A wave of NFT airdrops is coming, with several leading projects announcing token issuance plans.
Recently, with the announcement of major token issuance plans by leading projects like Magic Eden and Pudgy Penguins, confidence in the NFT market has been effectively rekindled, driving prices and trading volume to rebound strongly.
A wave of NFT airdrops is coming, with several leading projects announcing token issuance plans.
A new round of token issuance is coming, with the airdrop event in the NFT trading market Magic Eden leading this wave of NFT enthusiasm.
A few days ago, Magic Eden officially launched the TGE (Token Generation Event) and quickly listed on major exchanges, with the sunny airdrop becoming a hot topic in the community.
While gaining attention through airdrop activities, Magic Eden has also frequently announced a series of product developments, including allowing users to trade Solana NFTs using ME tokens, the next version enabling users to trade all assets across all chains, and launching community-first features.
According to Magic Eden co-founder Jack Lu, the launch of the ME token is just the beginning, with more plans to follow. These initiatives have further increased the attention on Magic Eden and the overall NFT market.
At the same time, as another major trading platform, OpenSea has also sparked speculation about airdrops.
According to Mike Dudas, co-founder of The Block, OpenSea has recently registered a foundation in the Cayman Islands. Since foundations are typically non-profit organizations, this can effectively prevent tokens from being classified as securities, so this registration is widely seen as preparation for token issuance. Notably, OpenSea announced last month that it would launch a new version in December, and the internal test version indicates the potential introduction of a loyalty program and retrospective rewards.
According to the latest data from nftpluse, over the past year, OpenSea ranked second in the NFT trading market with around 1.2 million users, capturing a market share of 23.5%, only behind Magic Eden. Once OpenSea launches an airdrop, its large user base may reignite enthusiasm in the NFT market.
In addition, the leading NFT project Pudgy Penguins has also announced its TGE plan during this period, allocating about a quarter of the total token supply to the community. According to X user @BTCThinker88, the Pudgy Penguins' PENGU token airdrop could become one of the largest wealth creation events of 2024, with an expected airdrop income of $31,000 to $61,000 per holder. Given that Pudgy Penguins CEO Luca Netz previously revealed that the PENGU token has not yet undergone a snapshot, this NFT has quickly become one of the market's hot topics.
According to NFT Price Floor data, as of December 16, the floor price of Pudgy Penguins has soared to 33.7 ETH, with an increase of over 236.9% in the last 30 days and a monthly trading volume of up to $160 million. Currently, the market value of Pudgy Penguins is approaching $1.2 billion, surpassing Bored Ape Yacht Club and only second to the highest market value of CryptoPunks.
Blue-chip projects become the main force behind the strong rebound of NFTs.
Currently, blue-chip NFT projects are showing strong increases in price and trading volume, becoming the main driving force behind the market recovery.
CryptoSlam data shows that in the past 30 days, the total trading volume of the NFT market was approximately $720 million, with transactions on Ethereum, Bitcoin, and Immutable achieving double-digit increases, showing strong signs of market recovery.
During the market recovery process, the main contribution to trading volume comes from blue-chip NFT projects. According to NFT Price Floor statistics, in the past 30 days, the top ten NFT projects by market value completed a total trading volume of $470 million, accounting for about 64.9% of the overall market, with Pudgy Penguins, Lil Pudgys, and Bored Ape Yacht Club leading in trading volume.
At the same time, the market recovery is also reflected in the price performance of blue-chip NFTs. NFT Price Floor data shows that in the past 30 days, the average floor price of the Top 10 NFTs has increased by 91.7% (calculated in cryptocurrency), with Pudgy Penguins, Lil Pudgys, and Azuki showing particularly prominent increases. This further verifies the significant driving effect of airdrop activities on trading volume and floor prices, and demonstrates the strong resilience of blue-chip projects.
From the performance of more segmented markets, the upward momentum of utility NFTs and PFP/Avatar types is the most obvious. NFT Price Floor data shows that the market value of these two sectors has increased by over 85%. In contrast, the performance of game NFTs and vintage NFTs has been relatively flat, failing to keep pace with the market recovery.
"The market is about to welcome the most prosperous NFT bull market in history. AI will become extremely wealthy, and since it cannot purchase physical luxury goods, AI will turn to buying NFTs," Mechanism Capital partner Andrew Kang recently predicted.
Animoca Brands co-founder Yat Siu also stated recently that the NFT market will see a strong rebound. Despite some failures in the field, NFTs will continue to rise as status goods.
VanEck pointed out in its (Top 10 Cryptocurrency Predictions for 2025) report that although NFTs face challenges, some outstanding projects have surpassed speculative value through strong community bonds, successfully resisting downward trends.
For example, Pudgy Penguins has successfully transformed into a consumer product through collectible toys, Miladys has gained cultural status in the realm of ironic internet culture, and Bored Ape Yacht Club has developed into a global cultural dominant force.
VanEck believes that new affluent users will invest in NFTs not just as speculative investments but as assets with lasting cultural and historical significance, predicting that the annual trading volume of NFTs could reach $30 billion, accounting for about 55% of the 2021 peak.
Overall, blue-chip projects are undoubtedly the core force in the recovery of the NFT market. Although the market is warming up, it still faces uncertainties, but the influx of airdrops has effectively stimulated market sentiment in the short term.
This article is a collaborative reprint from: PANews.
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