Author: shaofaye123, Foresight News
Recently, the floor price of Mad Lads has risen to over 50 SOL, and the floor price of Pudgy Penguins has broken through 20 ETH. The Non-Fungible Token (NFT) sector is gradually recovering, and major projects have also started to take action. The Pudgy Penguins project has issued the PENGU token, and the Milady Cult has announced the pre-sale of the MEME project CULT, which has already had its TGE. In addition to NFTs, what other participation opportunities are there? This article will give you a quick overview of the recent changes in the NFT sector.
Differentiation of NFT Data Across Chains
Although the sales volume of NFTs has rebounded significantly recently, with November's sales volume significantly higher than October's, most of it was achieved through Ethereum. Compared to the obvious recovery of the ETH NFT sector, the Solana NFT sector is still performing poorly, and the NFT sector on the Polygon chain has not seen any significant fluctuations. This round of NFT recovery may be due to the overflow of Ethereum liquidity. According to CryptoSlam data, the CryptoSlam ETH NFT Composite Index, which measures the performance of the ETH NFT market, has rebounded by more than 50% in the past three months. However, the Solana NFT index has hardly seen any fluctuations in the past three months, with a rise of only about 2% in the last 30 days.
In addition, there is also a serious data differentiation among NFT projects. Blue-chip projects have seen good growth during the bull market, and blue-chip NFT projects are often in the lead when the NFT data rebounds. After the NFT rebound, CryptoPunks was the first to lead the NFT market, with sales of over $49 million in 30 days, an increase of nearly 400% quarter-on-quarter. Even in the bear market, blue-chip NFT projects such as Milady, Pudgy Penguins, and Mad Lads often receive airdrops from various popular projects. However, NFT projects that have performed poorly have already lost liquidity in the bear market.
New Opportunities for NFT Projects
Pudgy Penguins
On December 6th, the "Pudgy Penguins" project announced its token plan for this year. The total supply of PENGU is 88,888,888,888, with the largest share (25.9%) going to the Pudgy community; 24.12% is allocated to other communities, and 0.35% is reserved for FTT holders. The scale of the PENGU token airdrop is quite considerable. In addition, Abstract Chain may also conduct a token airdrop for Pudgy Penguins holders. On the day the news was announced, the price of Pudgy Penguins NFTs surged, with a single-day increase of over 15%, and the trading volume increased 3-5 times. FTT also rose sharply as a result.
Currently, even the counterfeit PENGU tokens on the Solana chain have a maximum value of $12 million. The valuation of the PENGU token still has a lot of room for imagination compared to the $1.8 billion FDV of APE in the same track. In addition, the current market cap of MFER is also $32 million. The PENGU token airdrop this time may once again become a big winner.
Milady
On December 9th, Milady Cult announced that the pre-sale MEME project CULT, released by Milady founder @CharlotteFang77, has already had its TGE. Milady had announced the pre-sale of the MEME token CULT as early as June this year. The pre-sale lasted 7 days and raised a total of 5,861.8 ETH, worth about $20.53 million.
The total supply of Milady Cult tokens is 100,000,000,000, and after its launch on December 9th, its market cap reached $1 billion within 1 minute, and then quickly fell back to $500 million in 5 minutes, and is currently stabilizing at around $700 million.
NFT Infrastructure Projects Still Have Upside Potential
Compared to the NFT infrastructure on Ethereum, the Metaplex project on Solana still has a lot of room for growth. Metaplex is Solana's decentralized NFT infrastructure, mainly creating an NFT protocol by providing the NFT community with development tools and open standards for digital asset issuance and on-chain ownership. The protocol consists of four smart contracts that make up the "contract ecosystem". Currently, Metaplex supports not only NFTs, but also FTs, RWAs, game assets, DePIN assets, and other types of crypto assets.
The current FDV of MPLX is only $350 million, which is still much lower than the $780 million of TNSR. In addition, the projects currently listed on Binance are mostly low-market-cap value tokens, and many of them are infrastructure-type projects. As the Solana NFT infrastructure, MPLX has already gone beyond just NFTs and has occupied a certain position in the issuance of various assets, occupying an upstream ecological position in asset issuance and management, and is still in a relatively undervalued state.
Is the recovery of the NFT sector a fleeting phenomenon or can it maintain its heat? How long can the gimmick of token issuance attract market attention? NFT projects themselves have strong meme properties and transmission characteristics, as well as strong community cohesion and atmosphere. Perhaps by combining with more diverse assets for innovation, it will further open up the imagination space for the NFT sector.
