A Visual Guide to Profile Picture NFTs
A Visual Guide to Profile Picture NFTs
How do you represent yourself on social media? For most people it’s a selfie, a photo with their friends, or a picture of their pet—but what about a digitally-created character?
Profile picture NFTs are pieces of digital artwork that people use to express themselves online. Each item is a depiction of a character’s face, and has a unique mix of attributes that gives it a sense of collectability.
Like other NFTs, they’re secured on a blockchain and can be bought and sold for cryptocurrency. And while there’s nothing to stop you from screenshotting an NFT and using it for your own profile, the market for these items continues to grow.
To learn more, this infographic explains how three well-known profile picture NFT collections were created.
CryptoPunks are commonly regarded as one of the first examples of NFTs. The collection consists of 10,000 unique “punks” and was released in 2017 by Larva Labs.
One interesting fact is that these NFTs were originally given out for free—today, they are worth thousands or millions of dollars each. According to OpenSea, one of the largest NFT marketplaces, CryptoPunk #3100 was sold for 4,200 Ethereum (roughly $7.6 million) in March 2021.
A large component of #3100’s perceived value is its blue alien skin, which only eight other punks have. In other words, it’s incredibly rare. The following table shows the species distribution of the CryptoPunks collection.
In addition to species, each punk features a unique mix of facial accessories or “attributes”. Examples include a big beard (found in only 146 punks), and a VR headset (found in 332 punks).
Bored Ape Yacht Club
Next is the Bored Ape Yacht Club (BAYC), another collection of 10,000 unique profile picture NFTs. Unlike CryptoPunks, BAYC NFTs show both the head and torso of a character (in this case, an ape).
This opens up many combinations of clothing items, facial features, and accessories. Altogether, there are seven categories of attributes: Background color, Clothes, Earring, Eyes, Fur, Hat, and Mouth.
The following table lists some examples of BAYC attributes, and their % rarity. To explore further, visit the BAYC gallery.
|Attribute Category||Attribute Name||% Rarity|
BAYC NFTs also grant access to members-only benefits. This includes access to a collaborative graffiti board, as well as other NFTs from spin-off collections like the Bored Ape Kennel Club (BAKC). As its name suggests, the BAKC is a collection of dogs, rather than apes.
Cool Cats NFT
The last collection is Cool Cats NFT, which again amounts to 10,000 images. Cool Cats were minted at a cost of 0.06 Ethereum each, or roughly $200. The act of “minting” an NFT is similar to when metal coins are entered into circulation.
Each Cool Cat NFT is a depiction of a cartoon cat with a varying number of facial features, hats, and shirts. Altogether, there are over 300,000 possible options that could be included.
This collection also features nine “hidden” cats which boast one-off features. #500 is an upside down cat floating in a blue sky background, while #2288 is simply a skeleton.
Building Your Identity in the Metaverse
A criticism of today’s social media is that there’s little room to express yourself.
Think back, for a moment, to the days of MySpace. Users could spend hours customizing their profile page, adding music, art, and whatever else they felt was an expression of themselves. As the platform’s name implied, it was a space that belonged to you.
The metaverse offers something similar. To take part in a virtual universe, you need an avatar—a digital manifestation of yourself. Avatars will be highly customizable and far less constrained by the limitations of the real world.
If you’re having trouble imagining this, check out VR Chat, a virtual reality game where players socialize as aliens, monsters, and other “interesting” beings.
This may help to explain the recent craze around profile picture NFTs. When the metaverse arrives, these NFTs could become a user’s avatar. After all, who wouldn’t want to have blue alien skin?
Charting the Number of Failed Crypto Coins, by Year (2013-2022)
We visualize over 2,000 crypto failures by year of death, and year of project origin. See how and why crypto projects die in these charts.
The Number of Failed Crypto Coins, by Year (2013-2022)
Ever since the first major crypto boom in 2011, tens of thousands of cryptocurrency coins have been released to market.
And while some cryptocurrencies performed well, others have ceased to trade or have ended up as failed or abandoned projects.
These graphics from CoinKickoff break down the number of failed crypto coins by the year they died, and the year they started. The data covers a decade of coin busts from 2013 through 2022.
What is the marker of a “dead” crypto coin?
This analysis reviewed data from failed crypto coins listed on Coinopsy and cross-referenced against CoinMarketCap to verify previous market activity. The reason for each coin death was also tabulated, including:
- Failed Initial Coin Offerings (ICOs)
- Abandonment with less than $1,000 in trade volume over a three-month period
- Scams or coins that were meant as a joke
Dead Crypto Coins from 2013 to 2022
While many familiar crypto coins—Litecoin, Dogecoin, and Ethereum—are still on the market today, there were at least 2,383 crypto coins that bit the dust between 2013 and 2022.
Here’s a breakdown of how many crypto coins died each year by reason:
|Abandoned / |
|Scams / |
|ICO Failed / |
|Joke / No
Abandoned coins with flatlining trading volume accounted for 1,584 or 66.5% of analyzed crypto failures over the last decade. Comparatively, 22% ended up being scam coins, and 10% failed to launch after an ICO.
As for individual years, 2018 saw the largest total of annual casualties in the crypto market, with 751 dead crypto coins. More than half of them were abandoned by investors, but 237 coins were revealed as scams or embroiled in other controversies, such as BitConnect which turned out to be a Ponzi scheme.
Why was 2018 such a big year for crypto failures?
This is largely because the year prior saw Bitcoin prices climb above $1,000 for the first time with an eventual peak near $19,000. As a result, speculation ran hot, new crypto issuances boomed, and many investors and firms got bullish on the market for the first time.
How Many Newly Launched Coins Died?
Of the hundreds of coins that launched in 2017, more than half were considered defunct by the end of 2022.
Indeed, a lot of earlier-launched coins have since died. The majority of coins launched between 2013 and 2017 have already become “dead coins” by the end of 2022.
|Coin Start Year||Dead Coins by 2022|
Part of this is because the cryptocurrency field itself was still being figured out. Many coins were launched in a time of experimentation and innovation, but also of volatility and uncertainty.
However, the trend began to shift in 2018. Only 27.62% of coins launched in that year have bit the dust so far, and the failure rates in 2019 and 2020 fell further to only 4.74% and 1.03% of launched coins, respectively.
This suggests that the crypto industry has become more mature and stable, with newer projects establishing themselves more securely and investors becoming wiser to potential scams.
How will this trend evolve into 2023 and beyond?
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