thedefiant.io
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.
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.