Non-fungible tokens are on everyone’s radar these days. They are the most innovative thing to have to happen to the world of cryptocurrency and digital art in recent years. How the NFTs will affect the market in the years to come and are here to stay, remains to be seen.
Now, when NFTs are still a hot digital commodity, you may notice NFT avatars everywhere around social media and the internet in general. They are a fun little addition to your social media page that shows you’re in the know about the NFT trade.
What’s an NFT Avatar?
An avatar is a visual representation of your online persona. It’s the image other users will see when they encounter your profile online. NFTs are digitally generated images, usually of a cartoon character. Each of these images is unique and that’s where they get their value from.
An NFT avatar is therefore an avatar that features your NFT image. The market for these images and avatars has jumped through the roof in recent months even though NFTs are bought and sold for years now.
How to Get One?
There are a few ways to get the avatar you could use. One is to make the avatar yourself using some of the avatar design tools. There are numerous such tools reviewed on Truely that you can choose from. You can also purchase an avatar of your own on the market.
The NFT marketplace is booming right now and you can choose from a variety of different sellers or even sell the avatar you’ve created. NFTs can also be minted in a way somewhat similar to mining cryptocurrencies. Doing so comes with a fee and can be intensive in terms of the equipment needed.
What Can the Avatars Be Used For?
The avatars are used to represent you online and to be a stand-in for your personality when you’re facing your online activities towards others. They can be your face on a variety of different social media and online platforms.
NFTs are often used as a fundraising tool. It’s a way for a non-profit to generate revenue by creating something that’s rather easy to produce and that there’s a market for. Using avatars in this way, when NFT is a reward for fundraising is also a way to raise awareness of the non-profit cause you’re supporting.
The Use of NFT AVatars in The Gambling Industry
NFT avatars are also widely used in the gambling industry. That industry was always well suited to the issues such as crypto payments and online anonymity and the NFTs speak to both of those tendencies.
One NFT production enterprise sold over 7000 different NFT avatars to gambling enthusiasts all over the world. The use of these avatars had an exclusive look and feel to them and they were a sign that those gamblers are allowed to some exclusive services offered by the casino. Having an avatar meant you can get into VIP rooms, get special bonuses, and the like.
What Makes NFT Avatars Valuable?
Many are asking these questions since NFT avatars are rather similar to ordinary images that everyone can save online. However, there’s a change in how the ownership itself is perceived. And what it means to those who own avatars and that’s reflected in interest for them.
Most of the reasons NFTs are valuable today aren’t about any specific feature they offer but about the attitude that the market and those involved in it have about them. If the market and those who purchase NFTs find value in avatars such as these, then there is one.
A Status Symbol
Part of the reason to get an NFT is that they are a status symbol. It shows that you can afford them and that you’re aware of the cultural moment from which they derive their importance. It’s one of the reasons most things on a high end of the purchasing power have value.
This comes from the fact that NFTs are scarce and therefore valuable. As is the case with any product that is limited and that is difficult to find, the value of NFTs on the market grows simply because not everyone can get to them.
A Sense of Community
There’s a sense of community around NFTs since they are a hot topic and there are plenty of those who are interested in how the novelty will turn out in the long run. There’s also a lot of internet chatter surrounding the issue both in online publication and in private chat groups and forums.
This too adds to the sense of scarcity and interest and therefore to the price as well. Some big names and celebrities have also gone all-in on NFTs and that has just increased the hype further.
Some Examples of NFT avatars
New NFT collections are created all the time. There are a few collections that have found their place on the market already and become quite famous.
Bored Ape Yacht Club
Bored Ape Yacht Club (BAYC) was created in 2021 and now it’s one of the most famous NFTs out there. There are about 10.000 pieces created so far and when they came to be, they were worth $230 combined.
Owning a BAYC also allows you to access a secret online space known as the “Bathroom”. You can even write virtual graffiti on the wall while you’re there.
CryptoPunks has the honor of being the first NFT project in history. It started in 2017, 10.000 have been produced and it’s the most sought out avatar you could have out there. At this point, even the least expensive ones can go for tens of thousands of dollars.
Some of these NFTs have been sold at actual live auctions. They become a part of the real and not just the digital art world. The rarest CryptoPunks can be sold for millions of dollars if you’re able to find one at this point.
NFT avatars and digital art are considered to be the future of both online investing and art auctions. How lasting the trend will be, remains to be seen.