PFP NFT: Leading the Popular Trend in the NFT Market

PFP (Profile Picture) NFTs are one of the earliest applications of NFTs, aimed at providing users with a unique online identity. Currently, PFPs account for 70% of the total market value in the Ethereum NFT market, far exceeding the second-ranked generative art (13.5%) and third-ranked virtual land (8%).

The popularity of PFP NFTs is mainly attributed to their easily understandable characteristics and the surrounding hype. Just related news and announcements can ignite market enthusiasm, driving up project floor prices and attracting more traders and collectors' attention.

Since the success of the BAYC ( Bored Ape Yacht Club ) NFT project in April 2021, many new projects have followed suit, trying to replicate its successful model. BAYC's dominant position in the PFP ecosystem is very significant, with its market value being more than four times that of the total of other top competitors. This achievement is largely attributed to its outstanding community building capabilities.

In addition, BAYC has attracted the attention and participation of many celebrities, including well-known singers, actors, and sports stars, which undoubtedly helps to enhance the project's visibility and engagement among the general public.

However, relying solely on hype cannot sustain prices in the long term; substantial fundamental support is also needed. The BAYC team recognizes this and actively takes action to maintain a competitive edge. They launched the $APE token and the Otherside metaverse project in the first quarter of last year, further expanding their ecological landscape.

Inspired by this, other PFP projects have also begun to build their unique ecosystems in hopes of standing out in the competition. At the same time, top PFP teams have attracted strong support and investment from well-known venture capital firms, excluding Azuki.

Azuki has achieved success with its community-centered clear ecological layout, and the upcoming Hilumia project is likely to organically integrate the entire ecosystem. Hilumia is expected to be a virtual hub that incorporates gaming elements, visually showcasing the content created collaboratively by the team and the community.

In the future, the Azuki team may continue to focus on expanding its IP, exploring how to enable the community to engage more deeply in content creation, and initiate a higher level of visual storytelling.

RTFKT has taken a different approach, focusing last year on launching multiple airdrop events targeting different application scenarios to support its project narrative. This year's key may be the launch of the Animus project, which will connect all elements together and unveil a new chapter of legend.

The RTFKT team plans to implement its metaverse expansion plan in three phases: The Warning, The Signal, and The Exodus. Clearly, the team's goal is to engage users through interactive storytelling, while hinting at a significant offline event to be held at the end of the year.

In 2023, we are likely to see RTFKT continue to advance the expansion plan for the Clone X IP, with Animus becoming a key project of the year. Although there is currently limited information disclosed, the industry generally holds an optimistic attitude towards this. Additionally, how to fully leverage Nike's brand effect, especially in conjunction with .SWOOSH ID, is also worth paying attention to.

Doodles recently released the DoodleMap, clearly showcasing its ambition to become a major brand in cross-border entertainment and lifestyle. Under the leadership of the new CEO and music director, Doodles is actively expanding to mainstream audiences, and the Doodles 2 project will be an important starting point for this strategy.

By launching the Doodles 2 wearable devices on the Flow blockchain, Doodles officially enters the multi-chain era. The choice of Flow is mainly due to its gasless transactions and potential composability advantages. In 2023, Doodles is expected to continue making strides in various entertainment fields such as gaming, music, and animation, aiming to ignite a cultural wave, thereby driving the demand for the Doodles 2 series.

Offline experiences remain a strong suit for Doodles, as they can enhance brand awareness and create value for holders. The success of future PFP projects will not only rely on airdrops and financial incentives but also require establishing emotional connections with users through unique methods such as storytelling.

How to acquire new audiences and explore new sources of income is just as important as user retention. These projects have established a strong community foundation in the Web3 space and are steadily moving towards an exciting future roadmap.

2023 will be a pivotal year, as these projects will attempt to break through the Web3 barrier and reach a broader mainstream audience. Although the road ahead is filled with uncertainties and challenges, only those who dare to take risks may reap rich rewards. Let us wait and see, hoping that these projects can ultimately succeed in realizing their grand ambitions.