NFTs are one of the foundations of web3. This series will introduce NFTs through 30 short articles, allowing everyone to gain a deep understanding and mastery of NFT-related knowledge from scratch.
PFP NFTs can be simply understood as profile picture NFTs, which are currently the most widely spread type of NFT.
Well-known NFT Types#
Most people's understanding of NFTs starts with PFP types, such as Bored Apes, CryptoPunks, Azuki, MoonBirds, etc. They have become popular and widely spread because people can use PFPs as their social media profile pictures, which can represent their identity and value, and to some extent, attract people with similar interests to connect.
CryptoPunks#
The first PFP project was CryptoPunks, which appeared in 2017. It was a generative project deployed on Ethereum, and anyone with a wallet could mint it for free. It can be said that the punks project pioneered the NFT industry. Today, many founders of products in the NFT field, NFT community leaders, NFT artists, NFT project founders, generative artists, etc., are members of the early CryptoPunks community or collectors of that NFT.
Bored Ape Yacht Club#
Bored Ape Yacht Club (BAYC) is another highly successful PFP NFT, which made NFTs mainstream. It quickly became popular in the crypto field after its launch in April 2021. Its success can be attributed to the timing of the Ethereum bull market, the widespread adoption of NFTs, and a project team that can tell stories. As we mentioned before, the success of a project is influenced by many factors, and the community is one of them. In the case of Bored Ape Yacht Club, the community played a crucial role in the project's success. The BAYC community united and actively promoted the development and expansion of the project. Community members helped the project gain widespread exposure, leaving their mark in NFT/PFP history. Due to the commercial success of the Bored Ape Yacht Club, Yuga Labs later acquired two NFT projects, CryptoPunks and Meebits.
PFP Principles#
PFP NFTs are generally issued in a quantity of 10,000, which can be determined by the project team themselves. However, CryptoPunks, as the first NFT project, issued 10,000, and many projects later followed this number out of habit and tribute. PFPs are not individually created or drawn by artists. Instead, a set of several tens or hundreds of elements is created, and rules are established using algorithms to generate works using these elements. When the algorithm runs, it generates a PFP that includes these elements. For example, in CryptoPunks, the elements include characters (men, women, apes, aliens), skin tones (black, white, gray, etc.), accessories (hats, headbands, etc.), and other elements. During generation, one element is randomly selected from each element set, and the final PFP is composed. In the same circumstances, the rarer the PFP among all the generated NFTs, the more valuable it is.
Approach PFPs Rationally#
PFPs are the fastest-growing and most popular type of NFTs. Countless NFTs are being traded on platforms like OpenSea every moment, and new NFT projects are being uploaded. Among them, there are good and bad projects. Just like the general rule in the world, good things are rare, and the majority of projects will become worthless within a few years. We should approach NFTs rationally and use the analysis method mentioned in previous articles to choose reliable and investment-worthy works when purchasing NFTs.
The Importance of Community#
We have previously written an article specifically explaining the importance of community, and for PFP projects, we should pay even more attention to the role of the community. A good community will attract excellent enthusiasts, which will bring infinite power to the project's development.
Alright, that's the introduction to PFP types. Thank you for reading.
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