The NFTs in 2024 market has been in a slump for over a year. Many enthusiasts felt disheartened as trading volumes plummeted. The once-bustling marketplaces became quiet. The excitement faded, leaving a sense of uncertainty. One major factor was Blur airdrop farming. This farming had artificially inflated trading volumes. Without it, the market struggled to find its footing. The fear of a farmer dropping 100 jpegs on your head to crash the floor has killed what NFTs once were.
Blur Airdrop Farming: A Double-Edged Sword
Blur airdrop farming created a temporary buzz. Traders flocked to earn rewards, driving activity. Which led to one of the biggest airdrops in history. However, this wasn’t sustainable. Airdrop farmers buying JPEGs they don’t actually want to own, but nearly to farm points for an airdrop, changed the dynamics of NFTs forever. The market saw a significant decline when airdrop farmers dumped hundreds of NFTs on bidders driving floors down while increasing the fear for collectors.. It was a tough pill to swallow for many NFT projects.
However, the majority of Blur farmers have retired. The new season 4 of Blur airdrop started, in which the rewards are significantly lower than previous seasons. This resulted in the bigger NFT market makers going in early retirement.
BAYC in 2024: A Year of Changes and Milestones
Release of 3D Models
Bored Ape Yacht Club (BAYC) by Yugalabs, made headlines with the release of 3D models. This innovation excited the community. These models offered new ways to interact with the apes. They were more than just profile pictures. The 3D models could be used in various digital environments.
ApeFest in Lisbon
ApeFest 2024 will take place in Lisbon in October. The event sold out almost immediately which looks like it’s gonna be a major success. It brings together BAYC holders from around the world. The festival featured music, art, and community activities. It strengthened the bonds within the BAYC community.
Leadership Change
Garga, one of the founders, stepped back as CEO. This was a significant change. He promised to focus more on BAYC. The community responded positively. They trusted Garga’s vision and dedication to the project.
Sotheby’s Auction
A Gold Ape was sold at Sotheby’s for $265,000. This sale was a major milestone. It demonstrated the value and appeal of rare BAYCs. Even if this is the lowest Gold Ape sale of the past 24 months. Despite the market downturn, rare apes continued to fetch high prices. After the auction, the gold ape was traded for 4 Crypto Punk NFTs, you can read more about that here.
You can try to win this gold ape from the Sotheby’s auction on Rollbit currently by spinning a loot box (click image).
Current Floor Price
The floor price of BAYC is now 9.5 ETH. This is much lower than previous highs (145 eth floor). However, it shows resilience in a tough market. Many believe this could be a solid entry point for new buyers.
Pudgy Penguins in 2024: Building Momentum
Acquisition of Frame
Pudgy Penguins acquired Frame. This strategic move expanded their capabilities into Layer 2’s. It positioned them for future growth. The community was excited about this acquisition. Frame is also scheduled to do an airdrop based on NFT trading volume, and probably to Pudgy holders.
Token Rumors
There are rumors of a token for Pudgy Penguins. This has created a buzz. A token could add new utility and value. It’s something to watch closely. Especially if that will be airdropped to holders.
Airdrops for Holders
Pudgy Penguin holders received several airdrops. These included Dymension. These airdrops rewarded loyal holders of the cute Penguins. They helped maintain engagement and interest in the project.
Current Floor Price
The floor price of Pudgy Penguins is 10.8 ETH. This is impressive given the market conditions. It shows strong support from the community and investors. Their highest floor was a little over 20 ETH. With the floor about 15% higher then Apes right now, it’s the highest ever ratio between the two PFP collections.
Speculation: The Future of NFTs in 2024
Many believe the NFT market will rebound this year. The innovations from projects like BAYC and Pudgy Penguins could lead the way. The market is poised for growth. As new technologies and utilities emerge, interest will likely increase. The community remains passionate and dedicated.
People argue that a lot of the liquidity went to meme coins, however, that has seemingly slowed down a bit in the last couple of weeks.
Conclusion
The NFT market has faced challenges, but hope remains. BAYC and Pudgy Penguins are two projects that continue to innovate. Their efforts could spark a new wave of interest. As we move through 2024, the future looks promising. Keep an eye on these projects. They might just lead the next NFT boom.
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