PFP NFTs, The Future of Online Identity?

Profile picture non-fungible tokens are skyrocketing in popularity. It has recently been reported that digital rocks are fetching prices of up to USD$200,000. This new asset class converges, art, blockchain and culture and is intent on changing the way we interact on the internet.

What is it?

The premise of a profile picture non-fungible token is to offer the buyer a unique, one of a kind digital work of art that can be used as the buyers profile picture or avatar on social media platforms. The most high profile sets of these include the likes of CryptoPunks, Bored Ape Yacht Club (BAYC), and Meebits.

What does it mean?

Auction house Christies in Hong Kong has just announced it will start to auction off these digital works of art. In an impending auction, 73% of NFT sales registrants are new to Christie’s and skew much younger than the average age of clients in other sales.

Just today, an NFT from the Bored Ape collection sold for a staggering US$1.29 million.

What PFP NFT’s mean for online identity?

The marketplace draws on the idea that individuals want to create a digital identity that steers away from their real one. Should this marketplace pick up momentum, the opportunity to disconnect your online self from your physical one, could become the norm.