Despite memecoin culture, there is still no better way to create community than with NFTs, Pudgy Penguins CEO Luca Netz said at Singapore’s Solana Breakpoint conference on Friday.
“With memecoins there isn’t this profile picture in which you can easily identify on the internet, somebody that shares [your] values, and it’s almost like a chain reaction effect that I think only NFTs can create,” Netz said. “There’s also some sort of symbolism that I think they create that memecoins just naturally can’t replicate.”
The Pudgy Penguins CEO explained that one of the uniqueness that NFTs hold is a hierarchical structure distinguished by price and period of purchase that symbolizes power and status in the community. “[Holders] want to be, the word I want to say is not appropriate, but like the top dog in the room,” Netz said.
The NFT market has declined considerably compared to its peak in early 2022, which saw $17 billion in monthly sales volume. According to CryptoSlam data, the market’s volume in the last 30 days amounted to $347 million.
While NFTs were experiencing a downturn, memecoins rose as the leading cultural and community force in web3. On the back of easy-to-use token generators, Solana’s memecoin market cap currently stands at $7 billion, with $1.82 billion traded in the past 24 hours, CoinGecko data showed.
Netz acknowledged the ongoing discourse around the NFT market decline and metrics that point to such conclusions. “Why I think NFTs are seeing a bad time at the current moment is, I think the successful NFTs are too illiquid for whales and priced out of retail,” Netz said.
Still, the Pudgy Penguins CEO said, crypto is cyclical, and NFTs will be even bigger and better in the next round with the infrastructure that’s been set in place since the last cycle.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
