In the recent recovery trend of the cryptocurrency market, the Non-Fungible Token (NFT) sector has also shown significant signs of revival. In particular, Bored Ape Yacht Club (BAYC) and Magic Eden have been among the outstanding representatives in the booming bull market, garnering a lot of attention. According to the latest data from CoinGecko, the market capitalization of the NFT sector reached $8.2 billion in December. The data for November further confirmed the recovery trend of the NFT market. CryptoSlam's statistics show that NFT sales reached $562 million in November, the highest level since May when sales approached $600 million. Although the number of unique buyers decreased to 662,000 in November, down from over 1 million in May, the increase in sales volume indicates that the market is regaining its vitality.
Review of November Data Performance
73% of market activity was dominated by the three major collections: CryptoPunks, BAYC, and Pudgy Penguins. Ethereum continued to dominate the NFT market, with sales reaching $216 million in November, while the Bitcoin ecosystem's NFT sales also grew by 99.44% to $186 million.
CryptoPunks performed remarkably in the November rebound, with a trading volume of $49 million, an increase of 392% compared to October, achieved through only 388 transactions. This collection accounted for 40% of the market share, with a median transaction value of $114,131, demonstrating its continued appeal to collectors and investors.
Bored Ape Yacht Club (BAYC) also held firm, with prices remaining at 21.27 ETH (approximately $79,727), and achieving a 75.79% increase within a week. Over the past day, the series' total trading volume reached 1,486 ETH, indicating an active market.
Pudgy Penguins, as a dark horse in the blue-chip NFT sector, maintained a healthy floor price of 14.869 ETH (approximately $55,758) and achieved a nearly 30% increase in a week. Azuki, with its more accessible positioning, had a floor price of 5.799 ETH and also saw an 8.61% increase in a single day.
In the EVM-based NFT market, Blur led with a trading volume of $271 million, followed by OpenSea with $161 million. In terms of user habits, OpenSea maintained a leading position with approximately 188,000 active traders and over 2 million transactions. Although Blur has a smaller user base of around 38,000 active traders, its users are more actively engaged, indicating a diversified and competitive market.
From November onwards, the market data can clearly demonstrate the recent recovery trend of the NFT market, and the strong performance of NFTs and the active trading volume provide strong evidence for the revival of this sector.
Pudgy Penguins Becomes the Second Largest NFT Project
Riding the wave of the current bull market, the Pudgy Penguins team has announced the launch of the PENGU token, and following this news, the NFT floor price has been continuously setting new highs, and the overall topic around it has become the center of attention in the NFT market in recent days.
The strong market and community response to the token launch is easy to understand, as the token distribution plan allocates the largest share of 25.9% to the Pudgy community, while the other community allocations are 24.12%. According to the analysis of community member @BTCThinker88, the Pudgy Penguins PENGU token airdrop is quite substantial, with each holder expected to receive an airdrop worth $31,000 to $61,000 (approximately 7.9 to 15.8 ETH).
Furthermore, the token economics structure of Pudgy Penguins shows that community airdrops account for the majority at around 51%, and there is no lock-up period for the community airdrops. NFT holders on social media generally express support for this token economic model and look forward to the potential value of the airdropped tokens. This move by Pudgy Penguins not only strengthens the community cohesion but also injects new vitality into the NFT market.
Magic Eden Launches Token Airdrop with Unlimited Potential
During the period from 2023 to 2024, the NFT market as a whole experienced a downturn, with a significant decline in trading volume. However, during this time, Magic Eden successfully restored some market activity through various innovations and strategic adjustments, and had a positive impact on the entire NFT market. This can be reflected in the trading data for 2024, as according to official data, as of November 2024, the platform's trading volume had reached $600 million. This figure not only demonstrates the strong growth of Magic Eden in the NFT trading sector, but also reflects the overall recovery trend of the NFT market.
Magic Eden's mobile product, the Magic Eden Wallet, has also performed well, with a monthly active address count of 300,000. According to nftpluse data, over the past month, the number of Magic Eden users reached 156,000, with a market share of 31.6%, leading the second-ranked OpenSea by about 20,000 users, and is 7.42 times the user base of the already-launched Blur platform (21,000). In addition, Magic Eden's trading revenue over the past month was $2.8 million, with a market share of 45.4%, leading the second-ranked OpenSea by about $600,000, and is 9.3 times the revenue of the already-launched Blur platform ($301,000).
In the Bitcoin ecosystem, Magic Eden's performance is particularly outstanding, ranking first in DEXs (decentralized exchanges) with a market share of over 80% in rune and inscription trading volume. In the NFT ecosystem, Magic Eden also occupies a leading position in terms of revenue and user share, with a revenue share of 60% and a user share of 29%. This market share dominance not only consolidates Magic Eden's leadership position in the Bitcoin ecosystem, but also provides strong support for the overall recovery of the NFT market.
The previously anticipated TGE airdrop, with a total token supply of 12.5% and an expected opening value of over $4 billion, as well as the launch of community-priority reward features for loyal users, coupled with its influence as a cross-chain NFT market and the significant recovery of trading volume, have resulted in a strong performance of the ME token in the pre-sale market, with the price once reaching as high as $11. At the time of writing, the price has fallen to around $5, but ME still has great potential, as it is now operating on multiple blockchains, including Solana, Ethereum, and Polygon, and the TGE launch may further strengthen its cross-chain functionality.
Conclusion
While the TGE of Magic Eden has great potential to be a catalyst for the recovery of the NFT market, the ultimate effect depends on multiple factors, including the overall trend of the bull market, which directly affects the price movement of the ME token. As for the price of Pudgy Penguins, Luca Netz had announced in July this year that Pudgy Penguins would reach a floor price of 200 ETH in this cycle. Although the current floor price is still far from Netz's target, with the overall recovery of the NFT market and the support of NFT market allies, it is worth keeping an eye on and looking forward to whether the 200 ETH floor price can be achieved in the future.
