Last week, we introduced the Hyperliquid NFT market (related reading: Niche players rejoice, Hyperliquid NFT is actually bucking the trend?). It can be said that the recent market performance of Hyperliquid NFT was basically driven by the group of foreign NFT players, at least on the surface, there is not much evidence of Hyperliquid's official involvement.
The Sonic NFT market we are introducing this time is almost the opposite of Hyperliquid. It can be said that Sonic NFT is a very unique NFT ecosystem.
The uniqueness of Sonic NFT
- The NFT player community has almost ignored the Sonic NFT ecosystem. This may be related to Sonic's background, which is a chain led by DeFi OG Andre Cronje, focusing on DeFi, formerly known as Fantom, and has now been renamed Sonic. The players involved in Sonic NFT are more from the DeFi player community and users who have been active in Sonic (Fantom) all along.
- Top-down signs are obvious. For example, the leading Sonic NFT project Derps currently has a considerable number of Sonic's official personnel using it as their Twitter avatar. Currently, Sonic's Twitter has 16 verified accounts, 9 of which have Derps avatars, and Andre Cronje's own Twitter avatar is also a Derps.
- Dominated by "rights-based" NFTs. The top-trading projects are almost all due to the "shovel" effect, and they are basically from project parties with real products, often linked to token airdrops and token pre-sale rights and other utilities.
How to participate?
Compared to Hyperliquid, the preparation work to participate in Sonic NFT is very easy. We can directly buy $S on major CEXs and then transfer it to the Sonic chain, and then go to Paintswap for trading.
Introduction to Sonic NFT projects
Derps
Currently the undisputed leader of Sonic NFT, with a total of 2000. As mentioned above, a considerable number of Sonic team members are using this project as their Twitter avatar.
The current floor price is 2000 $S, about $1,100, with a market cap of just over $2 million. It is worth mentioning that this project has a token called $DERP, with a current market cap of about $6 million, and the price difference between the NFT and the token is not too large. Holders of Derps NFT can receive $DERP daily, and the amount received each day will not accumulate. This mechanism is quite interesting. The token economics of $DERP are as follows:
- Total supply of 420,696,696
- 30% for initial liquidity
- 30% for Derp NFT holders, can be claimed daily
- 20% for the treasury, used for project development
- 10% for "bribing" various DEXs, which can be understood as marketing funds to promote better liquidity for $DERP
- 10% for the team, locked until December 25, 2025
It is not quite appropriate to simply classify Derps as a "cultural community" project, because it also has some DeFi gameplay based on $DERP, such as using $DERP to mint ERC-1155 type NFTs to increase the output rate of $DERP, or using $DERP to "feed" Derps NFT to obtain Beprs NFT, which is a series with a total of 69,420 (initial maximum supply of 10,000, increasing over time), and the team plans to build a game around Berps NFT in the future.
However, the most attractive aspect of Derps at the moment is still the "shovel" effect. Previously, Derps NFT holders received a major airdrop of $SHADOW, which is a DEX on the Sonic chain, with each Derps NFT receiving about $2,000 worth of $SHADOW. The OG series Derpe Dewdz (only 100 in total, currently about 5 times the floor price of Derps) even received about $8,500 worth of $SHADOW. Against the backdrop of a group of Sonic team members using this project as their Twitter avatar, it undoubtedly gives players higher expectations for the future "shovel" effect of Derps.
SwapX xNFT
NFT series launched by Sonic's DEX, with a total of 2989, and the current floor price is 5800 $S, about $3,300.
This is not a PFP project, but a "rights-based" NFT. Holders can stake this NFT to receive SwapX platform dividends, and also enjoy token pre-sale qualifications for some Sonic projects.
Lazy Bears
NFT series issued by Sonic's Token Launchpad, with a total of 2244, and the current floor price is 274 $S, about $156.
I think the main reasons why this can be popular are: one is the expectation that it may issue its own tokens in the future, and the other is the spillover influence of Derps. This is a Free Mint project, and people will want to take a chance on a potential "dragon two".
Beardies
The official NFT project of Sonic NFT trading market Paintswap, with a total of 2048, and the current floor price is 1670 $S, about $950.
This NFT series can receive 3% of Paintswap's daily trading fee revenue as dividends. In addition, there is a project called Colorful Coal, which was previously airdropped by the official to Beardies, and can also receive 1% of Paintswap's daily trading fee revenue as dividends.
METRONIX
The official NFT series issued by Sonic's DEX Metropolis, with a total of 777, and the current floor price is 1120 $S, about $640.
This series will receive airdrops of Metropolis' native token $METRO.
Umans
A pure art series, occupying the narrative of the first NFT series on Sonic. A total of 998, and the current floor price is 179 $S, about $100.
Conclusion
It can be seen that the current popular projects on Sonic are mainly "rights-based" NFTs, and the total supply is relatively small. The future development of these projects will largely depend on the heights that the underlying projects and the entire Sonic ecosystem can reach. The small total supply means that they may surge in price when the market is good, but they may also face a double whammy of price and liquidity when the market is not good or the project and ecosystem development is not good.
Therefore, the most certain Sonic NFT at the moment is probably still Derps, and it is difficult for competitors to challenge its leading position in the short term.
Welcome to join the official BlockBeats community:
Telegram subscription group: https://t.me/theblockbeats
Telegram discussion group: https://t.me/BlockBeats_App
Twitter official account: https://twitter.com/BlockBeatsAsia
