Pudgy Penguins CEO Luka Netz said at the Solana Breakpoint conference in Singapore on Friday that despite the mimecoin culture, there is no better way to build community than using NFTs.
“With Mimecoin, there’s no profile picture that’s easily recognizable on the internet, there’s no one who shares (your) values, and it’s almost like a chain reaction effect that only NFTs can create,” Netz said. “There’s also a kind of symbolism that Mimecoin can’t naturally replicate.”
Pudgy Penguins CEO explained that one of the unique things about NFTs is that they are hierarchical, with prices and time periods for purchases indicating power and status within the community. “(Holders) want to be the leader of the room, I don’t know the right word for it,” Netz said.
The NFT market has fallen significantly since its peak in early 2022, when monthly sales were at $17 billion, according to CryptoSlam. dataOver the past 30 days, market volume reached $347 million.
While NFTs are in the doldrums, Mimecoin has emerged as a leading cultural and community force on the web3. Backed by an easy-to-use token generator, Solana’s Mimecoin currently has a market cap of $7 billion, with $1.82 billion traded in the last 24 hours. CoinGecko data Showed it.
Netz acknowledged the ongoing conversation surrounding the NFT market decline and the indicators pointing to that conclusion. “I think the reason why I think NFTs are having a hard time right now is because the successful NFTs are too illiquid for whales and are priced out of the retail market,” Netz said.
Nevertheless, the CEO of Pudgy Penguins said that cryptocurrencies are cyclical and that NFTs will become bigger and better in the next round based on the infrastructure built after the last cycle.
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