The market for NFT avatars is booming. Some NFTs, including part of the CryptoPunks collection, are selling for millions of dollars. This trend has caused a huge curiosity and interest in the NFT scene and the cryptocurrency space, with many participants starting to build their own collections.
However, getting started with NFT avatars is not always easy. To help you, we will tell you more about the features of NFTs, the reasons for the popularity of these tokens and what to expect from them in the future.
What are NFT avatars
An NFT avatar is a portrait image of a character for a digital profile. Each avatar is individual and unique, and is generated by an algorithm based on various characteristics of clothing, accessories, hairstyle, facial expressions, and more. All of these characteristics make up the character’s appearance. NFT avatars are not limited to animals. The characters in many of them resemble humans to a greater extent. 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.
Growing popularity of NFT avatars
Thanks to capital from private collectors and institutional investors, NFT avatars have the potential to grow rapidly. For example, Visa bought the NFT by Cryptopunk Digital avatar With Mohawk for $150,000. Many other NFT avatar projects have been recognized as well. Ten thousand NFTs from Bored Ape Yacht Club were sold within a day of launch, and Penguin NFT Club managed to get $469,000 for its Pudgy Penguin token.
But the popularity of NFT avatars doesn’t stop there. What’s happening on social media and the pursuit of individuality on various resources is also driving high demand. For example, many collectors have changed their social media profile picture to their NFT avatar. Such a trend has managed to sweep the entire NFT space. Many users show their NFT avatars in social networks and communities on Reddit and Discord, attracting more and more crypto investors.
