Crypto.com’s head of NFTs breaks down 3 changes he expects in the market and what projects he thinks will be successful moving forward

• Some NFTs have fetched sky-high prices over the last year, though the market has cooled recently.
• Crypto.com exec Joe Conyers III says NFTs are “still risky,” but the space brims with innovation.
• He says moving forward storylines will be more important and utility NFTs will get more complex. 

Joe Conyers III, the global head of Crypto.com’s NFT division, bubbles with enthusiasm when he talks about Profile Picture (or PFP) NFTs: pieces of digital artwork with unique, randomly generated traits and attributes that are frequently used as profile pictures on social-media sites.

Over the last year, PFP projects like Bored Ape Yacht Club and Crypto Punks have fetched astronomical prices, with one rare CryptoPunk selling for the equivalent of $23.7 million in February.

But Conyers believes PFP NFTs have more untapped potential.