In the recent warming trend of the cryptocurrency market, the NFT sector has also shown significant signs of recovery. Notably, the recent popularity of Pudgy Penguins and Magic Eden has made them excellent representatives of NFTs, gaining considerable attention in this flourishing bull market. According to the latest data from CoinGecko, the market capitalization of the NFT sector reached $8.2 billion in December. Data from November further confirms the warming trend of the NFT market. Statistics from CryptoSlam show that NFT sales in November reached $562 million, the highest level since May, when sales were close to $600 million. Although the number of independent buyers in November decreased to 662,000, down from over 1 million in May, the increase in sales indicates that the market is regaining vitality.

Review of November Data Performance

Market activity was dominated by three major series: CryptoPunks, BAYC, and Pudgy Penguins, which accounted for 73% of the market. Ethereum continued to dominate the NFT market, with sales reaching $216 million in November, while NFT sales in the Bitcoin ecosystem also grew by 99.44%, reaching $186 million.

• CryptoPunks stood out in November's recovery, with a trading volume of $49 million, a 392% increase from October, achieved through just 388 transactions. This collection holds a 40% market share, with a median transaction value of $114,131, demonstrating its ongoing appeal among collectors and investors.

• Bored Ape Yacht Club (BAYC) also performed well, maintaining a price of 21.27 ETH (approximately $79,727), with a 75.79% increase over the week. In the past day, the total trading volume for this series reached 1,486 ETH, indicating market activity.

• Pudgy Penguins, as a dark horse in the blue-chip NFT sector, maintained a healthy floor price of 14.869 ETH (approximately $55,758) and achieved nearly a 30% increase over the week. Azuki, with its more accessible positioning, had a floor price of 5.799 ETH and also rose by 8.61% in a single day.

In the NFT market on EVM chains, Blur led with a trading volume of $271 million, followed closely by OpenSea with $161 million. In terms of user habits, OpenSea maintained its lead with approximately 188,000 active traders and over 2 million transactions. Although Blur has a smaller user base of about 38,000 active traders, its users are more active in trading, showcasing the market's diversity and competitiveness.

Since the new bull market began in November, market data clearly indicates the recent warming trend in the NFT market, with strong performance and active trading volumes providing compelling evidence for the recovery of this sector.

Pudgy Penguins Becomes the Second Largest NFT Project

Riding the wave of this bull market, the Pudgy Penguins team announced the launch of the PENGU token, and following this news, the floor price of their NFTs has been continuously reaching new highs, making it a central topic in the NFT space on X in recent days.

The strong community and market response to the token launch is easily understandable, as the token distribution plan allocates the largest share to the Pudgy community, accounting for 25.9%, while other community allocations are at 24.12%. According to community member @BTCThinker88's analysis, the airdrop scale of Pudgy Penguins' PENGU token is quite substantial, with each holder expected to receive between $31,000 and $61,000 (approximately 7.9 to 15.8 ETH) in airdrop benefits.

Additionally, the tokenomics structure of Pudgy Penguins shows that community airdrops make up a significant portion, approximately 51%, and there is no lock-up period for community airdrops. NFT holders on social media generally express support for this token economic model and look forward to the potential value of the airdropped tokens. This initiative by Pudgy Penguins not only enhances community cohesion but also injects new vitality into the NFT market.

Magic Eden Token Airdrop: Unlimited Potential

During the period from 2023 to 2024, the NFT market as a whole experienced a downturn, with a significant drop in market trading volume. However, Magic Eden successfully restored some market activity during this time through various innovations and strategic adjustments, positively impacting the entire NFT market. This is reflected in the trading data for 2024, where, according to official data, the platform's trading volume has reached $600 million as of November 2024. This figure not only showcases Magic Eden's strong growth in the NFT trading sector but also reflects the overall warming trend of the NFT market.

Magic Eden's mobile product, Magic Eden Wallet, also performed well, with the number of monthly active addresses reaching 300,000. According to nftpluse data, in the past month, Magic Eden had 156,000 users, capturing a market share of 31.6%, leading the second-ranked OpenSea by about 20,000 users and outperforming the user base of the already launched Blur platform (21,000) by 7.42 times. Additionally, Magic Eden's trading revenue in the past month was $2.8 million, with a market share of 45.4%, leading OpenSea by about $600,000 and outperforming the revenue of the already launched Blur platform ($301,000) by 9.3 times.

In the Bitcoin ecosystem, Magic Eden's performance is particularly outstanding, ranking first in DEX (decentralized exchanges) with rune and inscription trading volume shares exceeding 80%. In the NFT ecosystem, Magic Eden also leads in revenue and user shares. Specifically, Magic Eden's revenue share accounts for 60%, while its user share stands at 29%. These market shares not only solidify Magic Eden's leadership position in the Bitcoin ecosystem but also provide strong support for the overall recovery of the NFT market.

The long-anticipated TGE airdrop, with a total token supply of 12.5%, an expected opening value exceeding $4 billion, and community-first features rewarding loyal users, along with its influence and significant trading volume as a cross-chain NFT market, has led to strong performance for the ME token in the presale market, with prices once soaring to $4.50. At the time of writing, the highest observed price reached $11 before continuously dropping to around $5. However, ME still holds great potential, as it is already operating on multiple blockchains, including Solana, Ethereum, and Polygon, and the launch of TGE may further enhance its cross-chain capabilities.

Conclusion

While Magic Eden's TGE certainly has great potential to act as a catalyst for the recovery of the NFT market, the ultimate effect depends on various factors, including the subsequent overall trend of the bull market, which directly influences the price trajectory of the ME token. As for the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins would reach a floor price of 200 ETH in this cycle. Although the current floor price is still far from Netz's target, the overall recovery of the NFT market and the collaboration with allies in the NFT space make it worth watching and anticipating whether the 200 ETH floor price can be achieved in the future.

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