DeFi Takes Hold of the Internet Computer NFT Market

Adam Kantrowitz
Adam Kantrowitz
DeFi Takes Hold of the Internet Computer NFT Market
Table of Contents
Table of Contents

The Internet Computer has been waiting for DeFi, and the success of the first meme coin proves it. I’m about to drop the alpha on some of the NFT projects in the IC with rising floor prices and how DeFi is pushing NFT sales in the hopes of token drops.

The First Tradable Meme Coin on the Internet Computer

Dfinity Donkeys was the first team to drop a meme coin to wallets, and a second drop of $DONGE is coming soon. But I have to save that information for later in the article because another team beat them to become the first meme token listed on an IC DEX. $GHOST token has more than 30x’d over the course of the past couple of weeks (in sharp contrast to the price of ICP, which followed the larger crypto market and is down about 35% after nearly hitting $10/coin last week).

What does this have to do with NFTs? It all started with a Tweet back in June. @icplink asked the pokedstudio, BTC Flower, Cronics, OG Medals, IC Dinos, Dfinity Space Apes, ICPuppies, ICPCS, and ICP Dog teams to have their holders add this canister to their Stoic wallets: xzcnc-myaaa-aaaak-abk7a-cai. Of course, no one knew what this project was, so these top teams weren’t in a hurry to shill the IC Ghost collection. The Ghost NFTs were airdropped to those projects' holders without much fanfare, and some recipients didn't know about it at all.

This Tweet was the only real notice that IC Ghost NFTs were coming, and it doesn't mention the $GHOST drop.

About a month later, in July, people holding IC Ghost NFTs were dropped 510,000 $GHOST tokens per NFT. Again, most people didn’t know because they had no idea they had even received an NFT. Next came the listing on ICPSwap. No one had really heard of this token, which has a total supply of 10 billion, and yet 5.1 billion of those tokens were already in the wallets of many of the top projects on the Internet Computer. Plus, more tokens were sent to ICPSwap in order to add liquidity. The $GHOST pool was giving out over 100% APY in the early days before people caught on (it's still around 40% APY).

In the meantime, the swap price for $GHOST went from about 1 million $GHOST per WICP to approximately 35,000 $GHOST per WICP. This sudden price increase got everyone’s attention. The momentum kept going as the IC Ghost team wasn’t done with their airdrops. Besides the initial 510,000 drop, I’ve found tens of thousands of tokens dropped to different wallets where I hold various NFT collections.

The short version is: this is what collectors on the IC have been waiting for!

Every team wants to partner up to drop $GHOST to holders as it is driving up NFT floor prices. Also, other teams that were considering a token launch are now racing to jump on the DeFi bandwagon. So let me run down some of the latest news I have heard on the token drop front (and how it has been impacting floor prices):

Projects Being Impacted By Token Rumors

Basically, if an NFT project's floor price is up in the past week, and you don’t know why, you probably just missed the token announcement. Here are some notable ones:

The Dfinity Donkeys team started their airdrops on August 1st. The second round is scheduled for September 1st, with three more rounds to go after that.

· Dfinity Donkeys – As I stated in the beginning of the article, the Donks are just about ready for their second of five $DONGE token airdrops to holders. So even if you missed the first drop, you will still have several more chances. Donkey NFTs get 200k tokens per NFT with each drop. Snapshots will be taken at different intervals so be sure to check their Discord to learn how to get your tokens.

The big news is that $DONGE will soon be tradable/stakeable on ICPSwap. The team has mentioned it could be in as little as one week. After the announcement in the project's Discord, the Dfinty Donkey floor price immediately jumped from 0.39 ICP to 0.59 ICP, a 51% increase within just a few hours. The team is currently discussing marketing approaches (e.g., drops for other project holders) in their Discord, and that is also where you can read the DONGE token whitepaper.

BREAKING NEWS: On Tuesday, DONGE became tradeable on ICPSwap, and the Donkeys floor rose again to 1.1 ICP in a matter of minutes. That brought the floor price increase over the past 48 hours to 182%.  

· ICDrip – If you don’t believe in the power of the token drop, just take a look at the floor price of ICDrip in the past 24 hours. This was one of the earliest projects on the IC and was basically a derivative of the Loot NFTs on Ethereum. It was also a free airdrop, and while the floor prices got to around 3 ICP in the early days, just a couple of days ago, the floor price was 0.5 ICP. Now it is back up to 1.98 ICP.

What caused the 296% leap in floor price? A community-driven token has been announced as a future airdrop to holders. That’s right; this is the first meme coin drop organized by the community for a project that basically has not had any news in months. So while the developers behind ICDrip seem to be a little MIA, the IC Drip community is still strong, and the ICD token is the proof.

An IC Drip NFT

· Gigaverse Labs – Numerous NFT projects from the Gigaverse team has seen the floor pump. The ICPunks floor price is up from 7.8 ICP to 13.9 ICP in under two weeks. The Infinity Frogs floor price is up from 3.5 ICP to 5.5 ICP. The ICats floor price is up from 0.8 ICP to 1 ICP. And the Infinity Flies floor price is holding steady at 0.5 ICP.

Why? The Gigaverse team announced a token that will arrive after the Wild and West launch on the Solana chain, following the release of their ICP<>SOL bridge. The details are in their Discord, and the token will be dropped to all of the team’s IC NFT project holders as well as the team’s ETH/MATIC/SOL NFT project holders if they have been bridged to the IC. Different NFTs receive varying amounts of tokens, so be sure to learn more in the Gigaverse Discord.

The Infinity Gems NFT Collection Token Drop

DKLord and Egido Val, two of the biggest names in the ICP NFT community, have been preparing NFTs for their Infinity Gems collection, a collaboration with InfinitySwap. Their collaboration is more unique than simply being dropped NFTs to passive holders; this collection involves an airdrop of tokens that must then be burned in order to obtain the NFTs. With all of the fervor over token drops from collections with little to no marketing from the teams themselves, I’m very interested in seeing what happens when powerhouse artists and developers collab for a project that involves incredible artwork, well-known teams, powerful marketing, and the community’s hottest new AMM.

Until next time, keep checking your wallets. It seems like you never know when $GHOST or some other token is going to end up in there!

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