From NFT to privacy track, can old projects rejuvenate by sending coins in groups?

Author: flowie, ChainCatcher

While crypto community is wailing everywhere, many "Qing Dynasty legacy" born in the previous two cycles have successively announced the issuance of coins.

Last night, OpenSea first announced that it would launch $SEA tokens, and then Doodles also officially announced that it would launch token $DOOD on Solana. These are the other two NFT leaders following Fat Penguin and Azuki that are involved in the coin issuance craze.

Not only the NFT track, but also the privacy projects that were very popular in the last cycle but almost disappeared in 2024 seem to have begun to extend their lives by issuing coins. Last night, the Ethereum privacy layer Aztec Network, which was collectively bet by investment groups such as a16z and Paradigm, also established a foundation to prepare for the upcoming TGE.

Will the community pay for the issuance of "late" coins?

Fat Penguin, which issued coins when no one cares, has provided extremely high returns expectations because community players have once risen from 11ETF to 35ETH, and its token PENGU opens FDV at the highest.

Under the demonstration effect of Fat Penguin’s coin issuance, many blue-chip NFTs have also attracted collectively to announce the issuance of coins. But compared to Fat Penguin, other imitations of NFTs do not seem to have received such great attention, and their NFTs and token popularity are far lower than Fat Penguin.

In mid-January, after another blue chip NFTAzuki announced the launch of ANIME token, although NFTs in the Azuki ecosystem have recovered, their growth is generally not large, far less than Fat Penguin. The Azuki series NFTs have increased in the day by 17.42%, and other peripheral series NFTs have also No significant increase occurred.

In December last year, after Burnt Toast, founder of Doodles NFT, posted a tweet that hints to issue coins, Doodles floor price rose in a short period of time, breaking through the highest level of 8 ETH, and then fell back to 6.7 ETH, with an increase of nearly 60% in 24 hours. After Chen officially announced the issuance of the coins, as of press time, the floor price of Doodles NFT is still 4.449ETH.

After the former Longyi NFT platform OpenSea revealed the news of the issuance of coins, the community also mixed praise.

When the NFT became popular in 2021, OpenSea raised crazy financing and its valuation reached US$13 billion. While the community is actively trading airdrop expectations, OpenSea insists on taking the IPO route and is criticized by the community. Now that the NFT market has long cooled down, OpenSea has followed Fat Penguin to issue coins without achieving IPO.

In response, Encryption KOL @BroLenoAus criticized, "This is the last harvest before OpenSea completely becomes a zombie, which is basically equivalent to a dying struggle." After getting the OpenSea airdrop, it will firmly choose to short.

The new platform OpenSea 2.0 (OS2), launched by OpenSea earlier, was also unsatisfied by the private beta stage, because the private beta is only allowed to access Gemesis NFT holders for free, and other users need to join the waitlist, which aroused dissatisfaction among community members, who believed that it was Favoring early users, ignoring the existing user group.

But @ElvisPoldark believes that there is also a good side. The new OpenSea 2.0 feature that uses the coin issuing coins to build momentum may provide a new experience and compete with competitors such as Blur. For example, OpenSea 2.0 provides a one-stop service for NFTs and tokens, allowing users to purchase NFTs and tokens from multiple blockchains across chains without manual bridges.

At present, more airdrop details and TGE for Doodles and OpenSea have not yet been implemented. If you can get a user's payment, you still need to say hello.

From NFT to the privacy track, "issuing coins" has become a magic weapon

for old projects to extend their lives

From the past lessons of Fat Penguin’s issuance of coins and Trump’s issuance of coins, compared with the recreation of narratives, “issuance of coins” may become a magic weapon for old projects to extend their lives.

However, the former leaders of the VC group bet on have faced huge bottlenecks and trust crises.

As the largest NFT trading platform once, OpenSea's peak trading volume reached US$5 billion in early 2021. But according to Dune Analytics, its NFT trading volume last month was about $190 million, less than 4% of its peak.

90% of OpenSea's market share fell from 90% in 2022 to around 30%. OpenSea also faces the challenge of regulatory compliance.

Doodles floor price fell from the highest 25 ETH to 4.449 ETH. During the period of Shenxiong, Doodles also rescued itself by selling IP and its surroundings, but the effect is very small at present.

As a star project of Ethereum privacy, Aztec Network received more than $100 million in four rounds of financing, and top investment teams such as a16z, Paradigm, Coinbase Vuntures, and HashKey Capital all participated in the bet.

But after Aztec Network raised $100 million, it suddenly announced a business transformation in March 2023, shutting down its DeFi privacy bridge project, Aztec Connect, and focusing on two new major products, namely universal support for zero-knowledge proofs. Development language Noir and a brand new privacy blockchain.

Faced with the transformation and the delayed airdrop, community users were once disappointed with Aztec, and the project did not make much progress or splash since then.

At present, in the absence of liquidity and model innovation in the overall market, and market attention is no longer easily captured by old narratives and VC coins, some old narratives and old projects that have lost their trust basis, want to use the help of the release The currency turns the world and the challenge is huge.