An interesting chart below shows that the price of art-focused NFTs has been dropping compared to that of profile picture (pfp) NFTs.

The chart only compares two famous projects, Bored Ape and Fidenza, but is indicative of the general space.

Art projects tend to be generative and are often not of a limited collection. PFP projects, however; are usually a set number (often 10k or less). Additionally, there are more inherent network effects with pfp projects. This is because owners sometimes make it their actual profile picture on social media, which causes others to learn about that project.

It will be interesting to see where this all lands in the coming months. Especially given macro forces and the greater economy.

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