Epic Shifts in the NFT World: Trump's Bitcoin Impact, Pudgy Penguins Soar, Trading Volume Drops, and Meta's Metaverse Dreams in a Ten-Year Horizon

Here are the key highlights from the latest developments in the NFT space:

1. Trump's Bitcoin Ordinals Strategy:

• Donald Trump's NFT collection introduces Bitcoin Ordinals to incentivize buyers of the "Mugshot Edition" NFTs.
• Users purchasing 100 or more Trump Digital Trading Cards NFTs will receive a limited "One-of-One" trading card as a Bitcoin Ordinal.
• Only 200 unique Ordinals NFTs will ever be minted, available exclusively to those who spend at least $9,900 on the Mugshot NFTs.
• The Mugshot NFTs and Ordinals cannot be traded until December 2024 to discourage their use as investment vehicles.

2. Pudgy Penguins Reach All-Time High:

• Pudgy Penguins NFT collection achieves a new all-time high with a peak floor price of 19.05 ETH, equivalent to $47,000.
• The collection experiences a significant surge in value, contrasting with losses in other major collections like Bored Ape Yacht Club.
• The project's growth is attributed to owner Luca Netz's unique approach, incorporating external revenue streams and promoting mental health awareness.

Pudgy Penguins’ floor price surged drastically between Jan. 13 and Jan. 19. Source: NFT Floor

3. NFT Trading Volumes Decline in 2023:

• CoinGecko reports a substantial decline in NFT trading volumes across the top ten blockchain networks in 2023.
• NFTs generated $11.3 billion in trading volume, marking a decline of $14.5 billion compared to 2022.
• Ethereum remains the preferred network, capturing 72.3% of yearly volume, but Bitcoin surpasses Ethereum in December with $808.0 million in trading volume.

NFT trading volumes whipsawed in 2023. Source: CoinGecko

4. Meta's Metaverse Vision:

• Meta's head of global business, Nicola Mendelsohn, states that Meta remains committed to investing in the metaverse despite a potential "good decade" before full realization.
• Mark Zuckerberg had previously mentioned in April 2022 that the metaverse could take more than ten years to be widely adopted.
• Meta has invested over $47 billion through Reality Labs, its VR and metaverse operations division, since 2019.

Mendelsohn said Meta's "realized vision" of the metaverse is still a "good decade" away. Source: World Economic Forum

5. Other Notable News:

• Former OpenSea product manager Nathaniel Chastain appeals his conviction for wire fraud and money laundering related to insider trading.
• Elon Musk removes support for NFT profile pictures on X, causing a stir among NFT enthusiasts. The feature allowed paid subscribers to link NFTs to their Twitter profile pictures.

These developments highlight the dynamic and evolving landscape of the NFT market, from innovative strategies to market highs and ongoing industry challenges.