Bold prediction: this cycle's NFT renaissance, which started with the doubling of the floor price for Apes, will be ignited by the Pudgy Penguins airdrop this month.
As one of the most symbolically significant digital consumer products of the 2020s, NFTs have just gone through a bear market that lasted much longer than other sectors. Even now, it cannot be fully asserted that the NFT bear market has ended, but there are no signs of extinction in the NFT space.
In contrast, new NFT forces represented by Pudgy Penguins, Sloths, and Bad Kid have successfully explored a healthy development path by focusing on community building and IP development, following the failure of Yuga Labs' infinite splitting operations. During the NFT bear market, their floor prices and liquidity continue to grow against the trend.
Looking back at the brief history of Pudgy Penguins, we find that the governance capability of the Huddlers community and commercial operation are the two key points to the success of Pudgy Penguins. The current Pudgy Penguins have transformed into a Web3 brand that possesses both NFTs and physical toy IPs. Alternatively, we could compare it to a Web3 Pop Mart.
However, the Pudgy Penguins team is not satisfied with being one of the largest Web3 brands, but ambitiously launched an independent consumer chain Abstract Chain, aiming to connect developers, communities, and users to become the largest distribution channel for Web3 goods and services.
Abstract and the chain abstraction super financial app Infinex, are two heavyweight pieces in the cycle bet by Peter Thiel, the King Maker of Vance and the godfather of the PayPal mafia, which are poised for large-scale adoption of Web3 in the United States.
We focus on the Pudgy Penguins token PENGU airdrop, measuring the current status of Pudgy Penguins and Apes in terms of community consciousness, IP influence, strategic planning and implementation capability, as well as asset liquidity and price. Pudgy Penguins show a clear trend of catching up, and the FDV of PENGU should not be lower than APE's 1.9 billion, meaning the price of each PENGU should not be lower than 0.021.
Pudgy Penguins has issued a total of 38,504 NFTs across three series: Pudgy Penguins (8888), Lil Pudgy (22222), and Pudgy Rods (7394).
The total issuance of Pudgy Penguins token is 88.888 billion, with 25.9% allocated to the Pudgy community (NFT holders).
Current price of Pudgy Penguins is 19.3E, Lil Pudgy is 1.99E, and Pudgy Rods is 0.82E.
If NFTs are distributed based on price-weighted allocation, each Pudgy Penguins NFT will receive 2,002,934 tokens, Lil Pudgy will receive 206,583 tokens, and Pudgy Rods will receive 85,006 tokens.
Based on the current price, the first airdrop ROI of Pudgy Penguins NFTs is 58%.
Of course, the above is just a conservative estimate, not considering factors like new coin premiums, community consensus premiums, and market risk preference premiums. The actual return rate should be significantly higher than 58%.
What other participation opportunities are there in the NFT sector's recovery?
Recently, the floor price of Mad Lads has risen to over 50 SOL, and the floor price of Pudgy Penguins has surpassed 20 ETH. The NFT sector is gradually recovering, and major project teams have begun taking action. The Pudgy Penguins project has issued the PENGU token, and Milady Cult announced that the presale Meme project CULT has completed its TGE.
What other participation opportunities are there besides NFTs? This article gives you a quick overview of recent changes in the NFT sector.
Data differentiation among NFTs across chains.
Although NFT sales have significantly rebounded recently, with November's sales greatly increasing compared to October, most of this occurred through Ethereum. Compared to the clear recovery of the ETH NFT sector, the Solana NFT sector still underperforms, and the NFT sector on the Polygon chain has not shown significant fluctuations. This round of NFT recovery might be driven by liquidity overflow from Ethereum.
According to CryptoSlam data, the CryptoSlam ETH NFT Composite Index, which measures the performance of the ETH NFT market, has rebounded by over 50% in the past three months, while the Solana NFT Index has shown almost no fluctuation in the same period, with an increase of only about 2% in the last 30 days.
Additionally, there is severe data differentiation among NFT projects. Blue-chip projects have shown decent gains during the bull market, and after the NFT data recovery, blue-chip NFT projects often lead the rise.
After the NFT recovery, CryptoPunks led the NFT market, with sales exceeding 49 million USD in 30 days, a nearly 400% increase. Even in the bear market, blue-chip NFTs like Milady, Pudgy Penguins, and Mad Lads receive various airdrops from popular projects, while underperforming NFT projects have already lost liquidity in the bear market.
New opportunities for NFT projects.
Pudgy Penguins
On December 6, 'Fat Penguins' Pudgy Penguins tweeted their token issuance plan for this year, with a total supply of PENGU set at 88,888,888,888. The largest share in the overall allocation (25.9%) is given to the Pudgy community, while 24.12% is allocated to other communities, and 0.35% is reserved for FTT Holders.
The scale of the token airdrop for PENGU is quite substantial. Additionally, Abstract Chain may also conduct a token airdrop for Pudgy Penguins holders. On the day of the announcement, the price of Pudgy Penguins NFTs surged, increasing over 15% in a single day, with trading volume increasing by 3-5 times, causing FTT to rise significantly.
Currently, even the highest value of counterfeit PENGU tokens issued on the Solana chain has reached 12 million USD. The valuation of PENGU tokens compared to APE's 1.8 billion FDV still has significant room for imagination. Additionally, MFER currently has a market cap of 32 million USD, and the upcoming airdrop tokens from PENGU may become a major asset again.
Milady
On December 9, Milady Cult announced that the presale Meme project CULT, released by Milady founder @CharlotteFang77, has completed its TGE. The Milady project announced the presale of the Meme token CULT back in June this year, which lasted for 7 days and raised a total of 5861.8 ETH, worth about 20.53 million USD.
The total supply of Milady Cult tokens is 100,000,000,000. After its launch on December 9, its market cap surged to 1 billion USD within one minute, then quickly fell back to 500 million USD after five minutes, currently stabilizing around 700 million USD.
NFT infrastructure projects still have room for growth.
Compared to the ETH NFT infrastructure, there is still a lot of room for improvement for the Metaplex project on Solana. Metaplex is Solana's decentralized NFT infrastructure, primarily creating NFT protocols by providing digital asset issuance and on-chain ownership development tools and open standards for the NFT community.
The protocol consists of four smart contracts that make up the 'contract ecosystem.' Currently, the types of crypto assets supported by Metaplex are no longer limited to NFTs, but also include FTs, RWAs, game assets, DePIN assets, etc.
Currently, MPLX's FDV is only 350 million, which is still a significant gap compared to TNSR's 780 million. Additionally, Binance's current listing projects focus on low market cap value coins, most of which are infrastructure types. As MPLX represents Solana's NFT infrastructure, it has already established a certain position not only in NFTs but also in various asset issuances, remaining in a relatively undervalued state.
Is the recovery of the NFT sector a flash in the pan or can it maintain its heat? How long can the hype sustained by token issuance attract market attention? NFT projects inherently possess strong meme attributes and propagation characteristics, along with strong community cohesion and atmosphere. Perhaps combining with more diverse assets for innovation will further open up the imagination space for the NFT sector.
#PudgyPenguins #pengu #milady $APE
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