1. What is an NFT avatar?
An NFT avatar is usually an image of a character, often above the shoulders, and is often used as a digital profile picture. The vast majority of NFT avatars are unique and algorithmically generated from a range of features (ie: clothing, accessories, hairstyles, etc.) with varying scarcity. Also, many NFT avatar projects have other features built in, or at least will be rolled out in the future. For example, some NFT avatars allow holders to enter special virtual clubs, while others may also be implemented in future games or multimedia projects.
Due to the similar release frequency and capital investment, the launch of these NFT avatars feels similar to the ICO craze of early 2018, with buyers jumping in hoping to see a massive price hike. Avatars with rare features from popular projects tend to explode on OpenSea’s secondary market, with some selling for many times more than their initial mint price. Some buyers mint multiple such NFTs at the launch of the project, hoping to turn around quickly for profit, while others choose to hold for a long time in the hope that the project will become more and more popular.
The market for NFT avatars is still relatively niche, which is why many of these projects have 10,000 issuances but only 2,000 to 4,000 unique owners. Still, demand is growing, as evidenced by active Discord channels, Twitter feeds, and perhaps more convincing on-chain data, as it is NFT projects that have driven the recent rise in Ethereum gas prices.
2. What is the meaning of NFT avatar?
You may find it unbelievable that a virtual avatar sells for tens of millions of dollars, but on-chain avatar pictures that are auctioned and sold at high prices are already common in the crypto art circle. Among them, the punk-style pixel avatar CryptoPunks #3100 was the highest auction price in March this year. The price is 4200 ETH, which is about 75 million US dollars according to the price of Ethereum at that time; the cartoon fat penguin image Pudgy Penguins #5687 was sold for 100 ETH last week, which is equivalent to 300,000 US dollars according to the current price of Ethereum.
What is the difference between the encrypted avatar image on the chain generated by the algorithm and the traditional image? The biggest difference between them is that each encrypted picture is a non-fungible token NFT, with unique properties, indivisible and replicable, the information of each picture is marked on the blockchain, and it has clear ownership , which can be queried, circulated and traded on the chain.
3. What are the NFT avatar projects worth investing in?
(1) CryptoPunks
In the avatar NFT series, the originator of NFT is CryptoPunks. CryptoPunks are 24x24 pixel art images. There are only 10,000 of them generated through algorithms, and no two are exactly the same. They are all stored on the Ethereum chain. Cypherpunk was available for free when it went online in the early days, but now it can only be purchased through the market. I learned from the official website that the current lowest price is 43ETH, and the highest price has reached 4434ETH, which is as high as more than 13 million US dollars.
(2) bored ape yacht club (BAYC)
The Bored Ape monkey avatar is a status symbol. When you buy Bored Ape NFT, you are not only buying a digital cultural and creative product, you can also get the qualification to enter the BAYC club. The Bored Ape NFT you own is your digital identity and can Enjoy club-only benefits and products. At present, if you have an ape avatar NFT in your wallet, you can access the BAYC bathroom. This is like a base for storing secrets, but it is also a virtual creation space. You can draw or write on the bathroom wall to express your thoughts and emotions.
(3) MadCanner
MadCanner has a total of 10,000 NFTs. In addition to directly casting MadCanner, it can also directly synthesize a new CANNER image with the existing MadCanner by purchasing some parts, which can effectively reduce mint funds and improve mint efficiency.MadCanner can be traded in Opensea as well as in own market place. To whom want to find early NFT projects, MadCanner is one of the best NFT projects in high place of NFT platform ranking.
