The NFTStrategy ecosystem of NFT-related tokens reached a market capitalization of $22 million and a daily trading volume of $10.7 million.
DexScreener data leads Punkstrategy (Punkstr) by $152 million after an increase of 37% over the last 24 hours. PudgyStrategy (Pudgystr) followed at $11.25 million with a 45% profit. Moment also spills over other tokens, with Apestrategy (Apestr) rising 29% to $8.3 million, and Toadzstrategy ($Toadstr) moving from 20% to $3.7 million.
pnkstr chart
All eight TokenWorks NftStrategy tokens were listed on Opensea on September 30th. The launch was accompanied by a 20 ETH reward pool distributed across the assets. ETH is currently trading at $4,411, up 2.4% on the day.
The launch highlights the increasing convergence of NFTS and distributed finance (DEFI) as it explores innovative ways to implement liquidity, rewards and automated strategies into the NFT market.
This is because the broader NFT market has struggled to regain the momentum it has experienced in the past few years, and it has not reached a peak of around $17 billion in April 2022, which means the sector has rebounded this year, bringing its market capitalization to more than $6.2 billion, from around $3 billion in April.
According to Coingecko, the total NFT sales volume reached $18.3 million over the past 24 hours, marking a daily increase of 48%.
Starting Token Works
Tokenworks introduced NFTStrategy as “a permanent machine for all NFT collections.” The team also explained that each NFTStrategy token was built to support PNKSTR.
“Punkstrategy started out as an art project and became a whole new token meta,” the team wrote in X’s post.
Each NFT collection has one NFTStrategy token, and the fees for trading tokens are assigned to the pool where you purchase NFTs from that collection and are relisted at 1.2 times the purchase price. Once an NFT is sold, the ETH for sale is used to purchase and burn the corresponding NFTStrategy token. The process will then continue “forever,” the team said.
Currently, PNKSTR charges 10% trading fees, 8% are assigned to the NFT accumulation pool, 1% are assigned to TokenWorks supporters and 1% are assigned to the TokenWorks team. Meanwhile, other NFTStrategy tokens allocate 8% to NFTS purchases, 1% to collection owners, and allocate them to PNKSTR purchases and burns.
