TechFlow news, on September 20, according to The Block, at the Solana Breakpoint conference held in Singapore, Pudgy Penguins CEO Luca Netz stated that despite the prevalence of meme coin culture, NFTs remain the best way to build communities. Netz emphasized the unique advantages of NFTs: they provide recognizable avatars that make it easier to find like-minded people online; they create a symbolic meaning that meme coins cannot replicate; and NFT communities have internal hierarchies based on price and purchase timing, symbolizing power and status.
However, Netz also acknowledged that the NFT market is currently facing challenges. According to CryptoSlam data, the NFT market's trading volume over the past 30 days was only $347 million, far below the peak monthly volume of $17 billion seen in early 2022. He noted that successful NFT projects are often illiquid for large investors and too expensive for retail participants. Nevertheless, Netz remains optimistic about the long-term development of NFTs. He pointed out that the cryptocurrency market exhibits clear cyclical patterns. Since the last bull run, significant progress has been made in building the NFT ecosystem's infrastructure. Netz predicts that in the next market cycle, NFTs will leverage their unique strengths to achieve broader adoption and greater value appreciation.
