The Ethereum-based non-fungible token (NFT) lineup has more 24-hour trading volume than Bored Ape Yacht Club (BAYC) and other so-called “blue chip” digital collectibles. Its 1,200 ETH is now almost twice as much as BAYC, which is in 2nd spot.
This rise in trading comes as Pudgy Penguins’ floor price in ETH, a popular metric, hits new all-time highs. At the time of press, the lowest priced “Pengu” that might be bought on the NFT trading hub OpenSea charge 7 ETH. Nansen says that’s a 32% increase in just 24 hours.
The market drama is the last part of Pudgy Penguins’ year-long journey to get better. Price-wise, it was in the dumps at the start of 2022, but after a change of ownership and a refocus on branding, it got better.
And the moon mission in late December is lifting all ice boats. In the last 24 hours, the floor price of sister collection Lil Pudgys rose sharply 56%, to 0.69 ETH, and the number of trades increased up 713%, to 464 ETH. Nansen data demonstrates that people who own Pudgy Penguins purchase their smol versions faster than people who own any other collection.
Nansen says that the average Pengu now sells for 6.5 ETH, which is more than the previous high for the collection, which was set on December 9 at 6.11 ETH. When its owner signed a licensing deal for Pudgy Penguin toys in August, it was the last time that penguins did so well in the market.
The revival of the collection this year is the result of new ownership, since Penguin dismissed the NFT’s founders in January for mismanaging the project’s funds with little to show for it.
Four months later, serial entrepreneur Luca Schnetzler (Netz) paid $2.5 million for the rights to Pudgy Penguins, promising to “build the brand.” Since then, he has launched Pengu licensing deals, a collection marketplace, and a social media campaign in an effort to break into blue chip territory and engage “with everyday consumers.”
Netz reported that sales of Pudgy Penguin-branded t-shirts, hats, and hoodies increased throughout the holiday season. He expects toys and collectibles to be profitable in the coming year.
Still, it is difficult to find the motivation for the holiday rally. Netz admits that there is no typical cause for this change in market conditions.
Latest NFT News, Trendings and Tutorials, right at your inbox, every Monday Leave this field empty if you're human: