According to TechFlow, on September 20, The Block reported that at the Solana Breakpoint conference held in Singapore, Pudgy Penguins CEO Luca Netz said that despite the prevalence of Meme coin culture, NFT is still the best way to create a community. Netz emphasized the unique advantages of NFT: NFT provides recognizable avatars, making it easy to find like-minded people on the Internet; NFT can create a symbolic meaning that Meme coins cannot replicate; there is a hierarchical structure based on price and purchase time within the NFT community, which symbolizes power and status.
However, Netz also acknowledged that the NFT market is facing challenges. According to CryptoSlam data, the NFT market’s trading volume in the past 30 days was only $347 million, well below the peak monthly trading volume of $17 billion in early 2022. He believes that successful NFT projects are illiquid for large investors and too expensive for retail investors. Still, Netz remains optimistic about the long-term development of NFTs. He pointed out that the cryptocurrency market has obvious cyclical characteristics. Since the last bull run, significant progress has been made in building the infrastructure of the NFT ecosystem. Netz predicts that in the next market cycle, NFT is expected to achieve larger-scale applications and value enhancement with its unique advantages.
