The author(s) of this report may personally hold material positions in DOODLES and MOONBIRDS NFTs. The authors have not purchased or sold any token for which the authors had material non-public information while researching or drafting this report. These statements are made consistent with Delphi’s commitment to transparency and should not be misconstrued as a recommendation to purchase or sell any token or to use any protocol. The content of this report reflects the opinions of its authors and is presented for informational purposes only. This is not and should not be construed to be investment advice.
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Introduction
PFPs were among the earliest use cases for NFTs, designed to be used as profile pictures for online identities: for example, on Twitter. These digital avatars often contain randomly generated traits that determine their rarity.
Besides functioning as a means of self-expression, PFPs are also akin to social networks where users can signal their affiliation with a particular NFT community or showcase their status through ownership. The success of a particular PFP collection extends to factors beyond just its aesthetic appeal. In this report, we explore three major PFP ecosystems and delve into how they are positioning themselves for success.
PFPs Remain the Most Popular NFT Category
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