Author: Nancy, PANews

Recently, with the announcement of significant token issuance plans from leading projects like Magic Eden and Pudgy Penguins, confidence in the NFT market has been effectively reignited, driving a strong rebound in prices and trading volumes.

NFT Airdrop Wave Approaches, Multiple Leading Projects Announce Token Issuance Plans

A new wave of token issuance is on the horizon, with the airdrop event from the NFT trading market Magic Eden igniting this wave of NFT enthusiasm.

A few days ago, Magic Eden officially launched its TGE (Token Generation Event) and quickly listed on major exchanges. The "sunshine-style airdrop" has become a hot topic in the community. While attracting attention with the airdrop activity, Magic Eden has also taken the opportunity to frequently announce a series of product developments, including allowing users to trade Solana NFTs using ME tokens, the next version enabling users to trade all assets across all chains, and launching community-first features. According to Magic Eden co-founder Jack Lu, the launch of the ME token is just the beginning, with more plans to follow. These initiatives have further increased the visibility of Magic Eden and the entire NFT market.

Meanwhile, as another major trading platform, OpenSea has also sparked speculation about airdrops. Mike Dudas, co-founder of The Block, recently revealed on social media that OpenSea has registered a foundation in the Cayman Islands. Since foundations are typically non-profit organizations, this registration is widely seen as preparation for token issuance. Notably, OpenSea announced last month that it would launch a new version in December, and the beta version indicated the potential introduction of a loyalty program and retroactive rewards.

According to the latest data from nftpluse, OpenSea ranks second in the NFT trading market with approximately 1.2 million users over the past year, holding a market share of 23.5%, second only to Magic Eden. Once OpenSea initiates an airdrop, its large user base may reignite enthusiasm in the NFT market.

Additionally, the NFT leading project Pudgy Penguins has also announced its TGE plan during this period, allocating about a quarter of the total token supply to the community. According to X user @BTCThinker88, the airdrop of Pudgy Penguins' PENGU token could become one of the largest wealth creation events of 2024, with expected average airdrop earnings for holders reaching $31,000 to $61,000. Given that Pudgy Penguins CEO Luca Netz previously revealed that the PENGU token has not yet undergone a snapshot, this NFT has quickly become one of the market's hot topics.

According to NFT Price Floor data, as of December 16, the floor price of Pudgy Penguins has surged to 33.7 ETH, with a nearly 236.9% increase over the past 30 days, and monthly trading volume reaching $160 million. Currently, Pudgy Penguins' market capitalization is approaching $1.2 billion, surpassing that of Bored Ape Yacht Club (BAYC) and second only to the highest market cap of CryptoPunks.

Blue-Chip Projects Become the Main Force of NFT Strong Rebound

Currently, blue-chip NFT projects are showing strong increases in both price and trading volume, becoming the main driving force behind the market recovery.

Data from CryptoSlam shows that over the past 30 days, the total trading volume in the NFT market was approximately $720 million, with transactions on Ethereum, Bitcoin, and Immutable all achieving double-digit increases, demonstrating a strong market rebound.

During the market recovery, the main contribution to trading volume has come from blue-chip NFT projects. According to NFT Price Floor statistics, over the past 30 days, the top ten NFT projects by market capitalization have collectively completed $470 million in trading volume, accounting for about 64.9% of the overall market, with Pudgy Penguins, Lil Pudgys, and Bored Ape Yacht Club leading in trading volume.

At the same time, the market recovery is also reflected in the price performance of blue-chip NFTs. NFT Price Floor data shows that over the past 30 days, the average floor price of the Top 10 NFTs has increased by 91.7% (in terms of coin value), with Pudgy Penguins, Lil Pudgys, and Azuki showing particularly notable increases. This further validates the significant impact of airdrop activities on trading volume and floor prices, showcasing the strong resilience of blue-chip projects.

From a more segmented market performance perspective, the upward momentum in utility NFTs and PFP/Avatar categories is particularly evident, with NFT Price Floor data indicating that the market capitalization of these two segments has increased by over 85%. In contrast, the performance of gaming NFTs and vintage NFTs has been relatively flat, failing to keep pace with the market recovery.

"The market is about to welcome the most prosperous NFT bull market in history. AI will become extremely wealthy, and due to the inability to purchase physical luxury goods, AI will turn to buying NFTs," predicted Andrew Kang, partner at Mechanism Capital, in a recent post.

Yat Siu, co-founder of Animoca Brands, also stated recently that the NFT market will see a strong rebound. Despite some failures in the field, NFTs will continue to rise as status goods.

VanEck, in its published "Top 10 Cryptocurrency Predictions for 2025," pointed out that although NFTs face challenges, some excellent projects have transcended speculative value through strong community ties, successfully resisting downward trends. For example, Pudgy Penguins has successfully transformed into a consumer product through collectible toys, Miladys has gained cultural status in the realm of ironic internet culture, and Bored Ape Yacht Club has developed into a global cultural dominant force. VanEck believes that newly wealthy users will invest in NFTs not just as speculative investments but as assets with lasting cultural and historical significance, predicting that the annual trading volume of NFTs could reach $30 billion, accounting for about 55% of the peak in 2021.

Overall, blue-chip projects are undoubtedly the core force in the recovery of the NFT market. Although the overall market recovery still faces uncertainties, the arrival of the airdrop wave has effectively stimulated market sentiment in the short term.

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