[Delio Weekly Academy] The Secret Behind PFP NFT Projects Worth of $1 Million — Lecture 8 Review
The digital assets markets awash with new NFT projects, replacing humans’ picture to the apes and punks while gaining millions of dollars in value.
To understand the concept behind successful projects such as BAYC, MAYC, Doodles, and Azuki, as well as bizarre-looking characters used for social media status, delving into the meanings behind PFP NFTs is vital.
Delio Weekly Academy Episode 8 which was held in collaboration with Bruno Cho, a CEO of Zellyspace, Korean top’s digital asset platform, shares key points of the statement-making PFP NFT projects on the behalf of making stable profit during crypto winter.
PFP NFT from the digital industry perception
Before the rise of non-fungible tokens (NFTs) aimed to replace profile pictures (PFPs), artists and developers hardly ever stayed behind to develop utilities for their works or endeavors.
Instead, they typically profited from a certain NFT craze before moving on to the following lucrative opportunity. The entry of the Bored Ape Yacht Club (BAYC) changed the NFT market with a $3 billion in trading volume collection.
Unlike most NFT projects, BAYC introduced new and improved strategies for enabling engagement and building a sustainable NFT collection relying on key factors that helped the project to surpass CryptoPunk:
Clear vision of the community and a community-focused blueprint
Part of the project’s success can be attributed to the company’s decision to build the true value of the ‘community’, providing exclusive perks ranging from early access to new offering to the possibility of receiving the commercial usage right to purchased Bored Apes. Notably, the project attracted celebrities, including Neymar, Madonna, Justin Bieber, and Paris Hilton.
However, unlike any traditional art industry, PFP NFT royalty does not guarantee the success in the Web 3.0 market, encouraging for more innovative approaches.
Apart from the community engaging activities, BAYC provided another power of generating value from digital assets. And that is open Intellectual Property (IP) tool that gives a sense of ownership to the original creator.
Since the BAYC release, the project holders removed the copyright restriction, allowing art holders to ‘spread’ on its own. Soon, the number of product drops, including BAYC characters are in comic books and animations, on soft drinks, at coffee and ice cream franchises took over the world.
Beyond the NFT PFP: Metazelly’s Open IP Strategy
What makes Jellyspace’s NFT special as it implements the:
- Holder Pubs: unique places provided for an NFT holders to meet up and enjoy the power to be in the community
Currently, 40 stores nationwide are conducting a business using Jelly’s IP, and holder playing using such intellectual property IP becomes a promotional window for Jellyspace.
- Content persistent: expansion of contents such as Jelly’s Art Exhibition and collaboration with i-Museum
- Scarcity: Jellyspace offers 5000 PFP (profile) characters, each with different personalities
Unlike other PFP NFT projects, Jelly, the main character of the project, aims to become the symbol of Seoul and grow enhance global recognition among holders.
01etc wishes the best on the project and the road to digital life!
Would like to get the latest insight into the Korean crypto market, check out our regular Delio Weekly Academy episodes on the Delio website and stay tuned for upcoming ones!
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