The NFT market has been in a slump for over a year now. The plunge in trading volumes has left many enthusiasts disillusioned. The once vibrant marketplace has become quiet. The excitement has faded and uncertainty has taken over. One of the main factors has been the Blur airdrop farming, which artificially inflated trading volumes. Without it, the market would have had a hard time finding its footing. What was once an NFT has disappeared for fear that a farmer will drop 100 jpegs on their head and send them crashing to the ground.
Blur Airdrop Farming: A Double-Edged Sword
Blur airdrop farming was a temporary sensation. Traders flocked to get their rewards, and activity soared. It led to one of the largest airdrops in history. But it wasn’t sustainable. Airdrop farmers, who bought JPEGs they didn’t actually want to own but farmed points for airdrops, changed the dynamics of NFTs forever. The market took a significant hit as airdrop farmers dumped hundreds of NFTs to bidders, the floor fell out, and collectors grew fearful. It was a tough pill to swallow for many NFT projects.
However, most of the Blur farmers have retired. The new season 4 of the Blur airdrop has started, with significantly lower rewards than the previous season. This has led to early retirement of the larger NFT market makers.
BAYC 2024: A Year of Change and Milestones
3D model release
The Bored Ape Yacht Club (BAYC) from Yugalabs has made a splash with the release of its 3D model. This innovation has excited the community. The model has provided a new way to interact with the apes. It is more than just a profile picture. The 3D model can be used in a variety of digital environments.
ApeFest in Lisbon
ApeFest 2024 will be held in Lisbon in October. The event sold out almost immediately and is expected to be a huge success. It brought together BAYC holders from all over the world. The festival featured music, art, and community activities. It strengthened the bond within the BAYC community.
Leadership change
One of the founders, Garga, stepped down as CEO. This was a significant change. He promised to focus more on BAYC. The community responded positively. They trusted Garga’s vision and commitment to the project.
Sotheby’s Auction
The Gold Ape sold for $265,000 at Sotheby’s. This sale was a significant milestone, demonstrating the value and appeal of rare BAYCs. It was the lowest Gold Ape sale in the past 24 months. Despite the market downturn, rare apes continue to command high prices. After the auction, the Gold Ape was traded for four Crypto Punk NFTs. More details can be found here.
Currently, you will need to turn in loot boxes to get this golden monkey from Sotheby’s auction on Rollbit (click image).
Current floor price
The floor price of BAYC is currently 9.5 ETH. This is well below the previous high (145 eth floor). However, it shows resilience in a tough market. Many believe that this could be a solid entry point for new buyers.
Fat Penguin 2024: Building Momentum
Get Frame
Pudgy Penguins acquired Frame. This strategic move expanded their capabilities to Layer 2. It prepared them for future growth. The community was excited about this acquisition. Frame will also be airdropping based on NFT trading volume, presumably to Pudgy holders.
Token Rumors
There are rumors about a Pudgy Penguins token. This has created a buzz. The token could add new utility and value. It is something to watch closely. Especially if it is airdropped to holders.
Airdrop for holders
Pudgy Penguin holders received several airdrops, including Dymension. This airdrop was a reward for loyal holders of the cute penguin. They helped maintain participation and interest in the project.
Current floor price
Pudgy Penguins has a floor price of 10.8 ETH. This is an impressive figure considering the market conditions. It shows strong support from the community and investors. The highest floor price was just over 20 ETH. The floor price is currently about 15% higher than Apes, making it the highest ratio between the two PFP collections.
Speculation: The Future of NFTs in 2024
Many believe that the NFT market will rebound this year. Innovations from projects like BAYC and Pudgy Penguins could pave the way. The market is ready to grow. Interest is likely to increase as new technologies and utilities emerge. The community remains passionate and dedicated.
People claim that a lot of liquidity has flowed back into meme coins, but that flow appears to have slowed somewhat in recent weeks.
conclusion
The NFT market is facing challenges, but there is still hope. BAYC and Pudgy Penguins are two projects that continue to innovate. Their efforts could spark a new wave of interest. As we move into 2024, the future looks promising. Keep an eye on these projects. They could be the ones to lead the next NFT boom.
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Also check out Ton’s blogs on new Wallet Drainers and Solana ETF.
