As the crypto community is filled with lamentations, numerous "old timers" from the previous two cycles have successively announced their token launches.

Last night, OpenSea first announced the launch of its SEAtoken,followedbyDoodles,whichofficiallyannouncedthelaunchofitsDOOD token on Solana. These two announcements mark the entry of two more NFT leaders, after Penguin Finance and Azuki, into the token launch frenzy.

Not Just NFTs: Privacy Projects Also Seek Revival through Token Launches

It's not just the NFT sector. Privacy projects, which were popular in the previous cycle but nearly disappeared in 2024, seem to be seeking revival through token launches as well. Last night, Aztec Network, the Ethereum privacy layer backed by investment giants such as a16z and Paradigm, also established a foundation, possibly in preparation for its upcoming Token Generation Event (TGE).

Will the Community Embrace These "Late" Token Launches?

Penguin Finance, which launched its token when few were paying attention, saw its NFT floor price rise from 11 ETH to 35 ETH due to the high yield expectations provided by the community. The opening Fully Diluted Valuation (FDV) of its token PENGU also exceeded $6 billion.

The demonstration effect of Penguin Finance's token launch attracted many blue-chip NFT projects to announce their own token launches. However, compared to Penguin Finance, other NFT projects that followed suit did not receive as much attention, and their NFTs and tokens were far less popular.

In mid-January, after Azuki, another blue-chip NFT project, announced the launch of its ANIME token, the NFTs within the Azuki ecosystem showed some signs of recovery, but the gains were generally modest, far less than those of Penguin Finance. The Azuki series NFTs saw a daily increase of 17.42%, while other related series did not show significant gains.

Last December, after Doodles NFT founder Burnt Toast posted a tweet hinting at a token launch, the Doodles floor price surged in a short period, peaking at over 8 ETH before falling back to 6.7 ETH, with a 24-hour increase of nearly 60%. After officially announcing the token launch this morning, as of press time, the Doodles NFT floor price was still at 4.449 ETH.

The former leading NFT platform OpenSea also received mixed reactions from the community after revealing its token launch plans.

OpenSea Faces Backlash Amid Token Launch Plans

When NFTs exploded in popularity in 2021, OpenSea aggressively raised funds and was valued at $13 billion. While the community actively traded in anticipation of airdrops, OpenSea insisted on pursuing an IPO route, which drew criticism from the community. Now, as the NFT market has cooled, OpenSea is following Penguin Finance's footsteps to launch a token without having achieved an IPO.

In response, crypto KOL @BroLenoAus criticized, "This is OpenSea's last harvest before it completely turns into a zombie, basically equivalent to a dying gasp." He vowed to short OpenSea after receiving its airdrop.

Earlier, OpenSea's new platform OpenSea 2.0 (OS2), prepared for the TGE, caused dissatisfaction among community members because the private beta phase was limited to free access for Gemesis NFT holders, while other users needed to join a waiting list. This was perceived as favoring early users and neglecting the existing user base.

However, @ElvisPoldark believes there is also a positive side. The new features of OpenSea 2.0, leveraged for the token launch momentum, may provide a new experience and compete with rivals like Blur. For example, OpenSea 2.0 offers a one-stop service for NFTs and tokens, allowing users to purchase NFTs and tokens across multiple blockchains without manual bridging.

Currently, more details about the airdrops and TGEs of Doodles and OpenSea have not yet been finalized, and it remains uncertain whether they will be well-received by users.

Token Launches Become a Revival Strategy for Old Projects

With precedents such as Penguin Finance's and Trump's token launches, "issuing tokens" may have become a revival strategy for old projects compared to creating new narratives.

However, these former leaders backed by VC giants are facing significant bottlenecks and trust crises in their own businesses.

As the once largest NFT trading platform, OpenSea reached a monthly transaction peak of 5billioninearly2021.ButaccordingtoDuneAnalytics,itsNFTtransactionvolumelastmonthwasabout190 million, less than 4% of its peak.

Facing competition from rivals like Blur and Magic Eden, OpenSea's market share has fallen from 90% in 2022 to around 30%. Additionally, OpenSea faces regulatory compliance challenges.

The Doodles floor price has fallen from a high of 25 ETH to 4.449 ETH. During the bear market, Doodles also attempted to自救 by selling IPs and related merchandise, but the results have been minimal so far.

As a star project in Ethereum privacy, Aztec Network has raised over $100 million in four funding rounds, with top investment teams such as a16z, Paradigm, Coinbase Ventures, and HashKey Capital participating.

However, after raising $100 million, Aztec Network suddenly announced a business transformation in March 2023, shutting down its DeFi privacy bridge project Aztec Connect and focusing on two new main products: Noir, a general-purpose development language supporting zero-knowledge proofs, and a new privacy-focused blockchain.

The community was disappointed with Aztec's transformation and the delay in airdrops, and the project has made little progress since then.

Currently, in a market lacking liquidity and innovation, and where attention is no longer easily captured by old narratives and VC coins, old projects that have lost some trust face enormous challenges in reversing their fortunes through token launches.

As the crypto community is filled with lamentations, numerous "old timers" from the previous two cycles have successively announced their token launches.

Last night, OpenSea first announced the launch of its SEAtoken,followedbyDoodles,whichofficiallyannouncedthelaunchofitsDOOD token on Solana. These two announcements mark the entry of two more NFT leaders, after Penguin Finance and Azuki, into the token launch frenzy.

Not Just NFTs: Privacy Projects Also Seek Revival through Token Launches

It's not just the NFT sector. Privacy projects, which were popular in the previous cycle but nearly disappeared in 2024, seem to be seeking revival through token launches as well. Last night, Aztec Network, the Ethereum privacy layer backed by investment giants such as a16z and Paradigm, also established a foundation, possibly in preparation for its upcoming Token Generation Event (TGE).

Will the Community Embrace These "Late" Token Launches?

Penguin Finance, which launched its token when few were paying attention, saw its NFT floor price rise from 11 ETH to 35 ETH due to the high yield expectations provided by the community. The opening Fully Diluted Valuation (FDV) of its token PENGU also exceeded $6 billion.

The demonstration effect of Penguin Finance's token launch attracted many blue-chip NFT projects to announce their own token launches. However, compared to Penguin Finance, other NFT projects that followed suit did not receive as much attention, and their NFTs and tokens were far less popular.

In mid-January, after Azuki, another blue-chip NFT project, announced the launch of its ANIME token, the NFTs within the Azuki ecosystem showed some signs of recovery, but the gains were generally modest, far less than those of Penguin Finance. The Azuki series NFTs saw a daily increase of 17.42%, while other related series did not show significant gains.

Last December, after Doodles NFT founder Burnt Toast posted a tweet hinting at a token launch, the Doodles floor price surged in a short period, peaking at over 8 ETH before falling back to 6.7 ETH, with a 24-hour increase of nearly 60%. After officially announcing the token launch this morning, as of press time, the Doodles NFT floor price was still at 4.449 ETH.

The former leading NFT platform OpenSea also received mixed reactions from the community after revealing its token launch plans.

OpenSea Faces Backlash Amid Token Launch Plans

When NFTs exploded in popularity in 2021, OpenSea aggressively raised funds and was valued at $13 billion. While the community actively traded in anticipation of airdrops, OpenSea insisted on pursuing an IPO route, which drew criticism from the community. Now, as the NFT market has cooled, OpenSea is following Penguin Finance's footsteps to launch a token without having achieved an IPO.

In response, crypto KOL @BroLenoAus criticized, "This is OpenSea's last harvest before it completely turns into a zombie, basically equivalent to a dying gasp." He vowed to short OpenSea after receiving its airdrop.

Earlier, OpenSea's new platform OpenSea 2.0 (OS2), prepared for the TGE, caused dissatisfaction among community members because the private beta phase was limited to free access for Gemesis NFT holders, while other users needed to join a waiting list. This was perceived as favoring early users and neglecting the existing user base.

However, @ElvisPoldark believes there is also a positive side. The new features of OpenSea 2.0, leveraged for the token launch momentum, may provide a new experience and compete with rivals like Blur. For example, OpenSea 2.0 offers a one-stop service for NFTs and tokens, allowing users to purchase NFTs and tokens across multiple blockchains without manual bridging.

Currently, more details about the airdrops and TGEs of Doodles and OpenSea have not yet been finalized, and it remains uncertain whether they will be well-received by users.

Token Launches Become a Revival Strategy for Old Projects

With precedents such as Penguin Finance's and Trump's token launches, "issuing tokens" may have become a revival strategy for old projects compared to creating new narratives.

However, these former leaders backed by VC giants are facing significant bottlenecks and trust crises in their own businesses.

As the once largest NFT trading platform, OpenSea reached a monthly transaction peak of 5billioninearly2021.ButaccordingtoDuneAnalytics,itsNFTtransactionvolumelastmonthwasabout190 million, less than 4% of its peak.

Facing competition from rivals like Blur and Magic Eden, OpenSea's market share has fallen from 90% in 2022 to around 30%. Additionally, OpenSea faces regulatory compliance challenges.

The Doodles floor price has fallen from a high of 25 ETH to 4.449 ETH. During the bear market, Doodles also attempted to自救 by selling IPs and related merchandise, but the results have been minimal so far.

As a star project in Ethereum privacy, Aztec Network has raised over $100 million in four funding rounds, with top investment teams such as a16z, Paradigm, Coinbase Ventures, and HashKey Capital participating.

However, after raising $100 million, Aztec Network suddenly announced a business transformation in March 2023, shutting down its DeFi privacy bridge project Aztec Connect and focusing on two new main products: Noir, a general-purpose development language supporting zero-knowledge proofs, and a new privacy-focused blockchain.

The community was disappointed with Aztec's transformation and the delay in airdrops, and the project has made little progress since then.

Currently, in a market lacking liquidity and innovation, and where attention is no longer easily captured by old narratives and VC coins, old projects that have lost some trust face enormous challenges in reversing their fortunes through token launches.