HomeGuidesPFP NFTs Explained - Are They A Terrible Investment?

PFP NFTs Explained – Are They A Terrible Investment?

-

PFP NFT Meaning – Profile Picture NFT

Let’s be real – most people buy PFP NFTs hoping they will increase in value, only to flip them later.

PFP NFTs are probably one of the weaker use cases of NFTs, though it really depends on the owner.

Use the following guidelines and questions to determine if owning a PFP NFT is worth it.

When You Use a PFP NFT, You Lose Your “Uniqueness”

The number one reason I dislike the idea is that you no longer have a unique look, the “you” on social media.

Scrolling through Twitter, everyone with a NFT PFP look like bots. Ape, Ape, duck, cat, dog, rabbit.

My eyes now gloss right over them.

When I see the one, true, unique PFP of someone I like to follow, I stop immediately to see what they wrote.

Do You Even Like the Artwork?

Do you even enjoy the art? This is subjective, but why own something you don’t even like?

Many projects such as Bored Ape Yacht Club are 10,000 generated images with features that are common, rare, and very rare.

In my opinion, they are all hideous. Just looking at it, I have no interest.

Do They Have Rare Traits?

Some people will value traits that are very rare, in a series of 10,000 NFTs or any other set limit. Some traits are common, others are rare, and others still are very rare. This could make any particular PFP NFT have a super rarity to it – and some might go for that.

Is There An Active Community – And Do You Even Care?

Some of the best communities, anywhere, started from 1 and were built to 10,000 slowly over time. In sports, music, gaming, hobbies, chemistry and rapport are built as a true leader grows and expands their influence over time.

BAYC skyrocketed to 10,000 quickly due almost primarily to NFT hype. Do you know any of the people in the community? If you showed up to an exclusive BAYC party, would you want to hang around the people that show up?

These questions can’t even be answered because you joined a community of people that all more than likely were just trying to flip an ape. They all suddenly joined all at once in many cases.

Huge Rug Pull Risk

PFP NFTs are at high risk for a rug pull, because any idiot can upload a ton of “unique” generative trash art, then ask people to pay .1 ETH for it.

Simply create a Twitter and Discord for the project. Promote. Lie about the benefits of owning one, and then disappear. It happens all the time.

Yes, they aren’t all rug pulls, but they do require extra due diligence when investigating.

Bottom line – NFTs can be amazing, but PFPs feel like all hype and little substance. Just make sure you are cool with the art and community before you make a purchase!

TheRiz
Lives a life of heavy metal, crypto, and gaming. Comment on these and you will get a response.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

X