The NFT sector is recovering. What other participation opportunities are there?

Author: shaofaye123, Foresight News

Recently, the floor price of Mad Lads has risen above 50 SOL, and the floor price of Pudgy Penguins has surpassed 20 ETH. The NFT sector is gradually recovering, and major projects have begun to take action. The Pudgy Penguins project has issued the PENGU token, and Milady Cult has announced the presale of the Meme project CULT, which has already undergone TGE. Besides NFTs, what other participation opportunities are there? This article provides a quick overview of recent changes in the NFT sector.

Data Divergence Across NFT Chains

Although NFT sales have significantly rebounded recently, with November NFT sales showing a notable increase compared to October, most of this has been achieved through Ethereum. In contrast to the clear recovery of the ETH NFT sector, the Solana NFT sector remains lackluster, and there have been no significant fluctuations in the NFT sector on the Polygon chain. This round of NFT recovery may be due to liquidity spillover from Ethereum. According to CryptoSlam data, the CryptoSlam ETH NFT Composite Index, which measures the performance of the ETH NFT market, has rebounded by over 50% in the past three months. Meanwhile, the Solana NFT Index has shown almost no fluctuations in the past three months, with a growth of only about 2% in the last 30 days.

Additionally, there is a significant data divergence among NFT projects. Blue-chip projects have seen good gains during the bull market, and after the NFT data warmed up, blue-chip NFT projects often take the lead. After the NFT recovery, CryptoPunks was the first to lead the NFT market, with 30-day sales exceeding $49 million, a nearly 400% increase month-over-month. Even in a bear market, blue-chip NFTs such as Milady, Pudgy Penguins, and Mad Lads can still receive airdrops from various popular projects. In contrast, poorly performing NFT projects have already lost liquidity in the bear market.

New Opportunities in NFT Projects

Pudgy Penguins

On December 6, the "Fat Penguins" Pudgy Penguins announced their token issuance plan for this year via Twitter. The total supply of PENGU is 88,888,888,888 tokens, with the largest share (25.9%) allocated 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 substantial. Additionally, 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 daily increase of over 15%, and trading volume increasing by 3-5 times. FTT also saw a significant rise as a result.

Currently, the highest value of counterfeit PENGU tokens issued on the Solana chain has reached $12 million. The valuation of the PENGU token has significant room for imagination compared to APE's $1.8 billion FDV in the same sector. Additionally, MFER currently has a market cap of $32 million. The PENGU airdrop token could potentially become a major player again.

Milady

On December 9, Milady Cult announced that the presale Meme project CULT, launched by Milady founder @CharlotteFang77, has undergone TGE. The Milady project had announced the presale of the Meme token CULT back in June this year. At that time, the presale lasted for 7 days, raising a total of 5,861.8 ETH, valued at approximately $20.53 million.

The total supply of Milady Cult tokens is 100,000,000,000. After its launch on December 9, its market cap surged to $1 billion within a minute, quickly dropping back to $500 million after five minutes, and currently stabilizing around $700 million.

NFT Infrastructure Projects Still Have Upside Potential

Compared to ETH's NFT infrastructure, there is still significant room for the Metaplex project on Solana. Metaplex is Solana's decentralized NFT infrastructure, primarily creating NFT protocols by providing digital asset issuance and on-chain ownership development tools and open standards for NFT communities. The protocol consists of four smart contracts that make up the "contract ecosystem." Currently, the types of crypto assets supported by Metaplex are not limited to NFTs but also include FTs, RWAs, gaming assets, DePIN assets, and more.

Currently, the FDV of MPLX is only $350 million, which still has significant room compared to TNSR's $780 million. Additionally, Binance's current listing projects are concentrated on low-market-value tokens, most of which are infrastructure types. As MPLX serves as Solana's NFT infrastructure, it has not only remained focused on NFTs but has also established a certain position in various asset issuances, occupying an upstream ecological niche in asset issuance and management, and is still relatively undervalued.

Is the recovery of the NFT sector a fleeting moment, or can it maintain its momentum? How long can the hype of merely issuing tokens attract market attention? NFT projects inherently possess strong meme attributes and dissemination characteristics, along with strong community cohesion and atmosphere. Perhaps combining with more diverse assets for innovation will further open up the imagination space for the NFT sector.