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CoinDesk
From Nakamigos to Magamigos: The Tricky Relationship Between the Meme Economy and NFTs
While current non-fungible token (NFT) market conditions are far from where they were at the height of the bull market, NFT traders continue to fervently pump money into the ecosystem. Established projects, such as Bored Ape Yacht Club (BAYC) and Azuki, have maintained trading momentum by releasing new products, while other lesser-known creators have taken advantage of mechanics including open edition mints and dynamic NFTs to spark intrigue. With this context in mind, the overnight success of Nakamigos, a 20,000-edition NFT project featuring pixelated avatars, has bewildered some analysts and traders.
