NFTs Have Achieved More In The Bear Than They Deed In The Bull Market

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The non-fungible token market continues showcasing strong resilience amid the recent general crypto bear market, which has left many NFT projects in massive losses. In this article, we shall explore some of the achievements made amid the recent bear market compared to those made during the bull run.

The NFT Market Bull Run

The non-fungible token market experienced massive adoption in 2021, which left most NFT projects reaching new all-time highs. The market received massive endorsements from many celebrities, including Tom Brady, Kim Kardashian, Justin Beiber, and Snoop Dogg.

Following the massive adoption among investors, the NFT market rapidly grew from around $232 million in 2020 to more than $22 billion in 2021. The Everday: First 5000 Days By Beeble, a collection of 5,000 individual images that Beeple created every day for over 13 years, was the most expensive NFT collection, selling for $69.3 million.

Source: Dune Analytics, NFTs Trading Activity Past 2 years

Other NFT collections that sold for eye-watering amounts during the bull run include Clock by Pak, which sold for $52.7 million; Human One by Beeble, selling for $28.9 million; CryptoPunk #5822 selling for $23.7 million, CryptoPunks #7523 selling for $11.75 million and CryptoPunks #4156 that sold for $10.26 million.

The crypto market bull run also left many cryptocurrency projects increased in multiples of 10 or 20. Projects like Dogecoin went up over 10,000%, and a raft of bullish news emerged from all corners of the globe. The bull market also left the crypto flagship “Bitcoin,” reaching all-time highs.

The NFT Bear Market

Unfortunately, the non-fungible token market suffered a brutal comedown in the past few months. The NFT market began developing cracks in June last year, with the collapse of significant cryptosystems such as FTX and LUNA sharing the blame for the market crash.

In May 2022, the Terra blockchain’s crypto coins TerraUSD and LUNA went down to earth. The two currencies lost almost 99% of their value, and investors lost more than $60 million. Later in the year, FTX also went down over liquidity issues. These two events and similar collapses have set the foundation for the NFT market crash.

Source: Dune Analytics, NFTs Trading Activity Past 2 years

The NFT market crash has left many investors in massive losses. Logan Paul, who previously bought Azuki NFT for $623,000, is a perfect example, with his NFT now plummeting to just $10. Similarly, Steve Aoki, who bought his Doodles NFT for $346,000, has suffered a massive loss, with his NFT now worth less than $42,000.

Snoop Dogg also lost over $300,000 after a CryptoPunk he bought for $1.1 million plummets to about $688,000. Moreover, Justin Bieber is another investor who has lost massively in his NFT investment after a Bored Ape Yacht Club NFT he bought for $1.3 million shrunk to just $59,090.

Last month, a study from DappGumbl found that 95% of NFTs were worthless. The data analytic firm examined 73,257 NFT collections and found that 69,795 NFTs, or slightly over 95%, had a market cap of zero ether.

A couple of weeks ago, a traditional media outlet mentioned that 95% of NFTs are worthless. Let's delve into the data and ascertain the accuracy of this claim. 🧵 pic.twitter.com/jpAiNQ5W5O

— NFTGo (@nftgoio) October 4, 2023

Fortunately, despite the recent bear market, several non-fungible token projects have shown strong resilience and continue to achieve their vision more than they did during the bull market. Below, we have listed some NFT projects that have achieved their goals amid the recent bear market.

1. Pudgy Penguins

Pudgy Penguins, the digital asset firm behind the popular Pudgy Penguins non-fungible token collection, is a perfect example of an NFT project that has successfully pursued its vision despite the extended bear market.

Established in 2021, Pudgy Penguins is a digital asset firm renowned for its Lil Pudgy and Pudgy Penguin NFT collections. Pudgy Penguins is an NFT collection featuring a limited edition of 8888 cute chubby owl birds, while Lil Pudgy is an NFT collection featuring a fixed supply of 22,222 NFTs. The two NFT collections are hosted on Ethereum, the largest blockchain for NFTs.

The Pudgy Penguins team began pursuing their vision to become the NFT brand earlier this year. Despite the NFT market downturn that has escalated this year, the team has successfully leveraged its name to make a top-ranking brand.

On this day, Web3 enters a Brave New World.

Pudgy Toys, with Pudgy World, are now available in 2,000 Walmarts in the USA. pic.twitter.com/UP8npUxCr3

— Pudgy Penguins (@pudgypenguins) September 26, 2023

Last month, the Pudgy Penguin team debuted its NFT-inspired toys in 2,000 Walmart stores across the United States. The team has extended its toy offering in all Smyths Toys Stores across the United Kingdom. Smyths is one of the largest toy stores in the United Kingdom. The Pudgy Penguins team recently announced the launching of NFT-inspired cookies.

Introducing the Pudgy Penguins X Last Crumb limited edition cookie collab featuring a holder’s penguin.

Releasing tomorrow, October 11th, at 3PM EST.

Learn more below. pic.twitter.com/Ajko3DT1pR

— Pudgy Penguins (@pudgypenguins) October 10, 2023

2. DeGods

DeLabs, the digital asset incubation studio and the firm behind the popular DeGods and y00ts non-fungible token collections, is another NFT project that has continued flourishing while others fade. Despite the recent market downturn, the NFT collection has launched its three seasons. The team recently celebrated two years of excellence in the NFT market.

Happy 2nd Birthday to DeGods @DeGodsNFT

There is nothing better than being a DeGod.

🎉🧡🎊❤️🍾🎈💜🎂🧡🔥 pic.twitter.com/p7oUEdZnwO

— 🅹🅲 𝐗+ (🍟 8602.⌐◨-◨ ) (@JCverse9) October 8, 2023

3. Starbucks NFTs

Starbucks, an American coffee house, is another firm that reached greater heights through the manifestation power of NFTs. Earlier this year, Starbucks launched its first paid collection of NFTs today, a group of 2,000 digital “stamps,” each priced at $100.The NFT collection sold out in less than 20 minutes.

🚀 Coffee lovers, meet NFTs! ☕💰 Starbucks is testing the blend with #StarbucksOdyssey. Earn NFTs for fun challenges. Will it convert coffee fans into crypto enthusiasts? Time will tell! #NFT #CoffeeLove #MATIC @0xPolygon pic.twitter.com/GntpSt0qWU

— Portable Detective07 (@PortableD07) October 7, 2023

Despite the bear market, non-fungible tokens have successfully spread their roots in various sectors more immensely than during the bull market. In April, the Argentinian airline Flybondi integrated technology startup TravelX to offer NFT tickets to its customers.

Every ticket issued by the Argentine airline is an NFT. ✈️

To offer all tickets as NFTs on the Algorand blockchain, low-cost carrier Flybondi has strengthened its collaboration with NFT ticketing firm TravelX. ✈️#NFT #NFTCommunity #NFTs #Argentina pic.twitter.com/wacrZA43VM

— MetaStart (@metastartHQ) March 31, 2023

In a related development, the fintech giant PayPal filed a patent application for a non-fungible token (NFT) purchase and transfer system, marking a significant step towards creating its blockchain ecosystem. PayPal envisions using the full potential of NFTs for tokenization, extending beyond the exchange of electronic collectibles. It only requires a shift in the definition of NFTs for people to realize how bullish NFTs are now.