Generative profile avatars are the most common NFT tokens available on the Ethereum blockchain. NFTs are all the rage now with their growing popularity in the crypto space. There’s a lot of scramble among crypto enthusiasts to get these tokens while creators are trying to develop the next million-dollar NFT project.
The Rise and Rise of PFP NFTs
Profile pictures (PFP) of an avatar-style animal or pixelated alien character may not look revolutionary on the surface. However, NFT projects have very strong communities that increase their functionality in the shared virtual worlds. This results in the rarest PFP NFTs getting huge secondary market sales, a strong indicator of a rapidly expanding bubble.
The origins of NFTs trace back to the launch of CryptoPunks, a Larva Labs project, back in 2017. However, the first smash hit NFT project was CryptoKitties, a blockchain-based digital cat breeding and trading game by Dapper Labs. During its launch, the game’s popularity caused a spike in Ethereum transactions.
Some of the new NFT projects emerging due to strengthened NFT communities, fresh ideas, and growing utility are Cool Cats and Bored Ape Yacht Club.
Cool Cats
Tom Williamson and Rob Mehew’s first NFT project, Faticorns, featured chubby unicorns in chunky 16-bit art style. This NFT project only managed to sell one faticorn out of the 10,000 faticorns generated. The project was a flop, and they scrapped it.
They teamed up with Evan Luza and artist Colin Egan to launch Cool Cats, a generative avatar NFT project. This project features 9,999 illustrated cartoon cats decked out in unique accessories like beanies, bandanas, and flannels. Unlike Faticorns, the entire collection of Cool Cats sold within 8 hours of launching, earning the creators around $400,000 worth of Ether.
According to Luza, the project’s success is partly due to the packaging of the cats. The experience of buying these tokens felt like an event for most buyers, making the project stand out.
Bored Ape Yacht Club (BAYC)
BAYC is among the long list of NFT projects themed around a single creature. Launched back in April, the project features 10,000 bored apes with a punk vibe and unique accessories. At launch, each Ape went for around $186 but currently costs more than $80,000 a pop.
Part of the success of BAYC is the combination of great art and access to a great community. This makes the process of buying their tokens as easy as possible for BAYC holders who also get a membership to an exclusive club.
It’s Not Just About the Money
It’s easy to get the impression that most of these NFT projects are profit-making ventures for the owners and NFT holders. The monetary component is only a part of the story, if not the primary interest of those involved.
Some NFT project founders reckon that focusing on money and leaving the community is a recipe for disaster. What makes the generative NFT model work is building both society and monetary value, the main reason projects like BAYC are successful.