There's no question that NFTs hit it big when they first appeared and skyrocketed in value on platforms like and now . While many of those insane-valued digital assets have come down in value with the current crypto winter, the digital honeymoon on the ETH-based networks has deflated considerably, other channels have seen rapid explosions and busts as well, namely WAXP.
PFPs were not a new thing in 2022. In fact, it was the launch of the CryptoPunks in 2017 that created the idea of repetitious art in NFT form that could become valuable collectibles.
The WAX blockchain network, a favorite for "everyman" NFT trading versus the thousands of dollars on ERC-20 etc., probably could be summed as the 2023 sensation. While it actually started at the tail end of 2022 with the launch of the Wax Ape Rave Club (WARC), which immediately hit as a success for far more affordable WAX copied of bored ape NFTs, the whole thing has fizzled with multiple copycats and low-end obvious money grabs by the Fall of 2023. So what happened?
Well, a couple things were in play. Clearly, the WARC project was a full frontal rip-off of the well known Bored Apes Yacht Club on ETH. While there was an immediate attraction to getting in on the next big thing before it was too late when WARC showed up on WAX, it really was just a regurgitated NFT PFP strategy on another network. Additionally, WAX as a token has suffered horribly in the last two years from a heady drop of $0.35/coin down to $0.05, which made it really easy for folks outside WAXP to get in, namely to grab a stake in the newly launched WARC venture at the time.
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In the meantime, since WARC took off like gangbusters, a slew of additional PFP projects also started cooking and launch to get a piece of the newly-popular PFP market in WAX-chain NFT trading. BetsifyMe was probably one of the earliest, hyped heavily by WAX and NeftyBlocks but others were in play too. Some of the notables included DuckingFuzzLembas Art's Succubi CultWax Shiba Club, to name a few.
In these the art quality was well put together and packaged tightly. However, within weeks, more came online that clearly were money grabs and produced nothing beyond an initial launch for sales. In fact, one project flat out made an open joke of being a fake project clearly intended to just take people's money, Rare Rugg Apes. Yet they sold and sold fast anyways.
The sudden demand spike was enough for at least one of the major WAX secondary market platforms to redesign its channels to accommodate the PFP trading as well. went out of its way to both make it easier to find PFP NFTs on the market as well as evaluate their rarity and get in on the latest drops. That fueled even more attention. NeftyBlocks adjusted as well, but NFTHive had the corner, especially given that it's dedicated WAX token, , paid so well on a sales refund benefit for buyers and sellers as well.
The market attention shifted, not surprisingly, to identifying which PFP variations in a given project has perceived value. This rarity is identified based on how uncommon specific traits in a given NFT image are from the rest of the distribution in the same project. While a few NFTs then skyrocketed on the secondary market based on this detail, many simply became money traps, eroding in value as the shine of the given project began to fade.
The fading phase was a clear indicator as well of how powerful a community strategy was for a PFP project, especially on the WAX chain. Where projects pushed and continued to activate their communities with ongoing engagement, particularly through Discord and Telegram, PFP NFT sales continued to chug, sustaining price and value. WARC clearly was one such as example, yet surprisingly other projects that should have died, like Wax Bulls Swag Club sustained anyways. Yet, many others went flat and have lost half their value as a result due to dead community forums and no activity (i.e. Succubi Cult). The market morphed into a hit and miss, driven by FOMO demand and delivering little in return. A few gems on pure artwork alone still appear, like Byron's Art, but others are, clearly, quickie dumps for money.
Now, some 9 months later into 2023, the market is flooded with every last PFP project trying to push out a new stake in the remaining customer base with little success. There have been multiple attempts at variation, far too many to count fake PFP drops which are simply AI-artwork garbage, and horrible half-attempts at NFT collectible art that scream rug pull versus anything of merit. Yet, every once in a while a breakout appears, generating new attention, such as in the case of Waxolotls.
However, overall my Wax Shiba Club PFP pick probably sums up the whole affair:
Interestingly, there are still new projects just appearing or coming online, such as WaxWaifus and the expected launch of Pixel Journey. These are following the path of well-thought out planning and project launching as well as community building and ongoing PFP holder benefits to continue retention and interesting. But it's uphill battle. The market is already matured in the WAX arena, and the jaded attitudes are setting in. Flippers dominate the field to pinch margins for profit, while average users are started to get turned off by the PFP saturation vividly apparent in the secondary markets. Whether PFP projects can sustain themselves in 2024 remains to be seen given how fast the arc of PFP interest has burned already in the WAX world.
