PANews reported on September 20 that according to TheBlock, Pudgy Penguins CEO Luca Netz said at the Solana Breakpoint conference in Singapore on Friday that despite the existence of Meme coin culture, there is still no better way to create a community than using NFT. Netz said: "With Meme coins, you can't easily identify people who share the same values ​​as you on the Internet. It's almost like a chain reaction. I think only NFT can create this effect. I think they also create a certain symbolic meaning, which Meme coins naturally cannot replicate."

The Pudgy Penguins CEO explained that one of the unique features of NFTs is its hierarchical structure, which is differentiated by price and purchase period, symbolizing power and status in the community. Netz acknowledged that discussions around the decline of the NFT market are still ongoing, and relevant indicators also point to such a conclusion. "I think the reason why NFTs are in a downturn right now is that successful NFTs are too illiquid for whales and the prices are beyond retail price," Netz said. However, Netz said that cryptocurrencies are cyclical, and with the infrastructure built since the last cycle, NFTs will become larger and perform better in the next cycle.