In the recent warming trend of the cryptocurrency market, the NFT sector has also welcomed significant signs of recovery. In particular, the recent performance of Pudgy Penguins and Magic Eden has also gained substantial attention in the blossoming bull market as excellent representatives of NFTs. According to the latest data from CoinGecko, the market capitalization of the NFT sector reached $8.2 billion in December. November’s data further confirms the warming trend of the NFT market. Statistics from CryptoSlam show that NFT sales in November reached $562 million, the highest level since May, when sales were close to $600 million. Although the number of independent buyers in November decreased to 662,000, down from over 1 million in May, the growth in sales indicates that the market is regaining vitality.
Review of November's data performance
73% of market activity is dominated by the three major series: CryptoPunks, BAYC, and Pudgy Penguins. Ethereum continues to dominate the NFT market, with sales reaching $216 million in November, while NFT sales in the Bitcoin ecosystem also grew by 99.44%, reaching $186 million.
CryptoPunks performed outstandingly in November's resurgence, with a trading volume of $49 million, a 392% increase from October, achieved through only 388 transactions. This collectible occupies 40% of the market share, with a median transaction value of $114,131, demonstrating its continued appeal among collectors and investors.
Bored Ape Yacht Club (BAYC) also did not lag behind, maintaining a strong price of 21.27 ETH (approximately $79,727) and achieving a 75.79% increase within a week. In the past day, the total trading volume of the series reached 1486 ETH, showing the market's activity.
Pudgy Penguins, as a dark horse in the blue-chip NFT space, maintains a healthy floor price of 14.869 ETH (approximately $55,758) and has achieved nearly a 30% increase within a week. Azuki, with its more approachable positioning, has a floor price of 5.799 ETH and also rose by 8.61% in a single day.
In the NFT market on EVM chains, Blur leads with a trading volume of $271 million, followed closely by OpenSea with $161 million in trading volume. In terms of user habits, OpenSea maintains its lead with approximately 188,000 active traders and over 2 million transactions. Although Blur has a smaller user base of about 38,000 active traders, its user trading activity is higher, indicating a diversification and competitiveness in the market.
Starting from November, the new round of the bull market clearly indicates a recent warming trend in the NFT market. The strong performance of NFTs and the active trading volume in the market provide strong evidence for the recovery of this sector.
Pudgy Penguins becomes the second largest NFT project.
Riding the wave of this bull market, the Pudgy Penguins team has also announced the launch of the PENGU token, and following this news, their NFT floor price has continually reached new highs, becoming the center of discussions in the recent NFT landscape.
The strong reaction from the market and community to the announcement of the token launch is easily understandable. In the token allocation plan, the Pudgy community received the largest share, accounting for 25.9%, while the distribution ratio for other communities is 24.12%. According to community member @BTCThinker88's analysis, the scale of the Pudgy Penguins' PENGU token airdrop is quite considerable, with each holder expected to receive an airdrop benefit of $31,000 to $61,000 (approximately 7.9 to 15.8 ETH).
In addition, the tokenomics structure of Pudgy Penguins shows that community airdrops make up a major portion of about 51%, and there is no lock-up period set for 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 initiative by Pudgy Penguins not only enhances community cohesion but also injects new vitality into the NFT market.
Magic Eden's token airdrop has limitless potential.
During the period from 2023 to 2024, the NFT market overall experienced a period of downturn, with a significant decline in market trading volume. However, Magic Eden successfully restored some market activity during this period through multiple innovations and strategic adjustments, positively impacting the entire NFT market. This is reflected in the trading data for 2024, which shows that by November 2024, the platform's trading volume had reached $600 million. This figure not only showcases Magic Eden's strong growth in the NFT trading field but also reflects the trend of recovery in the entire NFT market.
Magic Eden's mobile product, Magic Eden Wallet, also performed well, with the number of monthly active addresses reaching 300,000. According to nftpluse data, in the past month, Magic Eden had 156,000 users, with a market share of 31.6%, leading the second-ranked OpenSea by about 20,000 users, and is 7.42 times the user count of the issued Blur platform (21,000). Furthermore, Magic Eden's trading revenue in 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 issued Blur platform ($301,000).
In the Bitcoin ecosystem, Magic Eden stands out, ranking first in DEX (decentralized exchanges), with rune and inscription trading volume accounting for over 80%. In the NFT ecosystem, Magic Eden also leads in terms of revenue and user share. Specifically, Magic Eden's revenue share occupies 60%, while its user share accounts for 29%. This market share not only solidifies Magic Eden's leadership position in the Bitcoin ecosystem but also provides strong support for the overall recovery of the NFT market.
The long-awaited TGE airdrop has drawn attention due to its total token supply of 12.5%, an expected opening value of over $4 billion, and community-first features rewarding loyal users. Coupled with its influence as a cross-chain NFT market and a significant resurgence in trading volume, the ME token performed strongly in the presale market, with a price once soaring to $4.50. At the time of writing, the highest observed price reached $11 before continuously dropping to around $5. However, ME still has great potential, as it is now operating on multiple blockchains, including Solana, Ethereum, and Polygon. The launch of TGE may further strengthen its cross-chain capabilities.
Conclusion
Magic Eden's TGE certainly has great potential to become a catalyst for the recovery of the NFT market, but the final effect depends on multiple factors, including the subsequent trend of the overall bull market, which directly influences the price trend of the ME token. Regarding the price of Pudgy Penguins, Luca Netz claimed 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, the overall recovery of the NFT market and the burst alongside friendly forces in the NFT market make it worth paying attention to and anticipating whether a floor price of 200 ETH can be achieved in the future.
