Why NFT PFPs are Expensive?
Updated: Jan 29
WHY NFT PFPs ARE EXPENSIVE?
One example of an expensive NFT is the Bored Ape Yacht Club (BAYC).
The total supply is 10,000 only.
This means that there will always be a scarcity or lack of supply of fresh Bored Apes hitting the market.
2. EXCLUSIVE BENEFITS
Most NFT projects are "gated community".
Only those who own it can access the exclusive benefits that come with the membership.
Such as members-only events, discord access, airdrops, limited merch & more.
3. ETHEREUM BASED
NFT PFPs are created through a technology called the Smart Contract and Ethereum is hailed as the "King of Smart Contracts".
Ethereum is the top choice of collectors and developers because of its strong community, high security features, reliability, huge market cap and more.
4. HISTORICAL IMPORTANCE
Every new artistic movement has had its catalyst artists such as Claude Monet, Roy Lichtenstein & more.
For our digital era, we have Larva Labs that created the CryptoPunks - which is called the "alpha and omega" of the CryptoArt movement according to Christie's.
5. ELITE CHARACTERS
Bored Ape Yacht Club NFTs are based on a relatable Ape animal and considered as an alpha animal character.
People can get easily attached to the characters and therefore form an emotional connection to the NFTs.
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