⚓️ PFPs still matter
it’s evergreen Friday.
let’s get back to basics.
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the re-flippening is upon us.
yes, Punks are rising once again and they *might* leave Apes looking up for the first time in a while.
floor prices are *mostly* irrelevant (as Gordon Goner will tell you himself). however, this week we’ve seen a lot of projects down a lot from their all-time highs…which has caused a lot of holders to panic.
I’m not one of those people (he said sweating), but I do think we should prod into why CryptoPunks are still popular as every other project seems to fade. it’s yet another opportunity to analyze the un-analyzable NFT market.
the one explanation I keep coming back to? it’s because CryptoPunks owners understand the unlimited utility of a good PFP.
welcome to the age of anon.
I hate the word ‘anon’ but in Web3 I suppose it is essential *sigh*.
but when I say anon, I’m not even really talking about doxing. (whether you choose to disclose your real identity to the space is your business, after all). when I say anon…I more am talking about your “online identity”.
what we’re building in Web3 is a world where you aren’t judged by how you look in a PFP, but instead by what your best memes and hot takes are. we are all anon…until your online identity elevates and takes on a life of its own.
NFT projects are valuable as they recreate your unique “you” on the blockchain. the traits applied to most 10K projects are distinct enough that you can tell them apart. and since no two tokens are the same (with rare exception) and are tied to your wallet, that NFT can essentially become you…but online.
and better yet, these different projects tell a lot about the person behind them right away. whether it’s intentional or not, we now can get the gist of what a Sappy Seal owner is all about. you generally understand what Bored Ape holders value.
so if done well enough, an NFT gives you a complete identity…I’d say that’s good pretty good utility.
it’s not about the PFP anymore though.
in 2022, we’ve drifted away from judging how NFTs *look* and instead what kind of *utility* it has. we don’t look to the traits and say, “which ones resonate with me?” but instead, we look at them and say, “is this trait rare?”
projects themselves have also started focusing on things like P2E games, the metaverse, and staking. yet somehow, the project created by LarvaLabs remains strong despite it having literally none of that additional utility.
why? because CryptoPunks still make damn good PFPs.
they have it all. clearly definable traits. they’re an online flex. but most importantly, they represent the real people behind the PFP *really* well.
eventually, everyone will have to have an NFT PFP, and choosing one will be a complicated process. how do I distill my essence into one NFT?
that’s the beauty of having all these projects to choose from though. you don’t need to have a “forever” NFT. your PFP can rotate and change as you do.
surely, there will come a time when I…a 30-year-old man…will become too old to have a Cool Cat as my online identity (maybe not though, who knows).
however, even if I no longer *identify* as a Cool Cat, I will still need a placeholder. in fact, I will still need an online identity. and will I use my IRL face as a PFP? hell no. why would I want to do that anymore? I have NFTs now.
have a good weekend.