NFTs Profile Pics
On February 23rd, Sotheby’s scheduled to auction 104 CryptoPunks, valued at $20 million to $30 million. The sale did not fetch the astronomical price: the lot withdrawn before its auction. “nvm, decided to hodl,” the owner wrote on Twitter later that day. They posted a widely known Drake meme, suggesting the withdrawal is a slang term for ducking out of a project after it has invested in. These developments only confirmed the concerns of crypto skeptics. Who view NFTs Profile as a dubious investment vehicle . It was a cruel joke on what the world needs right now from arts, capital, and technology.
Till now, it is not clear that this will dampen the enthusiasm of auction houses like Sotheby’s or mark a turning point in the frothy NFT market. At the end of February, CryptoPunk #5822, sporting a royal-blue bandana, sold for 8,000 ETH, approximately $23.7 million at the time.
Most lucrative and prominent NFTs
CryptoPunks, called Larva Labs, are some of the most lucrative and prominent NFTs currently available. They are also popular “profile pic” NFTs at the forefront of the medium and its market. So, what is the appeal exactly?
Melanie McClain considers her work part of the community. Her avatar is a Bored Ape, dressed in a Breton stripe T-shirt and 3D glasses. Allowing her access to the BAYC Discord channel as an early adopter. As an amusing side note, she is often addressed online as “bro.” “There is no assumption that I am a Black woman,” she said. The NFT community has an ambiguous relationship between avatars and their owners. In recent updates to Twitter, NFT holders can now post PFPs in a distinctive hexagon. Which lends credence to the notion that they may soon become one way people express themselves online. Wearing a flashy costume to a masked ball is like showing off a valuable NFT PFP-you have the chance to enjoy the attention without revealing your identity.
In the real world, things are different. The NFT also grants its owners the right to produce merchandise from their artwork, essentially turning it into a brand.
Those who display these images are automatically admitted to a not-so-secret society globally distributed in physical space. McClain made conversation with other collectors at Art Basel while wearing a sweatshirt that featured one of her pieces. “I can make bonds with people I would not have previously known,” she said.
Interview with the NFT collector
I was having an interview with the collector known as Larryp.eth when a passerby asked. If he might “consult on NFT project with my art collective.” Larry replied on his way back, “Sorry, I’ve got my Apes decals on the windows of my truck.” Interactions like these are not unusual for Larryp.eth.
It describes a future in which people seek to differentiate themselves and express their identities in new environments. It’s important to remember that reactionary tendencies emerged at the birth of movements like Surrealism, photography, and conceptual art. The proposals might have seemed far-fetched or outlandish at the time. But there aren’t that many people who would deny their position in art history today. Regardless of how you feel about the future, it is where we are going to spend the rest of our lives.