The Death Of “pfp” NFTs
In the early days of the NFT boom, profile picture (pfp) NFTs like Bored Apes and Cryptopunks were all the rage. These projects, which typically consisted of collections of cartoonized monkeys or pixelated avatars, were seen as a way to show off one’s wealth and status in the community. However, as the crypto market has matured, NFTs have largely fallen out of favor.
For instance, the value of Bored Ape Yacht Club (BAYC) NFTs has plummeted in recent months, with some apes now selling for as little as $52,000 worth of Ethereum. This is a significant drop from the all-time high of $420,000, which was reached in April 2021.
The decline in the value of BAYC is likely due to a number of factors, including the overall decline in the NFT market, as well as concerns about the sustainability of the project itself. Some critics argue that the project is simply a fad and that the value of the apes is likely to continue to decline in the future. This has also affected other pfp projects, such as CryptoPunks, Doodles, Moonbirds, and Azuki.
However, there are still some who believe that NFTs like BAYC have long-term potential. They argue that the project has a powerful and vibrant community and…
