Parsec Weekly #120
Are NFTs Dead in 2025 – Or Just Forgotten?
Are NFTs Dead in 2025 – Or Just Forgotten?
NFTs feel like the forgotten child this cycle, especially as memecoins have continued to dominate speculative mindshare. That begs the question, are NFTs dead or just forgotten?
Let’s start off by reviewing some of the higher time frame charts of the largest NFT collections:
CryptoPunks
Down 63.6% from an all time high of 125 ETH on Aug 29, 2021
Bored Ape Yacht Club
Down 91.4% from an all time high of 153.7 ETH on May 1, 2022
Pudgy Penguins
Down 75% from an all time high of 36.33 ETH on Dec 17, 2024
Mutant Ape Yacht Club
Down 94.7% from an all time high of 40 ETH on May 1, 2022
Milady Maker
Down 65.9% from an all time high of 7.35 ETH on Dec 1, 2024
Lil Pudgys
Down 75.5% from an all time high of 4.53 ETH on Dec 15, 2024
Azuki
Down 93.4% from an all time high of 31.8 ETH on Apr 3, 2022
It’s a pretty rough picture all in all with every single one of these collections being 60%+ off their highs in ETH terms, most down 70%+ (even more in USD terms). CryptoPunks has been the most resilient collection, still doing relatively good volume at high prices on a regular basis:
That said, it’s a long way back up to those 2021 highs in ETH terms:
It’s rare to find collections doing any meaningful volume which don’t look something like one of the above charts on a high time frame basis. An interesting outlier has been the Wealthy Hypio Babies which is currently trading close to all time highs in ETH terms:
Wealthy Hypio Babies launched earlier this year on Base and has since carved out a strong presence in the Hyperliquid ecosystem. What started as “a cultural virus born from the Remiliasphere” has now become the most traded NFT on Hyperliquid.
Hypio has leaned into a hybrid of on-chain identity and token gated community on Hyperliquid.
While they are technically not live and trading, we are seeing OTC activity for Hypurr NFTs at around $60-70k which is pretty wild.
These NFTs were offered to eligible users (top points holders) as part of the $HYPE genesis distribution.
There seems to be some common trends here among top performing collections now and in the past:
Perform best during the early stages of their lifecycle (reflecting the new coin good mantra)
Native to the zeitgeist chain at a given moment in time
Strong community/cult surrounding the collection
These things have been true for pretty much all successful collections, these top performing Hyperliquid focused NFTs today don’t seem to be any different in terms of the commonalities they portray.
With drip.trade integrated across Purrsec and Parsec and our eyes set on LiquidLoot too, we look forward to see how the burgeoning NFT ecosystem on Hyperliquid continues to develop.