The NFT avatars market is developing rapidly. Some NFTs, including part of the CryptoPunks collection, are selling for millions of dollars. This trend has generated a lot of curiosity and interest in the NFT scene and the cryptocurrency space, with many of its members starting to build their own collections.
However, getting started with NFT avatars is not always easy. To help you, we will go into more detail about the features of NFTs, the reasons for the popularity of these tokens, and what to expect from them in the future. If you still lack information on how to create NFTs or buy them, you can check a thorough guide to buying NFTs.
What are NFT Avatars?
An NFT avatar is a portrait image of a character for a digital profile. Each avatar is individual and unique, it is generated by an algorithm based on various characteristics of clothing, accessories, hairstyles, facial expressions and more. All these characteristics make up the appearance of the character. NFT avatars are not limited to animals. The characters of many of them are more like people. Some also include science fiction and fantasy elements. The most popular NFT avatar collections are CryptoPunks (the OG), Hashmasks, Bored Ape Kennel Club and Avastars.
Rise in popularity of NFT avatars
Thanks to the capital of private collectors and institutional investors, NFT avatars have the potential for skyrocketing growth. For example, Visa bought an NFT from Cryptopunk Digital avatar With Mohawk for $150,000. Many other NFT avatar projects have received recognition as well. Ten thousand NFTs from Bored Ape Yacht Club were sold within 24 hours of launch, and Penguin NFT Club managed to get $469,000 for the Pudgy Penguin token.
But the popularity of NFT avatars is not limited to this. What is happening in social networks and the pursuit of individuality on various resources also stimulates high demand. For example, many collectors have changed their social media profile photo to their NFT avatar. A similar trend managed to cover the entire NFT space. Many users showcase their NFT avatars on social networks and communities on Reddit and Discord, attracting more and more crypto investors.
Avatars as investments
The number of NFT avatars is limited, which contributes to their scarcity and stimulates their purchase by investors who expect the value of tokens to increase in the future. If the price of one avatar in a collection goes up, the price of the others often goes up as well. The potential of NFT avatars, especially in the metaverse, is very high. Due to their popularity and longevity, NFT avatars are also viewed by crypto enthusiasts as a form of long-term investment.
The future of NFT projects
NFT avatars will stay with us for a long time and will continue to evolve in terms of their usefulness and functionality. This will create a comprehensive NFT ecosystem that combines various features such as royalty, staking, gamification and others.
You can buy NFT avatars for the collection on the Binance NFT marketplace. Here, users can find affordable and high-quality collections of NFT avatars, including Lucky Doge Club, Crypto Sharks, Angry Pandas, Cyber Doberman, etc.