Article source: Nxone
In the recent warming trend of the cryptocurrency market, the NFT sector has also shown significant signs of recovery. Notably, the recent Pudgy Penguins and Magic Eden have become excellent representatives of NFTs, earning substantial attention in this flourishing bull market. According to the latest data from CoinGecko, the market capitalization of the NFT sector reached $8.2 billion in December. Data from November 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 increase in sales indicates that the market is regaining vitality.
Review of November's Data Performance
Market activity is dominated by three major series: CryptoPunks, BAYC, and Pudgy Penguins, which account for 73% of the total. Ethereum continues to dominate the NFT market, with November sales reaching $216 million, 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 just 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 performed well, maintaining a strong price of 21.27 ETH (approximately $79,727), with a 75.79% increase within a week. In the past day, the total trading volume of this series reached 1,486 ETH, indicating market activity.
Pudgy Penguins, as a dark horse in the blue-chip NFT sector, 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 accessible positioning, has a floor price of 5.799 ETH, also rising 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 leading position 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, reflecting the market's diversification and competitiveness.
Since November, a new bull market has begun, and market data clearly indicates a recent warming trend in the NFT market. The strong performance of NFTs and the active trading volume in the market provide compelling 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 also announced the launch of the PENGU token, and after this news, its NFT floor price has been reaching new highs, becoming the center of discussion in the NFT space on X in recent days.
It is easy to understand why the community reacted strongly to the news of the token launch; the Pudgy community received the largest share in the token distribution plan, accounting for as much as 25.9%, while other community allocations stood at 24.12%. According to community member @BTCThinker88's analysis, the airdrop scale of Pudgy Penguins' PENGU token is quite substantial, with each holder expected to receive an airdrop profit ranging from $31,000 to $61,000 (approximately 7.9 to 15.8 ETH).
Additionally, the tokenomics structure of Pudgy Penguins shows that community airdrops account for a significant portion of about 51%, and there is no lock-up period for community airdrops. NFT holders on social media generally express support for this token economic model and look forward to the potential value of 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 holds unlimited potential
During the period from 2023 to 2024, the NFT market as a whole experienced a downturn, with a significant decline in market trading volume. However, during this time, Magic Eden successfully regained some market activity through various innovations and strategic adjustments, positively impacting the entire NFT market. This can be reflected in the trading data for 2024; according to official data, as of November 2024, the platform's trading volume had reached $600 million. This figure not only showcases Magic Eden's strong growth in NFT trading but also reflects the warming trend of the entire NFT market.
Magic Eden's mobile product, Magic Eden Wallet, is also performing well, with the number of active addresses reaching 300,000. According to nftpluse data, in the past month, the number of Magic Eden users reached 156,000, 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 already-issued Blur platform (21,000). In addition, 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 already-issued Blur platform ($301,000).
In the Bitcoin ecosystem, Magic Eden stands out, ranking first in DEX (Decentralized Exchange) with a trading volume share of over 80% in runes and inscriptions. In the NFT ecosystem, Magic Eden also leads in both revenue and user share. Specifically, Magic Eden's revenue share accounts for 60%, while its user share is 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-anticipated TGE airdrop has been performing strongly in the presale market due to its total token supply reaching 12.5%, an expected opening value exceeding $4 billion, and the introduction of community-first features to reward loyal users. Coupled with its influence as a cross-chain NFT market and significant recovery in trading volume, the ME token saw its price surge to $4.50. As of the time of writing, the highest price observed reached $11 before continuously dropping to around $5; however, ME remains highly promising, as it is already operating across multiple blockchains, including Solana, Ethereum, and Polygon. The launch of TGE may further enhance its cross-chain functionality.
Conclusion
While Magic Eden's TGE certainly has significant potential to become a catalyst for the recovery of the NFT market, the ultimate effect depends on several factors, including the subsequent trends of the overall bull market, which directly affect the price trajectory 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 collaboration with allies in the NFT market make the realization of a 200 ETH floor price in the future worth watching and looking forward to.
