Moonbirds’ announcement yesterday about being added to the pre-TGE leaderboard made me curious: What actually happened to all the other NFT collections that launched an airdrop at some point? The results are pretty interesting: 1) While it's not surprising, it's obvious that Pudgy Penguins are the big winners here. With $PENGU, they not only massively expanded their distribution by orders of magnitude but also grew the overall pie by almost 3x for the community. 2) Miladys and Doodles have moved more or less sideways when you compare today’s ecosystem valuations with the day of their airdrops. Still, $DOOD at least managed to broaden distribution while $CULT holders are rather insignificant. 3) Contrary to what many might believe, Bored Apes and Azuki come out as the big losers here. Since their TGEs, both $APE and $ANIME heavily diluted valuations, while the overall brand value has basically been cut in half compared to then. What can we learn from this? Launching an airdrop...
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