NFT avatars are taking the digital world by a storm. The trend that started in 2021 keeps growing strong in 2022. NFT avatar projects keep popping up left and right. Everybody wants to take a share out of this pie. As a result, floor prices are skyrocketing. NFT avatar owners have become millionaires. On the other hand, millionaires have become NFT avatar owners too.
The NFT growth in Asia has been on the upswing since 2021. The Forkast report states there are 440 million people online in this part of the world. Forkast is a leading news media platform, based in Hong Kong. They specialize in news about digital assets and wrote a detailed report on NFTs.
Besides owning the NFT avatar, many other perks come with some of these collections. Community membership is one of the perks. We will explain what the NFT avatars are and why they are so popular. Also, we present some avatar NFT projects.
Source: The Hundreds
What Are NFT Avatars?
NFT avatars are images generated digitally. That is to say, they most often are collections of digitalized and pixelated images. Add to this a cartoonish look, and we are getting somewhere. In general, their creators portray them from the shoulders up. Kind of like a passport-sized picture.
However, they are NFTs, so, this means that they are unique. All the NFT avatar collections have thousands of unique NFTs. Nonetheless, the NFTs are recognizable as a collection. Individual NFTs have different traits. This makes some more valuable than others. For example, NFTs with rare traits can get prices that start at $500,000 and higher.
Why Are NFT Avatars So Popular?
There are quite a few reasons why NFT avatars are so popular. Some reasons stick out, so let’s have a look at them.
- Rare—Collections can range from 10,000 NFTs to no more than a couple of hundreds. However, one thing they all have in common is their uniqueness. Once collectors start to hoard them, they become scarce. As a result, prices will go up.
- Community—Many projects have strong communities. Being part of these communities can bring extra perks. For instance, Adam Bomb Squad (ABS) has a strong community. Perks range from project to project. The well-known Bored Ape Yacht Club (BAYC) has a digital bathroom where members can leave graffiti.
Source: Adam Bomb Squad
- Investing—For the long term, NFT avatars can be a good investment. For example, it’s important to get your hands early on some projects. The prices of some collections went through the roof. The big question remains if some top NFTs will remain popular.
- Status—Easy and straightforward. Being able to show ownership of a CryptoPunk or BAYC NFT gives status. Celebrities are lining up for the BAYC NFTs like Eminem, Snoop Dogg, or Serena Williams. Do those names ring a bell? It’s also about being part of the growing NFT community.
- Gaming—You can use many NFT avatars inside P2E games and the metaverse. The website Ready Player Me specializes in this.
- Collectibles—Many NFTs are collectible. Many projects mentioned in this article are some top collectibles in the NFT space. However, depending on your budget, you may have to start collecting lower-profile NFTs. Hardcore collectors will be in collectors Valhalla.
- Extra income—Some projects also give you part of a business or of the generated income. For example, a Gambling Apes owner becomes shareholder of their casino. You will receive a share of the profits from their casino in Decentraland.
What Are Some Top NFT Avatar Projects
There are many projects out there. However, they all have their specific treats and unique designs. Here are some of the top projects in the genre.
Meet the OGs or the CryptoPunks. Larva Labs are the masterminds behind them. They are a collection of 10,000. The original owners only needed an Ethereum wallet to collect them. In the meantime, their floor price is currently at 67.5 ETH. In the same vein, their most expensive punk, #5822 changed hands for 800 ETH or $24 million at the time.
Source: Larva Labs
Bored Ape Yacht Club
These guys are also a family of 10,000. Their current floor price is no less than 100.99 ETH. Launched in 2021, they became popular rather quickly. As a result, there are many offshoots, like Stoner Ape Club or Mutant Ape Yacht Club. The list of sport and entertainment industry stars that own a BAYC NFT seems endless. Owners of a BAYC received a Shiba Inu NFT for free as part of the Bored Ape Kennel Club. Current floor price 7.25 ETH.
Source: Bored Ape Yacht Club
The new kids on the Avatar NFT block. They launched in January 2022 and in February, they outdid BAYC in monthly sales. When you manage to get your hands on one of the 10,000 Azukis, you also get access to the Garden. Here you can find exclusive streetwear, live events, or NFT drops. Another sample of community perks. Their floor price reached a whopping 27.4 ETH in no time.
Source: Azuki website
A collection of 20,000 and launched in November 2021 by Takashi Murakami. They managed to get in the top 5 for traded volume. Their floor price is 15.75 ETH.
For the time being, the future of NFTs looks good. 9 out of 10 NFT collections are avatar collections when we look at sales volume. Big brands are joining as well. For instance, Adidas partnered with the BAYC. NFTs are hot, and the avatars are along for the ride! Everybody and his or her dog wants in on the action.
Above all, the community feeling is strong with these projects. Besides having some status, there are many perks for NFT owners. Big and small, known or lesser-known, community rules. That’s a good and likeable development in this specific NFT space.
Due to their many use cases, like gaming, metaverse, or investing, they have a good chance of staying on top. Just where they are now.
We wrote more articles about this Forkast NFT report.
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