Listen to the article
The NFTStrategy ecosystem of NFT-linked tokens has reached a $202 million market capitalization and $10.7 million in daily trading volume.
Data from Dexscreener shows PunkStrategy (PUNKSTR) leading at $152 million following a 37% increase over the past 24 hours. PudgyStrategy (PUDGYSTR) followed with a 45% gain to $11.25 million. The momentum also spilled over into the other tokens with ApeStrategy (APESTR) rising 29% to $8.3 million and ToadzStrategy ($TOADSTR) advancing 20% to $3.7 million.
PNKSTR Chart
All eight TokenWorks NFTStrategy tokens were listed on OpenSea on Sept. 30. 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 decentralized finance (DeFi), as projects like TokenWorks explore innovative methods to introduce liquidity, rewards, and automated strategies to the NFT market.
This comes as the broader NFT market has struggled to regain the momentum it experienced in previous years, falling well short of its market capitalization peak of roughly $17 billion in April 2022. Still, the sector has rebounded this year, with its market cap more than doubling from around $3 billion in April to $6.2 billion today.
In the past 24 hours, total NFT sales volume reached $18.3 million around the globe, marking a 48% daily increase, according to CoinGecko.
TokenWorks Launch
TokenWorks introduced NFTStrategy as “a perpetual machine for every NFT collection,” designed to let anyone launch a token while also giving value back to NFT creators and artists. The team also explained that each NFTStrategy token was built to support PNKSTR.
“PunkStrategy started as an art project, and turned into a whole new token meta,” the team wrote in a post on X. “It was bound to be forked, and we felt like we should create a way to launch your own while still being permissionless and safe for buyers.”
Each NFT collection can have one NFTStrategy token, and fees from trading the token are allocated to a pool that buys NFTs from that collection, which are then relisted at 1.2 times the purchase price. When an NFT is sold, the ETH from the sale is used to buy and burn the corresponding NFTStrategy token. This process then continues “forever,” the team said.
As of now, PNKSTR charges a 10% trading fee, with 8% allocated to the NFT accumulation pool, 1% to TokenWorks supporters, and 1% to the TokenWorks team. Meanwhile, other NFTStrategy tokens allocate 8% to buying NFTs and 1% apiece to collection owners and buying and burning PNKSTR.