Crypto Terms:
Letter P
What is PFP?
Meaning:
PFP -
an acronym for "profile picture" that is often used in social media but is also a prominent term in the context of NFTs.
Let's find out PFP meaning, definition in crypto, what is PFP, and all other detailed facts.
PFP simply is a shorter way to say "profile picture." However, there is also the term "PFP NFT," which deciphers to "profile picture non-fungible token," and it literally means using an NFT as your profile picture on Twitter or other social media platforms.
The notion of using NFTs to represent digital avatars was influenced by the CryptoPunks project (launched in 2017), featuring thousands of randomly produced pixel art images of styled humans (Punks). NFT collectors (including various celebrities) started using their Punk characters as Twitter and Discord profile images, which eventually made NFT profile images a pretty popular thing.
After that, other PFP NFT projects started emerging, one of the most successful ones being the Bored Ape Yacht Club (BAYC).
However, if you simply take an image from Google that resembles a specific NFT and use it as your profile photo, it will not be PFP NFT, as it beats their main purpose – showing off that you actually own that asset. In January 2022, Twitter even introduced a feature that allows verifying the ownership of an NFT, displaying a unique hexagonal border that proves it.
As a side note, keep in mind that, in the context of texting, PFP also means "picture for proof."
derivative that is <strong>similar to <\/strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-futures/">futures contracts<\/strong><\/a> because it uses tokens as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-collateral/">collateral to open a leveraged position but doesn’t have an expiration date. If you forecast that the price of that asset will rise, and it does, you receive more tokens than you put in when you close your trade. If it’s the opposite situation, you receive less than what you invested.<\/p>\n<p>As mentioned before, <strong>expiration is the main distinction between futures and perpetual contracts<\/strong>. Futures contracts are resolved after a predetermined time period, but perpetual contracts have no expiration or settlement date, allowing you to keep a contract indefinitely.<\/p>\n<p>As the expiry date approaches, the price of classic futures contracts increasingly converges with the spot market price of the underlying asset. Since they don't have an expiration date, perpetual contracts have a premium known as a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-funding-payments/">funding payment<\/strong><\/a>, which is paid between traders to keep the price in line with the spot market.<\/p>\n<p>When the contract price is higher than the spot price, traders holding <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-longing-long-position/">long positions<\/strong><\/a> have to compensate traders holding <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-short/">short positions<\/strong><\/a>, and vice versa. These payments are made on regular intervals (typically 1 hour or 8 hours).<\/p>\n<p>Perpetual contracts are the most traded cryptocurrency instrument thanks to their ease of use and versatility.<\/p>","definition":"derivatives that are similar to futures contracts but don\u2019t have an expiration date.","status":"published","meta_title":"What are Perpetual Contracts? Definition & Meaning | Crypto Wiki","meta_description":"Perpetual Contracts meaning: Perpetual Contracts - derivatives that are similar to futures contracts but don\u2019t have an expiration date.","meta_keywords":null}"
:model="{"id":9204,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Avatar_(computing)","level":"easy","author_id":4,"created_at":"2023-07-21T08:27:39.000000Z","updated_at":"2023-11-28T00:38:46.000000Z","slug":"what-is-pfp","title":"What is PFP?","section":"P","keyword":"PFP","content":"<p>PFP simply is a shorter way to say \"<strong>profile picture<\/strong>.\" However, there is also the term \"<strong>PFP NFT<\/strong>,\" which deciphers to \"<strong>profile picture non-fungible token<\/strong>,\" and it literally means using an NFT as your profile picture on Twitter or other social media platforms.<\/p>\n<p>The notion of using NFTs to represent digital avatars was influenced by the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto-tracker//top-ethereum-dapps//cryptopunks/">CryptoPunks project (launched in 2017), featuring thousands of randomly produced pixel art images of styled humans (Punks). <strong>NFT collectors (including various celebrities) started using their Punk characters as Twitter and Discord profile images<\/strong>, which eventually made NFT profile images a pretty popular thing.<\/p>\n<p>After that, other PFP NFT projects started emerging, one of the most successful ones being the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto-tracker//top-ethereum-dapps//bored-ape-yacht-club/">Bored Ape Yacht Club (BAYC)<\/strong><\/a>.<\/p>\n<p>However, if you simply take an image from Google that resembles a specific NFT and use it as your profile photo, it will not be PFP NFT, as it beats their main purpose – <strong>showing off that you actually own that asset<\/strong>. In January 2022, Twitter even introduced a feature that allows <strong>verifying the ownership of an NFT<\/strong>, displaying a unique hexagonal border that proves it.<\/p>\n<p>As a side note, keep in mind that, in the context of texting, <strong>PFP also means \"picture for proof.\"<\/strong><\/p>","definition":"an acronym for \"profile picture\" that is often used in social media but is also a prominent term in the context of NFTs.","status":"published","meta_title":"What is PFP? Definition & Meaning | Crypto Wiki","meta_description":"PFP meaning: PFP - an acronym for \"profile picture\" that is often used in social media but is also a prominent term in the context of NFTs.","meta_keywords":null,"author":{"id":4,"user_id":5,"created_at":"2023-05-10T11:56:23.000000Z","updated_at":"2023-05-11T07:19:57.000000Z","title":"Lead Crypto Researcher","slug":"ain-n-lead-crypto-researcher","description":"<p>Ain is the Lead Crypto Researcher. Her vast experience with crypto and blockchain tech-related content allows her to identify the key pieces of information that should be presented to the learner, and ensure the validity of the gathered data.<\/p>\n<p>With a degree in New Media studies, she has developed an extensive list of techniques to educate people via new, research-proven study models based on deduction and long-term human memory.<\/p>\n<p>Ain approaches everything with unequivocal attention to detail. Her main goals are to erase the ambiguity surrounding many Web3 concepts, and to guide content writers in presenting difficult crypto-related concepts in an easy-to-understand manner.<\/p>\n<p>Even though content strategy is her main passion, Ain also enjoys reading high-fantasy books and watching superhero movies.<\/p>","user":{"id":5,"first_name":"Ain","last_name":"N.","email":"ain@bitdegree.org","email_sanitized":"ain@bitdegree.org","email_verified_at":null,"must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2642,"referral_token":"qjnrnAiacl3sNs9U","referred_by":null,"created_at":"2023-05-04T10:07:43.000000Z","updated_at":"2023-12-11T09:14:14.000000Z","full_name":"Ain N."}}}"
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current-chapter="P"
current-section="what-is-pfp">
