The NFT market has gone through eye-watering boom since its first inception in 2017. The transaction of volumes of NFT might not be as high compared to the peak of NFT summer in the early of 2022. However, there are several positive points that look to be encouraging.
NFT market is still on the path to >100x its level in 2018.
The activities in Nov 2022 are not comparable to Feb 2022, during the peak of NFT mania. However, after adjusting the overall cyclical impact of bull and bear market, we’re still looking NFT to post 100x growth from 4 years ago. Moreover, there are now 20,000 unique active wallets interacting in the NFT ecosystem on daily basis.
Top projects managed to raise >$500M and actively building on their vision.
The boom of NFT market attracted giga brains across all industries to build in Web 3. While it was almost impossible for these giga brains to access capital due to uncommon backgrounds, NFT allows an allocation of capital to top teams without any prejudice. For those of you who already built a project, you know how long it takes to deliver a good project. While these giga brains only raised in late 2021 or early 2022, we’ll likely see the results of their work in 2024 or later.
Core community of top projects are strengthened.
While it’s getting harder to build communities from the ground up, the already built communities of top projects are stronger than ever. Look at those projects that still retain >3 ETH floor price, you’ll still see active Discord chats. These communities are battle hardened that will continue to support the project even in the deepest trough. When Azuki launched the first ever Physical-Backed-Token (PBT) with their Golden Skateboard, the team managed to raise $2.5M in an auction. That shouldn’t happen if the project doesn’t have a strong core community.
Not only strengthening the core community, but top projects are also widening their exposure. Pudgy Penguins managed to collaborate with Kellogg’s NFT arm The Br3akfast Club to include Pudgy Penguins characters on the latter’s cereal box. These are a few developments that continue to make this space interesting.
Zagabond, the founder of Azuki, said the idea of fractionalizing Bobu is to widen the community of Azuki. What if we bring the case of Bobu to all NFT items in the top projects? Instead of onboarding thousands more, we could potentially onboard millions as new project supporters.
This is where we envision JardinX to fit, helping the general users to get access to top NFT projects in the easiest and cheapest way possible.
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