News Digest

Why Avatars Dominate the NFT Market

Of the top 10 NFT collections by market cap, seven, according to CoinMarketCap, are what could be called “avatar NFTs” – headshots, basically, of cartoon characters or pixelated people. The collections topping the charts include CryptoPunks, Bored Ape Yacht Club and Pudgy Penguins. The dominance of avatars is a powerful window into this mysterious, seemingly nonsensical explosion of interest. It’s a deep dive into the inexplicable allure of non-fungible tokens.
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