What are PFP NFTS?

PFP NFTs: PFP, or “profile picture,” is a well-known social media phrase. On the other hand, NFTs are non-fungible tokens, which are assets with a distinct digital identity that is primarily present on the Ethereum blockchain. PFP NFTs usually consist of a randomized collection of traits with varying levels of rarity.

What are profile picture (PFP) non-fungible tokens (NFTS)?

But no, that alphabet soup has a meaning: We are talking about profile picture (PFP) non-fungible tokens (NFT). The abbreviation refers to the popular use of these NFTs as literal profile pictures on social media sites like Twitter. You may have seen celebrities showcase their Bored Ape Yacht Club NFT as their profile picture, for instance.

What is a profile picture NFT?

Out of all the use cases for NFTs, including digital art and gaming, Profile Picture (PFP) NFT collections have often been the most successful. Profile Picture NFT projects have created a multi-million dollar economy by replacing your selfies and family photos on your social media profile with unique pixilated characters like the CryptoPunks below.

What does NFT stand for?

It stands for "nnonfungible token." Nonfungible, meaning you can't exchange it for another thing of equal value. A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind.