NFTs have evolved significantly in the year and a half since their explosion onto the crypto scene in 2021.

CryptoPunks and Big Eyes Coin are two Ethereum blockchain project's that best illustrate this evolution. The differences in these two NFT projects are a great way to examine how the marketplace has evolved, which is what will be analysed and discussed in this article.

CryptoPunks And The 2021 NFT Boom

Alongside Bored Ape Yacht Club, CryptoPunks were one of the first NFT collections to make a major splash in the crypto scene, being a part of the NFT explosion that happened via social media like Twitter in early to mid-2021.

As one of the first NFT collections to gain major traction in the crypto space, the CryptoPunk line of NFTs went on to inspire many other projects, and in their own words even inspired 'the modern CryptoArt movement'. At the time of the project's launch and public interest, the CryptoPunks project was also fairly simple.

CryptoPunks are a set of 10,000 algorithmically generated NFTs, which depicts pixel art headshots of people with a variety of skin tones, fashions, genders, and so on. These NFTs were minted on the Ethereum blockchain, and with only 10,000 available, became desirable due to their scarcity.

Beyond this, CryptoPunks served little utility upon launch. They were digital collectables that gained in value due to their scarcity and growing interest in the project and NFTs as a whole, but served little utility beyond this.

This is one of the major evolutions that has taken place in the NFT space, with the Ethereum-based project Big Eyes Coin serving as a perfect example.

Big Eyes Coin, The NFT Sushi Crew, And The Need For Utility

Big Eyes Coin is an ERC-20 meme token project currently in its sixth stage of presale. The project is a highly ambitious one, with many facets including a charity drive and thriving community, all while standing up against the conventions of the meme token market by presenting something fresh and new.

One major aspect of the Big Eyes Coin project is their NFT line, the NFT Sushi Crew.

In today's crypto market, many projects come with NFTs as part of their roadmap. No longer are NFTs exclusively projects that focus solely on NFTs, but instead these digital aspects come as part of a wider, more diverse project economy. This is true for Big Eyes Coin, however their NFTs also serve another purpose: utility through community.

Alongside giving ownership of a unique digital asset, purchasing a Sushi Crew NFT also gives owners access to exclusive community events and opportunities, with the whitepaper stating that their NFTs will 'offer access to more content and events', including 'NFT Exclusive IRL Event[s]'.

Community is everything in the crypto community, and so by adding a FOMO element to their NFTs, Big Eyes Coin is almost guaranteeing a consistent perception of value to their NFTs, as without ownership, users cannot be part of the NFT Sushi Crew. This also gives investors more reason to purchase these NFTs over others with less utility, as they are more likely to retain value.

Conclusion

NFTs on the Ethereum blockchain have evolved quickly, however in an environment as fast-paced as crypto, this is not surprising. In today's economy, the value of an NFT rarely comes solely from the NFTs, and instead has value deriving from other perks associated with purchase.

As Ethereum continues to evolve, as seen with events like The Merge, NFT projects on the blockchain will likely continue to evolve too.

However, what that will look like is impossible to tell.

For more information on Big Eyes Coin, check out the following links:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL