On December 9, Milady’s Meme coin CULT was finally officially launched. The Meme coin, which previously raised over $20 million in funding, was developed by Milady’s founder, Charlotte Fang. The market value of CULT quickly surged to $1.2 billion after its launch but soon fell back to $850 million.
Different from Pudgy Penguins, which has evolved into an “NFT + blockchain network + IP brand” trinity, the successful launch of CULT may become the “last dance” for a single well-known NFT project to issue coins. The NFT project wave is coming to an end, and NFT projects are in desperate need of transformation.
With CULT’s currency issuance coming to a close, PENGU is about to go live, marking the end of the once-popular NFT project. While blue-chip NFTs like Azuki have not yet launched their tokens, the previous tactic of issuing coins to create hype, attract attention, and liquidity has become increasingly ineffective for NFT projects currently facing difficulties.
Solving this “industry problem” is a priority for many NFT projects.
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