Original author:@yh_0xOriginal author:
Compilation of the original text: The Way of DeFi
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Image Credit: Generated by Maze AI
One of the earliest use cases for NFTs, PFPs (Picture NFTs), were intended to be used as profile pictures for online identities. But beyond aesthetic appeal, what drives their success? Here are some case studies 👇 🧵
Among the various NFT categories on Ethereum, PFP accounts for 70% of the total NFT market cap, generative art comes in second with 13.5%, and virtual land comes in third with 8%.
Answer: PFP is easy to understand + hype.
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Figure: Market value scale of different types of NFT
As early as April 2021, BAYC launched a new wave of PFP series with great success, and since then, new projects have tried to imitate their success.
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BAYC's dominance in the PFP ecosystem is compelling, with a market capitalization more than four times that of its comparable competitors combined. This success can be attributed to several factors, including the strength of its community building.
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Figure: Top five PFP project ecology by market value
Plus, they were able to get the attention of celebrities like Justin Bieber (singer), Steve Aoki (actor), Stephen Curry (NBA star) and more, which definitely helped them increase engagement and understanding among the general audience.
Ultimately, however, prices must be justified by fundamental drivers beyond speculation. BAYC recognizes this and has proactively differentiated itself from the competition. So they launched $APE and Otherside in the first quarter of last year - great!
Speaking of Azuki, they've managed to build a clear community-focused ecosystem, and the launch of Hilumia will likely tie it all together.
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Figure: Azuki's NFT ecology
In my opinion, Hilumia could very well be a virtual center with gaming elements. It will also provide a highly visual representation of what the team is building with the community.
Additionally, the team has demonstrated its commitment to building an NFT ecosystem with a vibrant community.
The future is likely to be a future in which the team continues to focus on expanding their IP and how to engage their community, co-create new content, and unlock higher levels of visual storytelling.
The key this year may be the Animus, which will tie everything together and unlock the next stage of their lore.
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Figure: NFT ecology of Clone X
After outlining their plans for the Metaverse expansion, it's rolling out in three phases: The Warning (RTFKT x Rimowa), The Signal (Eggperience) and The Exodus (MNLTH Quest 2).
It's clear that the team is aiming for interactive storytelling, and hinted at a major offline event at the end of the year as well.
In 2023, we'll likely see the RTFKT team continue their plans to expand the Clone X IP, and the Animus is their ace for the year. Not much has been revealed yet, but I'm pretty excited about it - despite some FUD surrounding Clone X.
Doodles have also just released their DoodleMap, which clearly demonstrates their intent to become a major entertainment and lifestyle brand, one that transcends Web3 and will permeate the mainstream consciousness.
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@jholguinFigure: NFT ecosystem of Doodles@Pharrellas CEO,
Having led Doodles Music, and in the process of acquiring animation studio Golden Wolf, I'm very curious about where they're headed.
The team is focused on expanding to a mainstream audience, starting with Doodles 2.
Doodles kicked off the year by launching the Doodles 2 wearable on the Flow blockchain and unlocking the wearable on Flow's Gaia marketplace. With this move, Doodles is officially moving towards multi-chain. The Flow blockchain was chosen for its gas-free transactions and potential composability.
2023 could be the year Doodles continues to expand into a variety of entertainment verticals, including gaming, music, animation, and more, with the goal of creating a cultural boom that will drive demand for the Doodles 2 series -- and Doodles 2 is exactly that. Designed for this.
The offline experience remains a Doodles strength as it is both inclusive and exclusive and allows the project to simultaneously build brand awareness and create value for holders.
The success of the PFP project will go beyond just airdrops and other financial incentives. There needs to be an emotional connection and engagement with the brand through storytelling and other unique value propositions.
User retention is important, but so is how you acquire new audiences and build new revenue streams.
These projects have built strong communities in Web3 and are building momentum for an interesting future roadmap that is sure to be exciting.
2023 will be a pivotal year as they head out to venture out of the Web3 circle. Expanding to a mainstream audience is truly uncharted territory. Although the future is full of uncertainties, there is no reward without risk. Hopefully things end up in their favour.《Inside the Leading PFP Ecosystems》。
