PFP NFT projects dominate the market, with community and innovation being key.

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Analysis of the Reasons Leading the PFP NFT Project in the Market and Development Trends

PFP (profile picture NFTs), as one of the earliest applications of NFTs, is not just a simple profile picture; there are deeper reasons behind its success. On Ethereum, PFPs account for 70% of the total market value of NFTs, far surpassing other categories.

Why can avatar NFTs capture 70% of the market?

The popularity of PFP can be attributed to two factors: ease of understanding and the hype effect. News and announcements can quickly generate excitement, driving up the floor price and attracting the attention of traders and collectors.

In April 2021, the successful launch of BAYC sparked a wave of PFP projects. BAYC's dominant position in the PFP ecosystem is significant, with a market value more than four times that of its main competitors combined. This success can be attributed to its strong community-building capabilities and its ability to attract the attention of celebrities such as Justin Bieber, Steve Aoki, and Stephen Curry.

Why can avatar NFTs capture 70% of the market?

However, long-term success requires transcending the basic driving factors of mere speculation. BAYC recognizes this and has proactively launched the $APE token and the Otherside project to maintain its competitive edge. Subsequently, other PFP projects have also begun to create unique ecosystems in an effort to stand out from the competition.

Why can avatar NFTs capture 70% of the market?

Azuki has achieved success by establishing a community-centered clear ecosystem, and the launch of Hilumia may further integrate its ecosystem. RTFKT focuses on a diversified airdrop strategy, targeting different application scenarios each time. The launch of the Animus project may connect various elements of RTFKT, opening a new stage of development.

Why can avatar NFTs capture 70% of the market?

Doodles recently launched DoodleMap, showcasing its ambition to become a cross-border entertainment and lifestyle brand. By launching Doodles 2 on the Flow blockchain, Doodles officially steps into multi-chain development.

Why can avatar NFTs capture 70% of the market?

2023 will be a pivotal year for PFP projects as they attempt to break into the Web3 sphere and expand to mainstream audiences. The key to success lies not only in financial incentives but also in building emotional connections with brands through storytelling and unique value propositions. While user retention is important, acquiring new audiences and opening up new revenue streams is equally crucial.

Why can avatar NFTs capture 70% of the market?

These projects have established a strong community foundation in the Web3 space and are moving towards an exciting future. Although expanding into the mainstream market is fraught with uncertainties and risks, it also contains enormous opportunities. The direction of future development is worth looking forward to.

Why can avatar NFTs capture 70% of the market?

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DefiPlaybookvip
· 08-17 01:10
The 70% share indicates that PFP has reached a critical saturation point, and it is recommended to observe.
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ClassicDumpstervip
· 08-17 01:08
play people for suckers and that's it, who cares about your rarity
View OriginalReply0
DevChivevip
· 08-17 00:49
Going to eat suckers again...
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Ybaservip
· 08-17 00:46
Thank you so much for the information
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