In the recent recovery trend of the cryptocurrency market, the NFT field has also seen significant signs of recovery. Especially recently, Fat Penguin and Magic Eden have gained a lot of popularity as outstanding representatives of NFT in the bull market where hundreds of flowers are blooming. According to the latest data from CoinGecko, the market value of the NFT field reached $8.2 billion in December. November’s data further confirmed the recovery trend of the NFT market. Statistics from CryptoSlam show that NFT sales reached $562 million in November, the highest level since May, when sales were close to $600 million. Although the number of unique buyers fell in November to 662,000, down from more than 1 million in May, the increase in sales suggests the market is regaining its vitality.
Review of November data performance
73% of market activity was accounted for by CryptoPunks, BAYC, and Pudgy Penguins. Ethereum continued to dominate the NFT market, with sales reaching $216 million in November, while NFT sales in the Bitcoin ecosystem also increased by 99.44% to $186 million.
CryptoPunks stood out in the November recovery, with trading volume reaching $49 million, up 392% from October, achieved through just 388 transactions. The collectible captured 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) is not to be outdone, with its price firmly at 21.27 ETH (about 79,727 USD), and has achieved a 75.79% increase in a week. In the past day, the total transaction volume of this series reached 1486 ETH, showing the activeness of the market.
Pudgy Penguins, the dark horse in the blue-chip NFT space, maintains a healthy base price of 14.869 ETH (about $55,758) and has achieved a nearly 30% increase in a week. Azuki, with its more affordable positioning, has a base price of 5.799 ETH and has also risen by 8.61% in a single day.
In the NFT market of the EVM chain, Blur leads with a transaction volume of $271 million, followed by OpenSea with a transaction volume of $161 million. In terms of user habits, OpenSea maintains its leading position with approximately 188,000 active traders and more than 2 million transactions. Although Blur has a smaller user base of approximately 38,000 active traders, its users are more active in trading, showing the diversification and competitiveness of the market.
In the new round of bull market starting from November, market data can clearly show the recent recovery trend of the NFT market. The strong performance of NFT and the active trading volume in the market provide strong evidence for the recovery of this field.
Fat Penguin Becomes the Second Largest NFT Project
Riding on the momentum of this bull market, the Pudgy Penguins team also announced the launch of the token PENGU. After this news, its NFT floor price continued to hit new highs, and its overall topic on X has become the NFT center in recent days.
It is easy to understand why the market and community reacted strongly to the news of the token launch. The Pudgy community received the largest share of the token distribution plan, accounting for 25.9%, while other communities received 24.12%. According to the analysis of community member @BTCThinker 88, the scale of Pudgy Penguins' PENGU token airdrop is quite considerable, and each holder is expected to receive an airdrop income of 31,000 to 61,000 US dollars (about 7.9 to 15.8 ETH).
In addition, the token economics structure of Pudgy Penguins shows that community airdrops account for the majority of about 51%, and there is no lock-up period for community airdrops. NFT holders on social media generally support the token economic model and look forward to the potential value of airdrop tokens. This move by Pudgy Penguins not only enhances the cohesion of the community, but also injects new vitality into the NFT market.
Magic Eden coin airdrop has unlimited potential
From 2023 to 2024, the NFT market as a whole experienced a downturn, and the market transaction volume dropped significantly. However, Magic Eden successfully restored some market activity through a number of innovations and strategic adjustments during this period, and had a positive impact on the entire NFT market. This can be reflected in the transaction data in 2024. According to official data, as of November 24, the platform's transaction volume has reached 600 million US dollars. This figure not only shows the strong growth of Magic Eden in the field of NFT transactions, but also reflects the trend of the entire NFT market recovery.
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 7.42 times the number of users of the Blur platform (21,000) that has issued coins. In addition, the transaction revenue of the Magic Eden platform in the past month was US$2.8 million, with a market share of 45.4%, leading the second-ranked OpenSea by about US$600,000, and 9.3 times the revenue of the Blur platform (301,000) that has issued coins.
In the Bitcoin ecosystem, Magic Eden's performance is particularly outstanding. It ranks first in DEX (decentralized exchange), and its share of rune and inscription trading volume accounts for more than 80%. In the NFT ecosystem, Magic Eden also occupies a leading position in revenue and user share. Specifically, Magic Eden's revenue share accounts for 60% and its user share accounts for 29%. These market shares not only consolidate Magic Eden's leadership in the Bitcoin ecosystem, but also provide strong support for the overall recovery of the NFT market.
The long-awaited TGE airdrop involves 12.5% of the total token supply, the expected opening value exceeds 4 billion US dollars, and the launch of community priority features to reward loyal users, coupled with its influence and transactions as a cross-chain NFT market The significant recovery in volume allowed the ME token to perform strongly in the pre-sale market, with the price once jumping to $4.50. After the highest observed price reached $11 at the time of writing, it continued to fall to around $5. However, ME still has great potential. After all, it is already operating on multiple blockchains, including Solana, Ethereum, Polygon, etc. The launch of TGE may It will further strengthen its cross-chain functionality.
Conclusion
Magic Eden’s TGE certainly has great potential to become a catalyst for the recovery of the NFT market, but the ultimate effect depends on multiple factors, including the trend of the subsequent overall bull market, which directly affects the trend of the ME token price. As for the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins will reach a floor price of 200 ETH in this cycle. Although judging from the current floor price, it is still far from Netz’s goal, but with the overall recovery of the NFT market and the emergence of friendly forces in the NFT market, whether the floor price of 200 ETH can be achieved in the future is still worthy of attention and expectation.
