Beyond the infinite possibilities of jpg avatar NFT

In the past year, NFT has risen rapidly and has become the most dazzling existence in the encryption market. Recently, the avatar-type NFT has ushered in the new year in the middle of the winter of the overall market, constantly breaking its own records. Social media giants such as Companies such as Twitter, Mata, and TikTok have also laid out, and the competitive landscape has begun to take shape.

At the same time, we have seen that many use cases of avatar-like NFTs are being implemented, and the ecology is gradually taking shape. With the help of the Metaverse and the Web3 wave, “NFT avatars are more than pictures” is no longer a slogan, it is giving us more room for imagination.

So, why are social media giants incorporating NFT avatars into their ecosystems? What is its value? What is the role and status of NFTs in the Crypto world?

NFT avatars perform well

Since January, against the backdrop of the sluggish crypto market, avatar NFTs, or PFP (Personal Profile Picture) NFTs, have recently achieved very impressive results.

According to data, the 24-hour transaction volume of Cryptopunks series NFTs reached $20.998 million on January 26, with a 24-hour increase in transaction volume of 654.51%. On January 25, the 24-hour transaction volume of the BAYC (Boring Ape Club) series of NFTs reached $8.65 million. The parent company of the project, Yuga Labs, is raising funds at a valuation of $5 billion. In addition, the achievements of women in NFTs are also very eye-catching. For example, the Crypto Coven series of NFTs has recently gained the support of many well-known people in the circle. The founders of Uniswap, Aave, Synthetix, Compound, and “Broken Sisters” star Kat Dennings have all joined Twitter avatar changed to Crypto Coven NFT.

As early as January 17, the monthly transaction volume of OpenSea (Ethereum) has exceeded 3.48 billion US dollars, breaking the monthly transaction volume of 3.42 billion US dollars created in August last year. As of January 24, the January transaction volume has approached. $5 billion.

In addition to the hot secondary market, Mint, a whitelist of some high-quality avatar-like NFT protocols, has also made many people crazy in the Discord channel. People are racking their brains to get whitelist qualifications, learning to draw, learn English, learn programming, learn modeling…

Under the hot market, social media giants are also continuing to make efforts. Twitter on January 20 announced a new feature that allows users to set up NFTs as a profile picture and verify ownership, and Reddit is also testing the feature.Meta also plans to allow users to display NFTs on Facebook and Instagram platforms, and will also allow users to create and sell NFTs; in addition, Facebook’s wallet application Novi will also provide support for NFT functions. It can be seen that the social use value of NFT avatars has been recognized by the market and capital. It has already broken through the category of jpg small pictures and is moving towards a broader future.

Identity, narrative, value expansion of NFT avatars

Why are social media giants incorporating NFT avatars into their ecosystems? It is because these NFT avatars can outline the identity characteristics of their holders, which is also a major basis for the Crypto world to socialize.

Thousands of NFT avatars are often posted at a time, and they are all composed of a fixed set of data through algorithms.In this way, they can be viewed as a whole series, with each NFT interrelated to each other, rather than exist as one-off digital artworks like most NFTs. This also lays the foundation for the gathering of the community.

Long before the launch of the new NFT avatar function on Twitter, NFT avatars have formed the default rule of “mutual fans of the same series of avatars” on Twitter. Using a popular NFT as an avatar can attract a large number of fans for this social account. It also accelerated the rapid spread of this series of avatars on social platforms. The NFT avatar itself, in this context, can be understood as a kind of totem, or “gift tool”, which creates identity and distinction.

“We are now seeing people using NFTs as a form of identity and as a way to join the thriving crypto community,” a Twitter spokesperson said in an interview. One user’s statement on the social platform also added Confirming this, he said: “If you don’t plan to actually use X Rabbits (NFT launched by Leng Rabbit) as an avatar, don’t come to mint X Rabbits NFT…” This is a very cohesive and exclusive community , and the avatar NFT is the most intuitive and important access credential. This feature also makes the avatar-like NFT a part of the DAO infrastructure. It can be a POAP (Proof-Of-Attendance Protocol), which is used as a unique badge for entering and participating in community co-construction.

Beyond the infinite possibilities of jpg avatar NFT

Within the NFT community, members share the same identity. Early NFTs such as CryptoPunks and EtherRock brought the imagination of “encrypted ancestors” to their holders. The sale of avatars allows the identity they represent to flow, and it constantly attracts some powerful latecomers to join, so this series of works will continue to appreciate, become more and more influential, and become more and more important for status. symbol.

In addition to the identities given to members by the community, NFTs themselves can also shape personal identities. There are views that, just as we post photos on social platforms now, more and more online behaviors and achievements in the future will be based on NFTs. form show. They are not only tools for recording digital property, but also tools for recording digital behavior, “self-presentation in daily life” and “impression management”. Of course, at this stage, the identity carried by NFT is still relatively one-sided, and more often it is just a symbol of wealth, but it is conceivable that in the future, when all aspects of real life are mapped to the Web3 world, NFT will become to a greater extent. A window for establishing and expressing yourself in social situations.

And of course, this is inseparable from the construction of the IP of the NFT avatar itself. In fact, these avatars very subtly shape a semi-open narrative space for each user to fill with their own stories. This is a process of interaction and co-construction, which can expand infinite possibilities.

According to Franky Aguilar, creator of the Sup Ducks series of NFTs, “It’s akin to people developing feelings for a character in a TV show or cartoon. They associate a personality with that character, reminding them of who they are or who they want to be.” But Compared with traditional IP (characters in TV programs or cartoons), avatar-type NFTs have only basic settings (for example, the boring ape is “boring”), and there is no “work” (storyline), except in the aesthetic sense. Outside of performance, little context is added to the individuality of individual works.

Avatar NFTs lack personality and depth, but that’s not a flaw. This is similar to the previously popular Bubble Mart blind box, “from delivering goods to delivering emotions, from outputting products to outputting entertainment.” Some avatar-like NFTs take advantage of this and tap the creativity of users to empower IP. For example, if a user holds a boring monkey NFT, it also means that he will have all the commercial use rights of this unique monkey, which can be used for external authorization or secondary creation. Any member can give a new meaning to the Boring Ape Club and its brand in any way, and they are combining the image of the ape with everything to create a series of derivatives and a culture of their own community.

The current boring ape NFT has formed a unique ecology, and established a number of companies including APE-IN productions, Boring Ape Chronicles, Myth division, Jenkins The Valet: The Writer’s Room, the derivatives involved cover music, games , comics, books, tide cards, sitcoms and other fields. During this process, the images of the monkeys have also been enriched. For example, BAYC #4593, because of his hip-hop background and familiarity with music and trendy content, he has become the first boring ape to find a job. He is currently working on the Chinese public account of Complex. , also gave himself a nickname, called lil bubble·aka·small bubble.

Beyond the infinite possibilities of jpg avatar NFT

Inaugural Declaration of BAYC #4593

There are also some NFT avatars that already have some distinctive features at the beginning of casting, such as the Crypto Coven series of NFTs mentioned above, which are naturally related to gender issues; and the Philosophical Foxes series, each little fox has a unique Images, unique personalities, philosophical reflections, even secrets. These may bring a narrative spark, helping us turn static images into stories and gain greater narrative weight over time.

Beyond the infinite possibilities of jpg avatar NFT

Beyond the infinite possibilities of jpg avatar NFT

Philosophical Foxes Collection

In the roadmap of various avatar NFTs, you can see their rich future use cases. The more common ones include: cooperating with other IPs to launch co-branded products, benefiting more community members through DAO and revenue tokenization mechanisms, The core of becoming an Avatar (avatar) in the Metaverse, buying Metaverse plots and building a more complex on-chain ecology, etc., is to gradually enrich the story core behind the avatar with users and realize value expansion.

NFT, the ticket to the new world

As mentioned above, the avatar-like NFT can become an Avatar (avatar) in the Metaverse, which can map the self in the real world into the Metaverse. Then, if we lengthen the time line and look at the NFT avatar from a grander perspective, we will find that its essence is actually the logo and attraction of “power”.

Hu Yilin, an assistant professor at the Department of History of Science at Tsinghua University, believes that the power of the Metaverse will be “decentralized”, just like the New World of America in the Age of Navigation, where power and order will be rebuilt. The power symbol needs to be endorsed by a “record” that cannot be arbitrarily tampered with, and the unique properties of NFT are just right for this role, so it becomes a specific power logo.

He explained the reason for the explosion of CryptoPunks this way: of course, people are not buying the pixel image that everyone can download, but an “identity”. This identity is still relatively empty at present – it has not been filled with certain powers. However, as long as people always respect “history”, these 10,000 “identities” with historical milestones will always be respected by future generations, then they will spontaneously attract certain privileges, even if it is just “showing off”, it is almost eternal of.

The boring ape, on the other hand, directly highlights the “power” – buying an ape is to join the “privileged club” with a total of 10,000 people and have the identity to exercise specific power. Although the initial privilege was just the power to slowly doodle on a scribble board at a rate of one pixel for 15 minutes. How trivial is such power, but perhaps the first privileged human ancestors wielded power other than graffiti on cave paintings? This insignificant power constitutes a starting point.

This logic can explain various types of NFTs other than avatars, such as Metaverse land, Axie elf, etc. These NFTs give players “entry rights” to the new world. If the Metaverse forms a relatively complete ecological circle in the future, this kind of benefit can be continuously circulated. And, if the Metaverse forms a social governance structure, then of course there will be more and more positions of power, and of course there will be more and more room for rent-seeking power.

However, the colonial metaphor in this is obvious, and the current market players are just staking the new world with the wealth of the old world. Ryan Watkins, director of research at Messari, tweeted, “The current state of NFTs is terrible. Ironically for an industry that preaches democracy and accessibility, the most famous projects are premised on exclusivity and luxury. “Through sky-high NFTs, the rich enter the rich club, and the identity it brings is closely related to wealth and power; and the Web3 world has not yet formed a more diverse identity imagination space, so it is difficult to attract non-speculators. /Joining of common participants.

Someone immediately asked the “Web3 Research Institute” group, if the current NFT artworks are Hermes, where is Uniqlo? In fact, it is not that there is no Uniqlo, it is just that due to the survivorship bias, only very successful projects will be easily found, and there are still a large number of projects that are quietly returning to zero.

So, how to make the avatar class NFT return to the meaning of Crypto? I think a possible path is to tap more use cases and narrative space, so that NFT can go out of the speculative market and fly into the homes of ordinary people.

  END –

Posted by:CoinYuppie,Reprinted with attribution to:
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