The long-silent NFT market is welcoming new vitality and innovation.
Written by: Nancy, PANews
The long-silent NFT market is welcoming new vitality and innovation. Recently, on one hand, the blue-chip NFT project CryptoPunks has led to a significant market revival, with the permanently destroyed NFT PUNK 3493 being hotly discussed after its "rebirth" as a MEME coin by AI Agent; on the other hand, traditional giant McDonald's has teamed up with the NFT project Doodles to cross into the space, further deepening 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
After last week's hype around the mascot and DeSic, NFTs have taken up the baton of MEME narratives, becoming the new focus.
On November 18, a MEME coin named "PUNK3493" spread through the community. PUNK3493 is based on the CryptoPunks NFT of the same name, but that NFT has been destroyed. The story dates back to 2019 when CryptoPunk enthusiast and Art Blocks founder and CEO Erick Calderon (Snowfro) accidentally transferred PUNK 3493 to the 0x00..01 address, marking it as the first CryptoPunk to be "destroyed" in history.
However, today, the @punk3493 account has continuously posted tweets announcing its "rebirth," stating, "Rising from the void—immortal, eternal, a relic of that which cannot perish. After being destroyed in 2019, no one remembered it except the blockchain. Solana is the underworld on-chain—a refuge free from Ethereum's constraints. I was the first to disappear, and I am the first to return." At the same time, @punk3493 also revealed the MEME coin's CA (contract address) and gifted 1% of the total token supply to Erick Calderon in tribute.
According to the introduction from @punk3493, this MEME coin is launched by the hot DAO venture capital ai16z targeting 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 shows that after its launch today, PUNK3493 reached a market cap of about $25 million, with a daily trading volume of $54 million.
CryptoPunks leads the NFT revival, but the industry still faces confidence challenges
The NFT market is vying for market attention.
According to the latest data from CryptoSlam, NFT sales reached $180 million in the past week, an increase of nearly 75.3%. Among them, CryptoPunks sales exceeded $23.826 million, and looking at the recent NFT sales figures, 95 out of the top 100 NFTs by sales amount are 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 of this year. Additionally, crypto researcher NFTStats.eth revealed that at least 97 independent wallets purchased CryptoPunks last week, with at least 150 transactions, surpassing any similar period last year. CryptoSlam's data also shows that the trading volume of CryptoPunks surged over 549% compared to the previous week.
In contrast, the market performance of other leading NFT projects is not optimistic. For example, data from CryptoSlam and NFT Floor Price shows that the weekly trading volume of Bored Ape Yacht Club was only $4.9 million, and its floor price has continued to decline this year; Azuki's sales last week were only $104,000, with the floor price dropping to levels seen in July of last year.
It is worth mentioning that while the NFT market has shown a clear short-term revival, 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 collectibles series. This collaboration will introduce a custom McCafé x Doodles Holiday cup and launch a marketing campaign called "GM Spread Joy," allowing customers in 13,500 McDonald's locations across the U.S. to participate.
As a result, CryptoSlam data shows that Doodles' sales reached $3.859 million last week, an increase of 877%, with the number of sales transactions also growing by 376%.
However, the development of the NFT market remains concerning. 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 minted NFTs having fewer than 10 transactions, and 84% of the highest prices matching their minting prices, indicating that buyers are adopting a more conservative attitude. This limited trading activity suggests a lack of enthusiasm or confidence from investors in these projects, with low user participation and low minting volumes highlighting the difficulties creators may face when launching new NFTs. This apparent market saturation aligns with a waning interest from users in NFTs and the metaverse, as interest and trading activity decline, some large tech companies that were actively involved in the NFT and metaverse craze a few years ago have reported significant losses, with some companies completely abandoning or no longer prioritizing their metaverse projects. Furthermore, the report noted that only 0.2% of all NFT issuances have brought profits to investors, underscoring the overall plight of the industry.
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