Monday, July 15, 2024

Now that crypto is experiencing a more bullish trend, many wonder if the end of the NFT bear market is near. For almost 1.5 years, the once-expensive JPEGs and internet flexes have been plummeting in value. When will this downward spiral come to a halt? While we typically follow trends, such as the recent SocialFi hype, today we are examining the market to see which NFT collections have stood the test of time, as well as which PFP projects are thriving despite the challenging market conditions.

Milady – Deepinternet community

If you are interested in the Milady collection and community, be warned that it is not for the faint of heart. Milady holders are known for being controversial and often challenging societal norms. It is a community of internet-savvy individuals deeply immersed in the online world. The collection emerged during the NFT bear market in August 2021 and reached a peak floor price of 4.2 ETH. It currently maintains a floor price of 2.4 ETH, which is an impressive performance. Milady PFPs are even more expensive than collections previously considered “blue chips” like Doodles, Clone-X, and Moonbirds. Rumor has it that this collection gained popularity on 4CHAN, a forum similar to Reddit but with less censorship and control. It is not surprising that Milady PFPs are frequently used in the hacker scene or the dark web.

Memeland brings an eagerly awaited Airdrop

The Captainz, a collection founded by a former 9GAG CEO, entered the scene in January 2023 and immediately generated significant hype. After a few months, they started teasing an Airdrop of the yet-to-be-launched $MEME token. Today, hundreds of people are actively participating in the Airdrop, scheduled to take place this month. It’s important to note that this Airdrop is not exclusive to NFT holders; it is open to farmers and whitelisted individuals as well. In May 2023, the collection’s floor price reached just over 9 ETH, and it currently maintains a floor of 3.8 ETH. This collection has certainly defied the odds during the NFT bear market.

DeGods – Art changes and an ambitious Founder

As we introduced you to DeGods and their second collection, y00ts, about five months ago, their founder, Frank, has been at the forefront of the NFT world. This collection made history by moving from Solana to Ethereum and then to Polygon. Currently, its floor price hovers slightly above 3 ETH, with the collection’s highest sale reaching 10.5 ETH per DeGod. The collection is renowned for regularly changing its artwork, and the image above showcases the third version of DeGods. Whether this strategy is the optimal move remains uncertain, but it certainly sparked discussions on X (formerly Twitter) for weeks.

Pudgy Penguins – Toys at Walmart

This collection has experienced quite a rollercoaster ride. It reached new highs during the previous Bull market, only to be hit by a rug pull orchestrated by its founder. However, a miracle occurred when Luca Netz stepped in, purchasing the collection and resurrecting it. Netz currently serves as the CEO and is running the show. Pudgy Penguins peaked with a floor price of approximately 10 ETH and is still selling for around 5 ETH. This is an impressive feat for a collection that faced such hurdles. However, allegations were recently raised that Luca himself had been involved in rug pulls in the past, as documented here. Luca has vehemently denied these claims, but it is up to you to read and judge for yourself. Prior to these allegations, Pudgy Penguins were highly bullish across the board, even partnering with Walmart to release real-life toys. The fact that this particular collection achieved such a feat is truly remarkable. If you’re interested in hearing Luca discuss the journey of Pudgy Penguins to Walmart, click the image below to watch his YouTube video.

Yugalabs – Games + Apes and Punks

Last but certainly not least is Yugalabs, a powerhouse company responsible for collections like Bored Ape Yacht Club, CryptoPunks, and several others. It is undoubtedly the market leader in this space. While most collections have suffered from the NFT bear market, with declining floor prices, Yugalabs and its projects continue to attract attention. During the bear market, they primarily focused on gaming assets, using airdrops and games to maintain community engagement. Despite the declining floors of collections like Mutant Apes, more and more people joined the Yugalabs family. The most stable collection under their umbrella is CryptoPunks, which still holds a steady floor price above 44 ETH. The Bored Ape Yacht Club and Mutant Ape Yacht Club collections have floor prices of 26 ETH and 5 ETH respectively, which is quite impressive. Although they once sold for 140 ETH (BAYC) and 40 ETH (MAYC) respectively, these collections remain highly traded and recognizable. If owning an Ape is still beyond your reach, you can try your luck winning a Gold BAYC (valued at 400 ETH) by spinning $34 on Rollbit. Click the image below for more details. We will continue to follow Yugalabs and provide updates on their new games or potential airdrops in the future.

Is the NFT Bear Market Over?

No one can accurately predict the future. We cannot say for certain whether JPEGs will ever sell for millions again. However, consider this: if altcoins, memecoins, rug pulls, and shitcoins continuously resurface in each new cycle, why wouldn’t NFTs follow suit? If you enjoy our content, you can support us by signing up for a Bybit Account through our referral link. Don’t forget to claim your bonuses when buying, selling, or trading crypto.

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