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With the announcement of major coin issuance plans by leading projects such as Magic Eden and Pudgy Penguins, confidence in the NFT market has been effectively rekindled, driving a strong rebound in prices and trading volumes.With the announcement of major coin issuance plans by leading projects such as Magic Eden and Pudgy Penguins, confidence in the NFT market has been effectively rekindled, driving a strong rebound in prices and trading volumes.

NFT market picks up: Multiple leading projects announce coin issuance plans, blue chip projects become the main force of recovery

2024/12/16 16:02

NFT$0.0000003448+0.11%

Author: Nancy, PANews

Recently, with the announcement of major coin issuance plans by leading projects such as Magic Eden and Pudgy Penguins, confidence in the NFT market has been effectively rekindled, driving a strong rebound in prices and trading volumes.

NFT airdrop wave is coming, and many leading projects announced their coin issuance plans

A new round of coin issuance is coming, and the airdrop event of the NFT trading market Magic Eden was the first to ignite this wave of NFT craze.

A few days ago, Magic Eden officially launched TGE (Token Generation Event) and quickly landed on major exchanges. The sunshine-like airdrop became a hot topic in the community. While attracting attention with the airdrop activities, Magic Eden also took the opportunity to frequently announce a series of product trends, including allowing users to use ME tokens to trade Solana NFTs, the next version allows users to trade all assets on all chains, and launch community-first features. According to Jack Lu, co-founder of Magic Eden, the launch of ME tokens is just the beginning, and there are more plans to follow. These measures have also further increased the attention of Magic Eden and the entire NFT market.

At the same time, as another major trading platform, OpenSea has also sparked airdrop speculation. According to a recent post on social media by Mike Dudas, co-founder of The Block, OpenSea has registered a foundation in the Cayman Islands. Since foundations are usually non-profit organizations, they can effectively prevent tokens from being considered securities, so this registration behavior is widely regarded as a preparation for token issuance. It is worth mentioning that OpenSea announced last month that it will launch a new version in December, and the internal test version shows that it may launch a loyalty program and retroactive rewards.

According to the latest data from nftpluse, in the past year, OpenSea ranked second in the NFT trading market with about 1.2 million users and a market share of 23.5%, second only to Magic Eden. Once OpenSea starts airdropping, its huge user base may ignite enthusiasm in the NFT market again.

NFT market picks up: Multiple leading projects announce coin issuance plans, blue chip projects become the main force of recovery

In addition, the leading NFT project Pudgy Penguins also announced its TGE plan during this period, allocating about a quarter of the total tokens to the community. According to the analysis of X user @BTCThinker88, Pudgy Penguins' PENGU token airdrop may become one of the largest wealth creation events in 2024, and the average airdrop income per holder is expected to reach 31,000-61,000 US dollars. Given that Pudgy Penguins CEO Luca Netz previously revealed that the PENGU token has not yet been snapshotted, the NFT has quickly become one of the hottest targets in the market.

NFT market picks up: Multiple leading projects announce coin issuance plans, blue chip projects become the main force of recovery

According to NFT Price Floor data, as of December 16, the floor price of Pudgy Penguins has soared to 33.7 ETH, an increase of more than 236.9% in the past 30 days, and the monthly trading volume is as high as 160 million US dollars. At present, the market value of Pudgy Penguins is close to 1.2 billion US dollars, surpassing BAYC, the boring ape, and second only to CryptoPunks, which has the highest market value.

Blue chip projects become the main force of NFT's strong rebound

At present, blue-chip NFT projects are showing strong growth and trading volume, becoming the main driving force for market recovery.

CryptoSlam data shows that in the past 30 days, the total transaction volume of the NFT market was approximately US$720 million, among which transactions on Ethereum, Bitcoin and Immutable all achieved double-digit growth, showing a strong market recovery momentum.

During the market recovery, the main contribution to transaction volume came from blue-chip NFT projects. According to statistics from NFT Price Floor, in the past 30 days, the top ten NFT projects by market value have completed a total transaction volume of US$470 million, accounting for about 64.9% of the overall market, among which Pudgy Penguins, Lil Pudgys and Bored Ape Yacht Club ranked at the top in terms of transaction volume.

NFT market picks up: Multiple leading projects announce coin issuance plans, blue chip projects become the main force of recovery

At the same time, the market recovery is also reflected in the price performance of blue-chip NFTs. NFT Price Floor data shows that in the past 30 days, the floor price of the top 10 NFTs has increased by an average of 91.7% (calculated in currency terms), among which Pudgy Penguins, Lil Pudgys and Azuki have increased particularly well. This further verifies the huge driving effect of airdrop activities on trading volume and floor prices, and also demonstrates the strong resilience of blue-chip projects.

From the perspective of market performance in more subdivided sectors, the rising momentum of utility NFT and PFP/Avatar is the most obvious. According to NFT Price Floor data, the market value of these two sectors has increased by more than 85%. In contrast, the performance of game NFT and ancient NFT is relatively flat and has not yet kept up with the pace of market recovery.

"The market is about to usher in the most prosperous NFT bull market in history. AI will become extremely rich, and since it cannot buy physical luxury goods, AI will turn to buying NFTs." Andrew Kang, partner of Mechanism Capital, predicted in an article not long ago.

Animoca Brands co-founder Yat Siu also said recently that the NFT market will usher in a strong rebound. Although there have been some failures in the field, NFT will continue to rise as a status commodity.

VanEck pointed out in its "Top Ten Cryptocurrency Predictions for 2025" that despite the challenges faced by NFT, some outstanding projects have surpassed speculative value through strong community ties and successfully resisted the downward trend. For example, Pudgy Penguins has successfully transformed into a consumer product through collectible toys, Miladys has gained cultural status in the field of satirical online culture, and Bored Ape Yacht Club has developed into a leading force in global culture. VanEck believes that new wealthy users will invest in NFTs not just as speculative investments, but as assets with lasting cultural and historical significance, and predicts that the annual transaction volume of NFTs is expected to reach US$30 billion, accounting for about 55% of the peak in 2021.

Overall, blue-chip projects are undoubtedly the core force in the recovery of the NFT market. Although the overall market recovery still faces uncertainties, the arrival of the airdrop wave has effectively stimulated market sentiment in the short term.

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The gaming industry is in the midst of a historic shift, driven by the rise of Web3. Unlike traditional games, where developers and publishers control assets and dictate in-game economies, Web3 gaming empowers players with ownership and influence. Built on blockchain technology, these ecosystems are decentralized by design, enabling true digital asset ownership, transparent economies, and a future where players help shape the games they play. However, as Web3 gaming grows, security becomes a focal point. The range of security concerns, from hacking to asset theft to vulnerabilities in smart contracts, is a significant issue that will undermine or erode trust in this ecosystem, limiting or stopping adoption. Blockchain technology could be used to create security processes around secure, transparent, and fair Web3 gaming ecosystems. We will explore how security is increasing within gaming ecosystems, which challenges are being overcome, and what the future of security looks like. Why is Security Important in Web3 Gaming? Web3 gaming differs from traditional gaming in that players engage with both the game and assets with real value attached. Players own in-game assets that exist as tokens or NFTs (Non-Fungible Tokens), and can trade and sell them. These game assets usually represent significant financial value, meaning security failure could represent real monetary loss. In essence, without security, the promises of owning “something” in Web3, decentralized economies within games, and all that comes with the term “fair” gameplay can easily be eroded by fraud, hacking, and exploitation. This is precisely why the uniqueness of blockchain should be emphasized in securing Web3 gaming. How Blockchain Ensures Security in Web3 Gaming?

Immutable Ownership of Assets Blockchain records can be manipulated by anyone. If a player owns a sword, skin, or plot of land as an NFT, it is verifiably in their ownership, and it cannot be altered or deleted by the developer or even hacked. This has created a proven track record of ownership, providing control back to the players, unlike any centralised gaming platform where assets can be revoked.
Decentralized Infrastructure Blockchain networks also have a distributed architecture where game data is stored in a worldwide network of nodes, making them much less susceptible to centralised points of failure and attacks. This decentralised approach makes it exponentially more difficult to hijack systems or even shut off the game’s economy.
Secure Transactions with Cryptography Whether a player buys an NFT or trades their in-game tokens for other items or tokens, the transactions are enforced by cryptographic algorithms, ensuring secure, verifiable, and irreversible transactions and eliminating the risks of double-spending or fraudulent trades.
Smart Contract Automation Smart contracts automate the enforcement of game rules and players’ economic exchanges for the developer, eliminating the need for intermediaries or middlemen, and trust for the developer. For example, if a player completes a quest that promises a reward, the smart contract will execute and distribute what was promised.
Anti-Cheating and Fair Gameplay The naturally transparent nature of blockchain makes it extremely simple for anyone to examine a specific instance of gameplay and verify the economic outcomes from that play. Furthermore, multi-player games that enforce smart contracts on things like loot sharing or win sharing can automate and measure trustlessness and avoid cheating, manipulations, and fraud by developers.
Cross-Platform Security Many Web3 games feature asset interoperability across platforms. This interoperability is made viable by blockchain, which guarantees ownership is maintained whenever assets transition from one game or marketplace to another, thereby offering protection to players who rely on transfers for security against fraud. Key Security Dangers in Web3 Gaming Although blockchain provides sound first principles of security, the Web3 gaming ecosystem is susceptible to threats. Some of the most serious threats include:

Smart Contract Vulnerabilities: Smart contracts that are poorly written or lack auditing will leave openings for exploitation and thereby result in asset loss. Phishing Attacks: Unintentionally exposing or revealing private keys or signing transactions that are not possible to reverse, under the assumption they were genuine transaction requests. Bridge Hacks: Cross-chain bridges, which allow players to move their assets between their respective blockchains, continually face hacks, requiring vigilance from players and developers. Scams and Rug Pulls: Rug pulls occur when a game project raises money and leaves, leaving player assets worthless. Regulatory Ambiguity: Global regulations remain unclear; risks exist for players and developers alike. While blockchain alone won’t resolve every issue, it remediates the responsibility of the first principles, more so when joined by processes such as auditing, education, and the right governance, which can improve their contribution to the security landscapes in game ecosystems. Real Life Examples of Blockchain Security in Web3 Gaming Axie Infinity (Ronin Hack): The Axie Infinity game and several projects suffered one of the biggest hacks thus far on its Ronin bridge; however, it demonstrated the effectiveness of multi-sig security and the effective utilization of decentralization. The industry benefited through learning and reflection, thus, as projects have implemented changes to reduce the risks of future hacks or misappropriation. Immutable X: This Ethereum scaling solution aims to ensure secure NFT transactions for gaming, allowing players to trade an asset without the burden of exorbitant fees and fears of being a victim of fraud. Enjin: Enjin is providing a trusted infrastructure for Web3 games, offering secure NFT creation and transfer while reiterating that ownership and an asset securely belong to the player. These examples indubitably illustrate that despite challenges to overcome, blockchain remains the foundational layer on which to build more secure Web3 gaming environments. Benefits of Blockchain Security for Players and Developers For Players: Confidence in true ownership of assets Transparency in in-game economies Protection against nefarious trades/scams For Developers: More trust between players and the platform Less reliance on centralized infrastructure Ability to attract wealth and players based on provable fairness By incorporating blockchain security within the mechanics of game design, developers can create and enforce resilient ecosystems where players feel reassured in investing time, money, and ownership within virtual worlds. The Future of Secure Web3 Gaming Ecosystems As the wisdom of blockchain technology and industry knowledge improves, the future for secure Web3 gaming looks bright. New growing trends include: Zero-Knowledge Proofs (ZKPs): A new wave of protocols that enable private transactions and secure smart contracts while managing user privacy with an element of transparency. Decentralized Identity Solutions (DID): Helping players control their identities and decrease account theft risks. AI-Enhanced Security: Identifying irregularities in user interactions by sampling pattern anomalies to avert hacks and fraud by time-stamping critical events. Interoperable Security Standards: Allowing secured and seamless asset transfers across blockchains and games. With these innovations, blockchain will not only secure gaming assets but also enhance the overall trust and longevity of Web3 gaming ecosystems. Conclusion Blockchain is more than a buzzword in Web3; it is the only way to host security, fairness, and transparency. With blockchain, players confirm immutable ownership of digital assets, there is a decentralized infrastructure, and finally, it supports smart contracts to automate code that protects players and developers from the challenges of digital economies. The threats, vulnerabilities, and scams that come from smart contracts still persist, but the industry is maturing with better security practices, cross-chain solutions, and increased formal cryptographic tools. In the coming years, blockchain will remain the base to digital economies and drive Web3 gaming environments that allow players to safely own, trade, and enjoy their digital experiences free from fraud and exploitation. While blockchain and gaming alone entertain, we will usher in an era of secure digital worlds where trust complements innovation. The Role of Blockchain in Building Safer Web3 Gaming Ecosystems was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story