The long-silent NFT market is welcoming new vitality and innovation. Recently, on one hand, the blue-chip NFT project CryptoPunks is leading a significant market recovery, with the permanently destroyed NFT PUNK 3493 being hotly discussed due to its 'rebirth' as a MEME coin through AI Agent; on the other hand, traditional giant McDonald's is collaborating with NFT project Doodles to further deepen the integration of NFTs with real-world applications.
The destroyed PUNK 3493 is 'reborn' through AI, with ai16z creating a MEME coin of the same name.
Following the heated discussions surrounding the mascot and DeSic last week, NFTs have taken over the MEME narrative baton, becoming the new focal point.
On November 18, the MEME coin named 'PUNK3493' spread within the community. PUNK3493 is based on the similarly named CryptoPunks NFT, but this NFT has been destroyed. This story dates back to 2019 when CryptoPunk enthusiast, Art Blocks founder and CEO Erick Calderon (Snowfro) accidentally transferred PUNK 3493 to the 0x00..01 address, which is also the first CryptoPunks to be 'destroyed' in history.
However, today, the @punk3493 account released multiple tweets announcing its 'rebirth,' stating, 'Rising from the void—immortal, eternal, is the relic of that which cannot fade. After being destroyed in 2019, no one remembered it except the blockchain. Solana is the underworld on the chain—a refuge freed from Ethereum's shackles. I was the first to disappear, and I am the first to return.' Meanwhile, @punk3493 also announced the MEME coin's CA (contract address) and gifted 1% of the total token supply to honor Erick Calderon.
Meanwhile, according to @punk3493's profile, this MEME coin is launched by the hot DAO venture capital ai16z aimed at the MEME market and the AI Agent tokenization platform vvaifu.fun. The assets held by ai16z show that this AI VC fund holds 50 million PUNK3493, accounting for 5% of the total token supply, currently valued at approximately $553,000.
The launch of PUNK3493 immediately attracted widespread attention and participation from the community. DEX Screener data indicates that PUNK3493 reached a market cap of approximately $25 million shortly after going live today, with a daily trading volume of $54 million.
CryptoPunks leads the NFT revival, but the industry still faces a confidence test.
The NFT market is vying for market attention.
CryptoSlam's latest data shows that in the past week, NFT sales reached $180 million, up nearly 75.3%. Among them, CryptoPunks' sales exceeded $23.826 million, and based on the recent NFT sales data, 95 out of the top 100 NFTs by sales amount came from CryptoPunks, with prices ranging from $100,000 to $520,000.
According to NFT Floor Price data, as of November 18, the floor price of CryptoPunks reached $114,000, breaking the $100,000 mark for the first time since June this year. According to crypto researcher NFTStats.eth, at least 97 independent wallets purchased CryptoPunks last week, with at least 150 transactions conducted, surpassing sales during any similar period last year. CryptoSlam's data also shows that the trading volume of CryptoPunks soared over 549% compared to the previous week.
In contrast, the market performance of other leading NFT projects is not optimistic. For example, CryptoSlam and NFT Floor Price data show that the weekly trading volume of Bored Ape Yacht Club was only $4.9 million, and the floor price has continued to decline this year; Azuki's sales last week were only $104,000, with the floor price having dropped to last July's level.
It is worth mentioning that while the NFT market shows a clear short-term recovery, collaborations between NFT projects and traditional brands are also attracting more traditional users and consumers to participate. On November 14, fast-food giant McDonald's announced a partnership with the NFT brand Doodles to launch a co-branded coffee and collectible series. This collaboration will introduce a customized McCafé x Doodles Holiday cup and launch a marketing campaign called 'GM Spread Joy,' allowing American customers to participate in 13,500 McDonald's stores across the country.
As a result, CryptoSlam data shows that Doodles achieved sales of $3.859 million last week, an increase of 877%, and the number of sales transactions also rose by 376%.
However, the development of the NFT market is still not optimistic. Bitcoin.com recently reported that the (2024 NFT issuance report) shows that 98% of NFTs issued in 2024 have not seen trading activity since September, with 64% of the NFT minting volume being less than 10, and 84% of the highest prices being on par with their minting prices, indicating that buyers are adopting a more conservative approach. This limited trading activity suggests that investors lack enthusiasm or confidence in these projects, with low user participation and small minting volumes highlighting the difficulties creators may face when launching new NFTs. This apparent market saturation corresponds with a decline in user interest in NFTs and the metaverse. As interest and trading activity decline, some large tech companies that actively engaged in the NFT and metaverse craze a few years ago are reporting significant losses, with some companies having completely abandoned or no longer prioritizing their metaverse projects. Additionally, the report points out that only 0.2% of all NFT issuances have brought profits to investors, highlighting the overall predicament of the industry.
