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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
12/09/2024

NFTs Are Recovering — What Opportunities Are Still on the Table?

Recently, Mad Lads' floor price climbed above 50 SOL and Pudgy Penguins crossed the 20 ETH mark. NFTs are gradually recovering, and many projects have started rolling out new initiatives — Pudgy Penguins launched the PENGU token, while Milady Cult opened sales for the CULT token. What other opportunities are out there? Here's the latest from the NFT market: Data Divergence Across Blockchains * Ethereum is leading the charge as NFT trading volume surges, with November sales up significantly from October. * Solana and Polygon showed little movement, with Solana up only 2% over the past 30 days.

NFTs Are Recovering — What Opportunities Are Still on the Table?

Recently, the floor price of Mad Lads climbed above 50 SOL, and Pudgy Penguins crossed the 20 ETH mark. NFTs are gradually recovering, and many projects have started rolling out new initiatives — Pudgy Penguins launched the PENGU token, while Milady Cult opened sales for the CULT token. What other opportunities are out there? Here's the latest from the NFT market:

Data Divergence Across Blockchains

  • Ethereum is leading the charge, with NFT trading volume surging and November sales up significantly from October.
  • Solana and Polygon showed little movement, with Solana up only 2% over the past 30 days.
  • Blue-chip NFT projects like CryptoPunks, Pudgy Penguins, and Mad Lads typically lead the recovery. CryptoPunks recorded over $49 million in sales over 30 days — a 400% increase.

Opportunities From Emerging NFT Projects

1️⃣ Pudgy Penguins

  • On December 6, the project announced the PENGU token with a total supply of 88,888 billion, of which 25.9% is allocated to the Pudgy community.
  • The token airdrop generated significant buzz — NFT prices rose 15% on the day and trading volume jumped 3–5x.
  • PENGU is seen as having strong upside potential, with comparisons drawn to sector peers like APE ($18B FDV) and MFER ($32M market cap).

2️⃣ Milady

  • On December 9, Milady Cult launched the CULT token, which had previously raised 5,861 ETH (~$20.5 million).
  • At launch, the token's market value hit $1 billion within one minute before settling around $700 million.

NFT Infrastructure Still Has Room to Run

  • Metaplex on Solana — a decentralized NFT infrastructure platform — is expanding support for assets including FTs, RWAs, and gaming assets.
  • Currently, MPLX's FDV market cap sits at just $350 million, well below competitors like TNSR at $780 million.

NFTs: A Temporary Bounce or a Lasting Opportunity?

NFTs carry strong community dynamics and high viral potential. Combined with new asset classes, they could unlock significantly greater upside — though it remains heavily dependent on creative execution and the market's ability to sustain attention.