Author: OurNetwork
Translated by: Deep Tide TechFlow
Comment from the editorial team:
NFTs sparked a craze in 2021, but the market quickly cooled down, leading to much controversy and reflection. (Rolling Stone) After featuring the image of Bored Ape on the cover, they even published an article stating that NFTs are worthless.
However, unexpectedly, some areas of the NFT market remain active. Data shows that as of December 16, the market capitalization of the top 10 NFT projects has grown by $2.5 billion in the past 30 days, indicating that the market is undergoing new changes.
NFT Price Floor
Recently, the NFT market has been active, especially as holders of Pudgy Penguins and Lil Pudgys received approximately $58,000 and $6,000, respectively, from the PENGU project. Currently, the valuation of the PENGU project has reached $2.7 billion. Additionally, Miladys has launched an ecosystem token, and Azukis are also widely believed to be launching a similar token reward mechanism soon.
In the context of ongoing exploration and experimentation with ecosystem tokens, now is a good time to revisit this area of on-chain data that many have given up on. Let's dive deeper.
NFTs
Pudgy Penguins | Mad Lads | CryptoPunks
Diario | Dashboard
Expectations for PENGU, ANIME, and Opensea token airdrops are pushing the total market capitalization of NFTs close to $11 billion.
Driven by speculation related to the PENGU and ANIME tokens, the NFT market has seen significant growth. In the past 30 days, the floor price of Igloo Company’s collectibles has experienced a triple-digit increase — the price of Pudgy Penguins surged by 345% before the PENGU airdrop. Meanwhile, Chiru Labs' Azukis also saw a 170% increase. These gains reflect market expectations for token reward mechanisms, a strategy that has previously proven effective in enhancing user engagement. Additionally, rumors about Opensea’s token airdrop have further boosted market sentiment.
NFT Price Floor
The brand rankings of NFT Price Floor reflect dynamic changes in the market. Among the top four brands, Igloo Co. has seen a 377% increase in market capitalization over the past 30 days, while Chiru Labs has grown by 188%. In contrast, Yuga Labs and Art Blocks have seen smaller growth, but they too have been positively impacted by the market.
NFT Price Floor
In the past 7 days of top transactions, a similar trend remains evident. Among the top 12 transactions, there were 6 Pudgy Penguins and 2 Azukis, with transaction prices ranging from approximately $500,000 to $175,000. This indicates that market interest and demand for Igloo Company and Chiru Labs collectibles are rapidly increasing.
NFT Price Floor
Market Focus: The NFT market has also been influenced by the wave of 'meme culture.' This year, Meme NFT collections like Sproto Gremlins, Milady, and Project Aeon have performed strongly, while the Pepe series remains dominant among high-end Meme NFTs. In this context, Nakamoto Cards have become the ultimate target for collectors. Notably, an increasing number of investors are beginning to hoard these cards; for instance, in a recent transaction, one wallet purchased two Nakamoto Cards in just five days. This indicates a growing demand for top-tier collectibles.
Pudgy Penguins
Maus | Website | Dashboard
After the Pudgy Penguin floor price broke 30 ETH, it fell back to 16 ETH due to the airdrop.
After the announcement of the PENGU token launch, the floor price of Pudgy Penguin briefly broke 30 ETH, more than three times the floor price in early November, and exceeded half of the historical high price in February 2024. However, after today's airdrop was completed, the floor price fell back to 16 ETH. Meanwhile, trading volume increased significantly, reaching a high of 8,200 ETH today. As of December 17, the PENGU tokens allocated to each Pudgy are valued at approximately $58,000. Despite the airdrop having started, the number of buyers continues to grow.
Dune - @mausefalle
Compared to other Ethereum NFT collections, Pudgy Penguins have recently gained significant attention. Since early December 2024, their trading volume has accounted for over one-third of the total trading volume of Ethereum NFTs, a ratio that is more than double that of other blue-chip NFT collections, such as CryptoPunks and Bored Apes. On the day of the PENGU airdrop, the trading volume of Pudgy Penguins exceeded 50% of the total Ethereum NFT volume.
Dune - @mausefalle
Based on the current floor price, the assets of two-thirds of Pudgy Penguin holders have doubled, with half of the holders seeing returns exceeding 10 times. Nevertheless, only 5% of holders have sold, while over 19% of holders are still actively accumulating during the floor price pullback.
Dune - @mausefalle
Market Focus: PENGU is the official token of Pudgy Penguins, officially launched on December 17 with a total supply of 88,888,888,888 tokens, and has been listed on major centralized exchanges. As of now, over 20% of the tokens have been claimed. At current prices, the airdrop value for each Pudgy is approximately $58,000, while for each Lil Pudgy it’s about $6,000 (data as of the time of writing).
Mad Lads
h4wk | Website | Dashboard
Mad Lads market share increased by 10%, currently accounting for about 15% of the Solana NFT market, with a floor price of 66 SOL (approximately $15,000).
In the past month, the Solana NFT market has regained attention, with Mad Lads performing particularly well. The market share of this collection has increased by 10%, now accounting for 15% of the Solana NFT market. The current floor price is 66 SOL, approximately $15,000, as Mad Lads continues to solidify its status as a star project, reflecting a resurgence in activity and interest throughout the ecosystem.
Flipside - @h4wk
The trading volume of Solana NFTs surged in the past month, with an average daily volume reaching 16,000 SOL, an increase of 100% compared to before. Flagship collections, including Mad Lads, now account for over 20% of market share, showing renewed focus and investment enthusiasm for the Solana NFT ecosystem.
Flipside - @h4wk
The number of new buyers for Mad Lads has significantly increased, with a 20% growth in accounts making their first purchase in the past week. These new buyers now account for over 50% of total daily buyers, indicating a continued rise in market interest for the collection and attracting more new users.
Flipside - @h4wk
Crypto Punks
Diego Cabral | Website | Dashboard
65% Loyalty: CryptoPunks holders have held onto their NFTs for over two years during the NFT bear market.
As the first iconic NFT collection, CryptoPunks is based on 10,000 pixel-style characters and pioneered the PFP (Profile Picture) movement. Although its price has continued to decline relative to ETH since 2021, CryptoPunks is still regarded as a cultural symbol and maintains high retention among collectors. Data shows that about 65% of holders have held their NFTs for over two years, and 59.3% have never sold. This indicates that CryptoPunks holders are more likely to be collectors or long-term investors rather than NFT speculators looking to make short-term profits through frequent trading.
Dune - @denze
Dune - @denze
Data also shows that CryptoPunks holders have high loyalty. For example, 12 wallets have held more than 20 CryptoPunks for over 600 days, and another 5 wallets have held for over 1,000 days without making any sales. This reflects holders' confidence in a price rebound and their preference for long-term holding, as well as their recognition of the cultural value of CryptoPunks.
Dune - @denze
Since May 2022, the floor price of CryptoPunks has dropped from 65 ETH to 27 ETH. In contrast, the combined floor price of the top 100 NFT collections on Ethereum fell from 591 ETH to 61 ETH. CryptoPunks has shown stronger resilience amid the overall decline in the NFT market, indicating that its holders prioritize long-term value over short-term speculation compared to other major collections.
Dune - @denze
Market Focus: The largest transaction in CryptoPunks history occurred on February 12, 2022, when Punk #5822 sold for 8,000 ETH (worth over $23 million at the time and currently valued at over $31 million). The second-largest transaction took place two years later, in March 2024, when Punk #7804 sold for 4,850 ETH. Although the current bull market has reignited interest in NFTs, it remains to be seen whether market demand can quickly surpass the record transaction amount of Punk #5822 (which is about 65% higher than the second-largest transaction earlier this year).
