After reflecting on the NFT market of 2024 together with us, how would you rate the performance of the NFT market in 2024? (Background: Doodles founder hinted at upcoming token 'Token Is Coming', NFT floor price surged by 89%) (Additional context: $PENGU airdrop frenzy: One fat penguin NFT can claim over $80,000, Solana and Ethereum OG wallets can also claim) 2024 is about to come to an end. At the close of 2024, the airdrop of Magic Eden's token $ME and the collective revival of ETH 'blue chips', especially the airdrop of 'Fat Penguins' Pudgy Penguins' token $PENGU, have brought substantial wealth effects, allowing NFTs to regain market attention after a long absence. What kind of year has it been for NFTs? Rhythm BlockBeats reviews the NFT market of the past 12 months for you. After reflecting on the NFT market of 2024 together with us, how would you rate the performance of the NFT market in 2024? January: The three-way dominance begins, the end of 'hexagonal avatars' In December 2023, the total monthly transaction volume of Solana NFTs slightly surpassed Ethereum's with about $365 million compared to Ethereum's $363 million. Looking back, this was the beginning of the three-way NFT dominance of Ethereum, Solana, and Bitcoin (Ordinals). Despite Ethereum proving itself to still be the king chain in the NFT field through absolute monopoly of top market cap NFT projects and player volume by the end of the year, if we rewind to January this year, the NFT market was set to go through the entire year in a three-way competition. Ethereum NFTs started the year with 'Vintage Mickey Mouse'. Due to U.S. laws allowing for copyrights older than 95 years, by January this year, the old Mickey Mouse copyright no longer belonged to Disney and became public domain. Thus, we saw 'Mickey Mouse' dominating the rankings on OpenSea. But shortly after, there was bad news — Twitter canceled the use of NFTs as Twitter avatars. This seemed to tell us that aside from crypto players, no one else in the world would care whether an avatar was worth $10 or $100,000. Anyway, do you remember this 'hexagonal avatar'? The star new projects of this month included: – Pizza Ninjas (Bitcoin Ordinals), another Tier 1 project born in the Bitcoin ecosystem. – RSIC (Bitcoin Ordinals), the hottest pre-mined rune NFT series before the Rune Protocol went live quietly airdropped, making pre-mined runes popular. – Tinfun (Ethereum, later migrated to Blast), the Chinese power reshaped the glory of Ethereum mainnet. – ittybits (Ethereum inscriptions), a 10x opportunity in a niche track, drove up the prices of small images in the Ethereum inscriptions, but unfortunately lacked follow-up strength. – CryptoUndeads (Solana), the pre-sale of which made a big profit for the Cabal, streaked across like a meteor. February: ERC-404 'Pandora's Box', Yuga Labs acquires 'Moonbirds' The 'image-coin integration' concept shone brightly at the beginning of February, with the first project of ERC-404 'Pandora's Box' being the undisputed star of early February, surging nearly 30 times. At that time, we had this idea — ERC-404 directly shaped a 'symbiotic relationship between images and coins', allowing trading on CEX, also a disruption to existing NFTfi products. By incorporating oracles, leveraging ERC-404's native NFT became easy (directly long/short ERC-20 Tokens), and direct lending no longer took the form of storing small images at designated addresses, but could be operated directly based on ERC-20 Tokens. But now, this concept has not been realized; instead, the hybrid 'image-coin mixed' model that became popular later on Solana, which saw meme coins driving up community cult-like NFT series, demonstrated a liquidity dual-spiral effect. In February, Yuga Labs announced the acquisition of the development team of Moonbirds PROOF, owning top NFT IP/projects like CryptoPunks, BAYC, MAYC, BAKC, 'Monkey Land' Otherdeed, Meebits, and Moonbirds, becoming the NFT 'giant'. At that time, our opinion was that — Yuga Labs was no longer cool, and the time left for Yuga Labs to think was perhaps limited; this would be a race against the bull market. Looking back now, the attention and outstanding market performance that Pudgy Penguins and Doodles received at the end of the year provide evidence for this viewpoint. The star new projects of this month included: – Quantum Cats (Bitcoin Ordinals), although the price of 0.1 Bitcoin at that time caused some market divergence, the current price of 0.3 Bitcoin has made this project’s blue-chip Bitcoin NFT status indisputable. March: Blast mainnet goes live, Runestone airdrop triggers rune frenzy The Blast mainnet went live on March 1, sounding the 'first shot' for the NFT market in March. However, overall, this month was lively due to Bitcoin Ordinals. First was the rise of the 'DMT (a concept that gave rise to generative art based on Bitcoin block data)' concept that started at the end of February. As the leader of the DMT concept, Natcats set a record single sale of 1.3 Bitcoin before any Bitcoin NFT trading market was launched. Then came the Runestone airdrop in mid-March, a massive airdrop that included over 112,000 Bitcoin addresses, which became the third-largest NFT series by total market cap across all chains in just two days. It is also the predecessor of today’s number one rune $DOG. The impact of the Runestone airdrop on the Bitcoin ecosystem is profound; 'free, fair, big trucks' — these three keywords became the criteria for judging whether Bitcoin Ordinals ecosystem projects were excellent for quite some time this year. Meanwhile, on Solana, Mad Lads peaked this month, with holders eagerly awaiting their Wormhole airdrop. Overall, it was a relatively lively month, but there was still disappointing news. Starbucks' NFT loyalty rewards program 'Starbucks Odyssey' on Polygon...

#NFT