hiFIDENZA Among Top Gainers in NFT Market, A Look at PFP NFTs’ Dominance
In this week’s NFT Weekly Recap, while the NFT market consolidates, there is exciting news from both existing projects and web 2 giants like Starbucks and Amazon. NFT is all about attention, and attention shifts quickly! There are tons of updates and excitement to share with you all on this week’s NFT Market Recap. We hope you enjoy :)
- The fluctuations in the gainers and losers list may cause surprise, as demonstrated by the recent performance of certain top NFT projects. For instance, Genuine Undead experienced a loss this week, while ENS 3 digits rebounded significantly.
- Otherdeed for Otherside, the Metaverse NFT by Yuga Labs, has seen a notable increase in its floor prices subsequent to the announcement of its second trip. This unique metaverse experience, featuring cutting-edge technology, will be available for Otherdeed holders to enjoy by the end of the month.
Major NFT Headlines
- The long-awaited return to Otherside for the Second Trip will be on March 25
- FLUF World tweeted a teaser video for its "Gods & Goblins" collection, set to happen this month.
- Sappy Seals announced the upcoming rollout of a roadmap, "The Grand Plan.”
- Coinbase introduces "Wallet as a Service"
- The Museum of Dope Art is now open inside Azuki's Hilumia, check it out!
- Doodles shares DoodleMap, a visual representation of their ecosystem to highlight their ongoing investment in Ethereum and the original Doodles collection.
- Starbucks releases ‘The Siren Collection,’ Its first limited-edition NFT drop, sold out in 20 minutes.
- Amazon is to reportedly launch the NFT marketplace next month.
💡Thoughts for Alpha: Understanding the PFP Ecosystem
Are you curious as to why PFPs have claimed a significant share of the NFT market? Additionally, what sets apart successful PFPs from those that fail to gain traction? We have gathered research from top analysts to provide insight into these questions.
PFPs represent 70% of the total NFT market cap, with generative art in second place at 13.5% and virtual land in third at 8%. According to Delphi Digital’s NFT researcher, @yh_0x, the reason behind this phenomenon is that PFPs are easy to understand and speculate upon.
Bored Ape Yacht Club
In April 2021, the triumph of BAYC resulted in a surge of new PFP collections being introduced as various projects sought to replicate their accomplishment. BAYC's supremacy in the PFP landscape is noteworthy, with a market capitalization exceeding that of its nearest competitors combined by more than four times. This triumph can primarily be attributed to Yuga Labs' significant funding of $450 million and its philosophy of providing distinctive experiences through advanced technology and exceptional community involvement.
The Azuki ecosystem has successfully established a distinct ecosystem centered around its community, and the launch of Hilumia is expected to link all of its components together. Although their unique oriental art style initially drew attention, the team's commitment to developing an NFT ecosystem with a lively community has further propelled their popularity.
Moving forward, the team is likely to continue expanding its intellectual property and exploring ways to involve its community in co-creating new content while elevating visual storytelling to new heights. Unlike Yuga Labs' Otherdeed, Hilumia's metaverse is expected to serve as a virtual hub with gaming elements, while also visually showcasing the team's collaborative work with its community.
Despite raising 50 million dollars from venture capitalists, Doodles' floor prices have not been favorable for its holders compared to its PFP competitors. However, Doodles has an all-star management team, with Pharrell Williams leading Doodles Music and award-winning animation studio Goldenwolf now heading Doodles Animation. The team is focused on expanding into mainstream audiences, starting with Doodles 2.
The year began with the launch of Doodles 2 wearables on the Flow blockchain, which were made available on Flow's Gaia marketplace, making Doodles officially multichain. The team plans to continue expanding into various entertainment verticals, including gaming, music, animation, and more, with the goal of creating a cultural phenomenon that generates demand for the Doodles 2 collection, which was specifically designed for this purpose. However, Doodles has received criticism from its community and NFT holders due to a lack of transparency from the management team and the perceived lack of value provided to its holders.
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