This NFT platform, one of the top in the Solana (let's call it Sol) ecosystem, has finally issued its own token $ME and made a dazzling debut on the famous Binance exchange! This sounds pretty exciting, doesn't it?
However, even though the first-day market cap of $ME reached over 5 billion USD, looking glamorous, there are actually quite a few hidden secrets behind it.
Magic Eden is like a dazzling pearl in the Sol ecosystem, and its fundraising ability is impressive, having raised a total of 150 million USD! In its recent funding round, its valuation soared to 1.6 billion USD, making it a 'little rich man' in the crypto world. However, luck can sometimes be quite mysterious; right after it completed its fundraising, the 'big shot' FTX ran into trouble, resulting in the entire Sol ecosystem, including Magic Eden, suffering as if they were all implicated together.
Now, although ME has been listed on Binance, those venture capitalists (let's call them VC) haven't given it much breathing space. Just look at MOVE which was listed on Binance at the same time; they only raised about 40 million USD, which is less than a quarter of Magic Eden! However, the circulating market cap of $MOVE is 1.5 billion USD, and the fully diluted valuation (let's call it FDV) is even more than several billion USD. The buffer space in the hands of VCs is several times that of Magic Eden, it's simply 'people outdo each other to death!'
Speaking of NFTs, they used to gain popularity because they were suppressed by policies regarding tokens and ICOs, like 'heroes emerging in troubled times.' But now that the policy environment has improved, their role as a substitute for tokens is not so important, like 'the times have changed, and the heroes are aging.' Just look at it, the bull market in 2024 is so hot, yet the NFT market hasn't really risen, like a 'small transparent' in a bull market. CryptoSlam's data shows that the highest monthly sales for NFTs this year reached only 2 billion USD, which is a stark contrast to the peak period of 6 billion in a single month, it's simply 'a steep decline.'
What's worse is that while Bitcoin prices are rising, NFTs are falling, like 'you rise, I fall, always missing each other.' Comparing the end of the year to the beginning, the sales are simply 'worlds apart.' Competitors like Blur and Op have also seen their market caps drop significantly, like 'difficult brothers.' Blur's circulating market cap is only 680 million USD, with an FDV of just 1 billion USD. Op has fallen from a peak valuation of 13.3 billion USD to only 1.3 billion USD now, with a drop of nearly 90%, it's simply 'a cliff-like drop.'
#2025加密趋势预测
In the upcoming layout direction, I will guide everyone to aim for the lucrative opportunities in altcoins, with an expected space of over 10 times being no problem. Like and leave a message, and I will take you to layout the entire bull market!