You know how VCs and MBAs love talking about ‘product market fit’. For some reason the term always made me cringe and I swore to never use it in this publication.
*side eye emoji*
I think Avatars are evidence of NFT product market fit.
*quick rinse of mouth wash*
And while it might feel like we’re at avatar project saturation, I don’t think they’re going anywhere any time soon.
Because NFTs made turned your profile picture from a fairly low value means of personal expression, into pure digital status. And we monkey brained humans sure do love us some status.
Are Crypto Punks such a coveted profile picture because of their aesthetics, or their price? Well, it’s a bit of both. They’re coveted because of their exclusivity. And exclusivity can come from either price or aesthetics. If they’re prohibitively expensive for most people to own, then they’re exclusive. Or if they’re so aesthetically in demand that they sell out then they’re also exclusive.
And to prove that exclusivity doesn’t have to come with a price tag. Self promotion alert. You could turn your eyes on The Avatar Project. The supremely amazing Robek and my far less amazing self are churning out satirical fine art avatars that have (so far) all sold out. So they’re exclusive, but the twist is, they cost $10 (basically the price it costs us to mint them).
So whether it’s a seven figure punk, or ten buck string of words, NFT avatars are digital status. So next time someone tells you we’re coming to the end of the avatar projects. I wouldn’t be so sure.
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Love, Draper.