OMNUUM is a solution specific to the NFT PFP project. For creators entering the NFT PFP project, let us introduce the history and characteristics of NFT PFP!
The NFT trend is led by the NFT PFP project. Why is it so?
The early NFT projects were mainly led by people in the blockchain industry. At that time, the NFT was a collection concept, and it was an expensive investment. There was a phenomenon where people bought recklessly high priced, or even if not very high priced, bought solely believing its potential value.
Later, NFT PFP projects, which present experimental attempts, become popular, and holders start thinking about "how can we utilize" the purchased NFT, rather than just owning it. Also, the Twitter Blue service came into the world and NFT became available as a Twitter profile. They could actually use the NFT elsewhere!
In 2022, companies, creators, and investors are thinking about the usability of NFT. Now, NFT holders go beyond NFT ownership and cite related businesses, or roadmaps, as the most important factor in NFT purchases. Below, we will explain the trend history and characteristics of NFT PFP project.
Crypto Art Movement: Cryptopunk
Cryptopunk was the beginning of the NFT PFP project and is called the Mona Lisa of the NFT world. In 2017, Cryptopunk distributed 10,000 randomly generated pixel profile images for free, and it is evaluated as an 'experimental art movement'.
Cryptopunk asked through the NFT PFP project, "What is ownership in the digital age?" Their project was meaningful because they tested whether people were paying for 'digital scarcity'. Cryptopunk's scarcity value has increased to the point that #7523 out of 10,000 NFTs were traded for about $11 million through Sotheby's auction in 2021.
NFT = scarcity value Hope you get it!
Innovative community created by bored apes: BAYC
In 2021, Yuga Labs unveiled 10,000 profile images of apes that became billionaires and made their lives miserable by introducing the BAYC (The Bored Apes Yacht Club) project. (OpenSea: It's the digital marketplace where creators can buy and sell NFTs most easily.) The core of the BAYC project is that unlike Cryptopunk, it gives NFT buyers a variety of benefits (utility).
By solidifying the community through membership only for BAYC holders, granting full copyright to secondary creations, and issuing their own coins, they created a playground for sellers and buyers to enjoy together. In 2022, Yuga Labs became the world's largest NFT producer by merging Cryptopunk and Meebits from Larva Labs. BAYC has produced a video commemorating this, which symbolizes the connection to the metaverse and makes us look forward to the future.
We looked at the NFT PFP project through a representative example, where scarcity and community building are important. Let's look at the specific features of the NFT PFP project.
#1. Instinct to own
We have the 'collection experience' of childhood that went through each era. It created the instinct to own NBA cards, Pokémon stickers, scabs, beads, and push-pop. Pokemon stickers made people curious and convenience stores are crowded by people wanting to buy pokemon breads that give pokemon stickers. As such, the desire to own is the inherent instinct of animals and humans.
This phenomenon is now moving to digital. At the point of transition from offline to digital, we named the target NFT and created a community. Pokemon bread sold out in each convenience store can also be found in NFT Minting. In the end, collection is very similar to the NFT PFP project, just different types and forms.
If you look at history, the group that led the collection was the nobles. It has grown into a culture of self-satisfaction while boasting about the assets and power. Now, the form of economic activities is diversified, and the culture of 'collection' has spread widely to the public and has become a money management trend.
#2 Our own code
The NFT PFP project can be thought of as a picture of people who only invest in cryptocurrency or who are not interested in NFT walking around the Internet. However, if you look closely at the NFT PFP project, the picture is a code. We don't just buy irreplaceable images, we buy and sell the brand value in images, the identity that represents myself, and the irreplaceable faith.
Scribbles reminiscent of Zola Man, ridiculous frog paintings, etc. have a kind of 'meme' culture. This code is a kind of culture that is shared only between holders working in the community. The reason why projects that seem relatively less artistic among NFT PFP projects are popular is because of their cultural context.
#3 My chosen identity
People live by defining themselves endlessly and repeating the evolutionary process countless times. In a society obsessed with externally shown life, the reason why we are enthusiastic about luxury goods, the process of defining ourselves by displaying seemingly good hobbies on social media, can be seen as creating a kind of social profile.
People who choose their own code (NFT PFP) form a community. It also creates another identity for them in the community. It is possible to understand and play with each other without any special acquaintance because there is a place called Community. It is an interesting world where one can not only connect him/herself in reality but also share his/her thoughts with people all over the world regardless of place, race, or language.
#4 A voucher to the next step
The NFT PFP project is a community identity and membership, and can also be seen as the first step to the metaverse. It provides a dedicated space for the holder or gives priority to the next minting event. It is growing the ecosystem and using it for P2E (Play to Earn) services or increasing utilization through partnerships with companies.
Various attempts to experiment with community scalability and scarcity are rapidly underway, and NFT scalability is considered the driving force behind Web3 evolution. In the NFT PFP project, it's no exaggeration to say that the community is everything in the project.
OMNUUM sends a message of support to creators who have taken a step into the world of the NFT PFP project, which looks exactly like the real world, and create a fun community with OMNUUM!