The NFT Revolution: Past, Present, and Future of Digital Collectibles
Non-Fungible Tokens (NFTs) have transformed the digital landscape, blending art, technology, and ownership in ways previously unimaginable. Whether you're a seasoned collector or a curious newcomer, NFTs are more than just digital art, they're a gateway to the future of tokenised assets. In this article, we’ll explore what NFTs are, their origins, the wild 2020/21 bull run, the current state of the NFT market in 2025, NFT’s to keeo a close eye on and why we’re excited about the future of NFTs.
What Are NFTs?
NFTs, or Non-Fungible Tokens, are unique digital assets stored on a blockchain, typically Ethereum, that prove ownership and authenticity of digital or physical items. Unlike cryptocurrencies like Bitcoin, which are interchangeable, each NFT is one-of-a-kind, representing things like digital art, music, virtual real estate, or in-game items. Their indivisibility, transparent ownership history, and ability to embed smart contracts make them powerful tools for creators and collectors. Think of NFTs as digital certificates of authenticity - immutable, verifiable, and yours to own or trade.
How NFTs Started
The NFT journey began in 2017 with projects like CryptoPunks and CryptoKitties, which laid the groundwork for the ecosystem. CryptoPunks, launched by Larva Labs, introduced 10,000 pixel-art characters on the Ethereum blockchain, initially given away for free.
These became the blueprint for profile picture NFTs. CryptoKitties, also launched in 2017, popularised the concept of breeding and trading digital cats, briefly congesting Ethereum’s network due to its popularity.
The market gained traction in 2020, but it was 2021 when NFTs exploded into the mainstream. A pivotal moment came in March 2021, when artist Beeple sold an NFT artwork for USD $69.3 million at Christie’s, marking the third-highest auction price for a living artist. This sale, alongside high-profile CryptoPunk sales, cemented NFTs as a cultural and financial phenomenon. By 2021, NFT trading volume hit USD $13 billion, with the term "NFT" named Collins Dictionary’s Word of the Year.
The 2020/21 NFT Bull Run: Skyrocketing Prices
The 2020/21 bull run was a frenzy of speculation and excitement. NFT prices soared as collectors and investors poured in, driven by hype, celebrity endorsements, and the broader crypto market boom. Here are some jaw-dropping sales from the period:
CryptoPunks: Originally free in 2017, rare Punks fetched millions by 2021. CryptoPunk #7523 sold for USD $11.8 million, and #3100 went for USD $7.7 million.
Bored Ape Yacht Club (pictured above): Launched in 2021, BAYC’s floor price peaked at 150 ETH (around USD $450,000 at the time), with the collection dominating social NFT market cap.
Beeple’s The Merge: This artwork sold for USD $91.8 million in 2021, the most expensive NFT ever.
Pudgy Penguins: A standout sale was Pudgy Penguin #6873, which sold for 225 ETH (USD $775,000) in September 2021.
Azuki: The Azuki Beanz collection announcement in 2022 pushed the main collection’s floor to 30 ETH (USD $90,000 at the time).
The bull run was fuelled by new collections, media hype, and Ethereum’s price surge, but it wasn’t sustainable. By mid-2022, the market crashed alongside crypto prices, with many collections losing 75-90% of their value.
The NFT Market in 2025: A Resurgent Force?
Fast forward to July 2025, and the NFT market is buzzing with renewed optimism after a turbulent 2022-2024 period. The sentiment is turning bullish, with the crypto market’s steady climb injecting fresh momentum into NFTs. OpenSea, the world’s largest NFT marketplace, is leading this revival with the launch of their native token, $SEA, which is set to bring substantial liquidity to the market. This move, alongside their revamped OS2 platform, is sparking excitement among collectors and creators, signalling a shift towards a more dynamic and accessible NFT ecosystem.
Ethereum remains the go-to blockchain for high-value NFT trades, with iconic projects like CryptoPunks and Bored Ape Yacht Club staying firm as collector favourites. Meanwhile, platforms like Solana and Bitcoin Ordinals are gaining ground for their affordability and high-volume activity. Pudgy Penguins, in particular, has captured the market’s imagination with its vibrant community and innovative approach. The introduction of $SEA by OpenSea is poised to amplify this momentum, rewarding loyal users and driving trading activity across multiple blockchains.
We’re confident that another bull run is looming. The crypto market’s recovery, growing institutional interest - such as ETF filings and innovative use cases like gaming and metaverse integration are fuelling enthusiasm.
Unlike the speculative frenzy of 2021, this resurgence feels rooted in utility and community. OpenSea’s $SEA token, with its promise of increased liquidity and user engagement, could be a game-changer, positioning the marketplace to reclaim its dominance and propel the broader NFT market forward.
NFT Projects to Watch in 2025
Here are five projects we’re keeping an eye on and why they stand out:
1.Pudgy Penguins: Once a struggling project, Pudgy Penguins was revitalised by Luca Netz’s USD $2.5 million acquisition in 2022. Now a top performer, it launched the $PENGU memecoin and the Abstract blockchain early 2025. Physical Pudgy Toys are sold in 2,000 Walmart stores, and a Canary Capital ETF filing includes PENGU and NFTs, blending Web3 with mainstream markets.
2. CryptoPunks: Still the gold standard, CryptoPunks maintain a 22% market dominance with a current 44.5 ETH floor (~USD $135,000). Yuga Labs’ 2024 book chronicling their history and partnerships with Swarovski and Christie’s underscore their cultural significance.
3. Doodles: Evolving from colourful art to a virtual world supplier, Doodles integrates with gaming platforms like The Sandbox, allowing avatar customisation. Its floor price hovers at 1.06 ETH (~USD $3,200), with steady community engagement.
4. Azuki: The anime aesthetic and innovative Web3 storytelling via AnimeChain make Azuki a cultural and technological pioneer. Current price: 2.07 ETH (~USD$7000)
5. Project Aeon: We’re watching Project Aeon because of its close ties to the SPX6900 memecoin, which is thriving in today’s market. Memecoins are seeing explosive growth, and if SPX6900 continues its upward trajectory, Project Aeon’s 3,333 NFTs could become highly valuable assets, making them a compelling speculative play.
Current price: 1.5 ETH (~USD $5000)
Our Thoughts on NFTs
We’re passionate NFT collectors with a solid portfolio, and we’re bullish on their future. Beyond the stunning digital art, we see NFTs as the backbone of a new digital economy. Tokenised assets offer unparalleled ownership, enabling creators to monetise their work and collectors to invest in unique, verifiable items. From gaming to metaverses to real-world applications like ticketing, NFTs are proving their staying power.
While the 2021 hype was unsustainable, today’s market feels more mature, driven by utility and innovation rather than pure speculation. We believe tokenised assets will become integral to the digital world, from virtual identities to intellectual property protection. Our collection isn’t just about art- it’s about being part of a transformative movement.
