT” refers to a non-fungible token profile picture, most commonly used to display the ownership of an NFT in the form of an avatar or character within or beyond the crypto realm.
For example, PFP NFT projects like CryptoPunks gained substantial momentum in 2021, with Punks PFPs including characters that can be zombie, ape or alien. Later, Bored Ape Yacht Club, the Meebits, World of Women and several other popular projects emerged with PFP NFTs. BAYC includes various cartoon apes that truly look bored, the Meebits features algorithm-generated voxel characters, and World of Women creates powerful, diverse cartoon women.
The popularity of PFP NFTs has continued to grow in the world of social media. People who are fans of certain NFT profile pic projects use avatars of their favorite NFT characters to show their community affiliation or ownership of a PFP NFT collectible they’ve purchased. The NFT project creators who use PFP designs typically have a community structured with its own values, culture or exclusive benefits. Due to their widespread growth, crypto PFPs have quickly become mainstream.
Collectors of PFP NFTs use them to express their creativity and personal identity in the digital realm. Demonstrating their interest in digital art with proof of ownership recorded on the blockchain guarantees the authenticity and rarity of the artwork that they own.
Compared to traditional profile pictures, PFP NFTs function like an NFT collection: they’re unlikely to be duplicated due to their exclusivity, and they can be neither forged nor duplicated for resale. Their proof of authenticity and ownership adds to their desirability and value. In addition, owning a PFP NFT often grants individuals access to exclusive communities, events and perks.
On the other hand, PFP NFTs help artists monetize their creativity in the emerging NFT space. The decentralized nature of NFT projects empowers artists with greater control over their innovations, and incentivizes them to keep the ecosystem flourishing.
All humans are unique. Each person has different combinations of character traits, hobbies, looks and much more. PFP NFTs allow people to represent themselves with unique identities because of the advanced technologies and talented artists behind them. One factor that all crypto PFP projects share is a strong focus on the concept of unique identity. NFT profile pic project creators can achieve unique identity goals by creating unique crypto profile pics with varying attributes or traits.
Creators of projects must be careful to keep their characters unique or risk their future. For example, there’s a popular new PFP NFT project called Okay Bears, featuring chilled-out bears with a positivity-focused NFT community. A copycat project emerged (called the “Not Okay Bears”), featuring similar bear characters that looked grumpy instead of chill. If the copycat project had proceeded, it would likely have been unsuccessful because of its lack of originality and unique identity.
Many PFP NFT creators use algorithms to generate unique characters with different combinations of traits. In this way, they offer people the value of having a unique or rare identity in the digital world. In addition, people often gravitate toward projects that they relate to or like because of their characters’ stories, communities or utilities.
Because the world of PFP NFTs is growing so rapidly, the value of a unique identity is something that’s key to all successful projects.
In addition to the unique identity appeal that PFP NFTs offer, there are other reasons for their current popularity. Following are some of the main factors contributing to the popularity of NFT profile pics.
In June of 2021, anyone who didn’t follow PFP NFTs closely and only relied on mainstream news would have believed that the virtual tokens were nearly dead. However, their popularity skyrocketed later that summer — and left many people wondering why. One well-known investor who purchased a CryptoPunks PFP NFT for $2.7 million expressed immense confidence in the asset. Gary Vaynerchuk pointed out that people may have once thought paintings by now-famous artists were worthless investments, comparing his punk to a Jackson Pollock painting. Crypto PFP project creators offer exclusive community access to token holders, who can connect with other like-minded people.
One good example of community popularity is BAYC. Members have access to an exclusive Discord channel, and a few notable NBA stars are members and hang out there. Also, there’s a wall (quaintly titled “the bathroom”) where BAYC members can create their own artistic contributions or express themselves.
These are just a few examples. Every project has its own unique community structure. The communities often attract people who are searching for places where they feel comfortable. For instance, Okay Bears created a community in which people are encouraged to support each other, share positive content and even create positively-focused fan art.
Crypto PFP project creators choose a variety of attributes or characteristics for NFT profile pics. These traits potentially appeal to buyers for two main reasons. First, while investors may buy NFT profile pics based on rarity, fans most likely buy them based on attributes they can relate to. Most tokens show a breakdown of characteristics or attributes and their rarity. For example, cyborg eyes are especially rare with BAYC characters, and a king's crown (hat) is also rare.
However, bored eyes are common. Rarity can also be found in background color, clothing styles and other avatar features. With the Okay Bears, backgrounds that are purple are the rarest. Buyers who feel connected to the community may choose crypto PFPs based on attributes that seem to represent themselves, their feelings and/or their own personal taste.
A road map gives an indication of what a project plans to launch, how many tokens there will be, what utility members will receive and what people can expect from community participation. Some of the most successful projects have used road maps to help generate hype, working to build a frenzy even before their initial sales. Road maps also demonstrate to investors that the project is staying on track with its goals. For example, a quick scan of the BAYC road map indicates that it’s reached 100% of its goals.
Azuki's NFT profile pics sold out in three minutes. Why? Simply because the creators decided to spread the word about the project on social media before launching. By creating a rebellious skateboarder vibe with cool anime characters, the project's four anonymous co-founders built a lot of interest. Moreover, they partnered with a conceptual artist who designs exclusive merchandise and more. The project hopes to have such a large presence that it may eventually include exclusive games, a miniseries and more. Azuki's road map is called the Mindmap. It demonstrates the creators' mission and values, metaverse information, future plans, community resources and real-world benefits for members.
Okay Bears succeeded in building hype with its road map (which it called a blueprint). The crypto PFP project's 10,000 NFTs sold out in a day, bringing in a daily record $18 million in sales volume. Before the launch, the creators built hype on Twitter by offering spots for their closed Discord channel, along with ways for people to earn a WL (whitelist) spot if they spread the word on social media by changing their profile picture and sharing key hashtags.
With celebrities joining the crypto PFP trend, it’s no surprise that real-world fashion brands are also scouting opportunities. Some top fashion designers are looking to dress NFTs.
One example is MIRL, the first decentralized metaverse fashion brand. Currently, more than 4,500 MIRL personas exist in Metanoia, which is the metaverse safe haven for the fashionable characters that are unbound from society. The project appeals to people who don’t see themselves or society the same way many others might. MIRL invites them to create bold versions of themselves with the exclusive fashion brand.
While people may feel attracted to projects that match the values or characters with which they identify, MIRL gives them the opportunity for even more customization.
Much as businesses strive to create competitive advantages or unique value propositions that their competitors cannot replicate, NFT profile pic crypto projects seek to create unique benefits for members that extend beyond community values or culture. Becoming a community member of an PFP NFT project means access to some benefits beyond exclusive member chats. People often choose communities based on these privileges or benefits. For instance, World of Women holders can attend an annual gala, receiving access to exclusive raffles and enjoy special discounts, and Okay Bears offers its members access to real-world events, along with clothing and other exclusive collectibles.
The Meebits project offers a 3D model utility, which could be a powerful benefit in the future if the metaverse merges with the Meebits as social media and crypto PFPs continue to integrate. With CryptoPunks, there’s not a long list of utilities. However, the social capital gained from owning one of these pioneering characters is a coveted privilege. Think of them as the Rolls-Royce of PFP NFTs. Investors often look at the unique values and ongoing popularity potential of projects when they decide which ones to buy. CryptoPunks has proven that NFT profile pic projects can build and maintain popularity.
Following is a general guide on how to use PFP NFTs.
Choose a Platform: Select an NFT marketplace or platform on which PFP NFTs are available for purchase. Popular platforms include Bybit NFT Marketplace, OpenSea, Rarible and Foundation.
Connect Wallet: Set up a digital wallet compatible with the platform you've chosen. Common wallets include MetaMask, Trust Wallet and Coinbase Wallet.
Fund Your Wallet: Add cryptocurrency funds (typically ETH) to your wallet to purchase NFTs.
Browse and Purchase: Explore marketplaces for PFP NFTs that align with your preferences. When you find one you like, follow the purchasing instructions on the platform. The process usually involves placing a bid or directly buying the NFT.
Connect Wallet to Social Platforms: Connect your digital wallet to social media platforms that support the display of a PFP NFT, such as Twitter or Discord.
Set NFT as Profile Picture: Access your wallet and select the PFP NFT you want to use. Most wallets can set the chosen NFT as your profile picture.
Customize and Display: Depending upon the platform, you may have options to crop, resize or adjust the PFP NFT to fit the platform's profile picture requirements. Once customized, your PFP NFT will be visible on your profile.
Community Engagement: Participate in communities or platforms dedicated to PFP NFT owners. Engage in discussions, share insights and connect with fellow NFT holders, collectors and enthusiasts.
Verification: Some platforms offer verification features to authenticate and verify the ownership of PFP NFTs. Explore these options to enhance credibility and showcase the legitimacy of your PFP NFTs.
Trading and Selling: If you decide to trade or sell your PFP NFT, you can list it on compatible marketplaces. Follow the marketplace's instructions for listing and pricing, and for completing transactions.
Remember that the specifics of using PFP NFTs can vary based on the platform and wallet you choose. It's essential to familiarize yourself with the features and guidelines of each platform to make the most of your PFP NFT ownership.
Curious about how PFP NFTs work when it comes to social media?
Top social media platform leaders are well aware that crypto PFPs are advancing quickly, and that owners want to display them. Because social media platforms must keep up with current trends in order to remain competitive, they’re working on ways to offer the legitimization of NFT profile pics for users who want to display them. Twitter led the innovation plans by offering crypto PFP holders the ability to turn their profile pictures into verified pictures.
Why is this important? Today, it’s easy for people to see a picture they like and save it or simply take a screenshot of it to use on their own. Although there are reverse image search tools online to help NFT owners find people who may be using their valuable virtual property, nobody has the time to continually search for offenders. With a verified profile picture, a crypto PFP owner can prove ownership and stand out from wannabes, imposters or thieves.
In early May 2022, Instagram launched the test of a feature similar to what Twitter offers. It allows digital wallets to let users connect the NFTs they own and want to display. Meta may eventually offer something similar for Facebook.
Instagram's original plans were to potentially allow users to mint their own NFTs as well. However, that plan received mixed reactions, with many Twitter users pointing out that the NFT culture was born on Twitter and thrived there. Therefore, it seems unlikely that NFT enthusiasts will be thronging to Instagram anytime soon.
NFT profile pic projects have grown immensely. While there have been a few that didn’t deliver on promises, such as Pudgy Penguins, many have succeeded in reaching their goals. Some projects, such as Okay Bears, also strongly encourage ongoing brand awareness and brand equity projects from owners. Clever strategies like these help fuel future interest in communities and the utilities offered by NFT profile pics.
While there is some skepticism about crypto PFP projects, it’s important not to underestimate the draw of a strong community, unique utilities, integrations and rarity. Experts point out that NFT profile pics are suffocating the crypto art market. Although there is some truth to that assertion, many digital art NFTs simply don’t have the same attractive benefits that appeal to buyers of crypto PFPs. Investors know that and make decisions based on hype and speculation.
For many, the investments are worth it. Year-over-year, NFT market trading volume grew 38,000% and reached a total of $10.7 billion in 2021. Trends appear to be continuing to pick up steam in 2022. One consistently important detail is the need for originality in utilities for NFT profile pic projects that want to attract larger crowds.
PFP NFTs are growing and evolving every month. The creators of some NFT profile pics are seeing collections sell out within hours. With the recent addition of social media, metaverse and real-world integration, PFP NFTs have proven that they’re capable of much more than people assumed they were a few years ago.
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