What to know:
- The comic penguin collection became the world’s second most-valued NFTs, crossing the $100,000 mark for the first time.
- Pudgy Penguins came to life in 2021. Each is hand-drawn and features distinctive traits.
- Demand for the NFTs surged after a CoinDesk exclusive on Pudgy Penguin’s plans to release a PENGU token.
As a researcher with a background in blockchain technology and a keen interest in the evolving world of NFTs, I must say that the meteoric rise of Pudgy Penguins is nothing short of fascinating. Having closely followed the trajectory of popular NFT collections like CryptoPunks and Bored Apes Yacht Club, it’s intriguing to witness a newcomer like Pudgy Penguins not just challenge but surpass them in value.
The unique Pudgy Penguins NFT series is helping to keep the spirit of Web3 alive amidst a vast ocean of failed NFT projects and a relatively quiet market for collectibles.
On Wednesday, the collection of non-fungible tokens featuring 8,888 comic penguins rose to become the second most valuable NFT set in the world. The minimum price for any of these penguin images surpassed $100,000, causing the total value of this collection to exceed that of its predecessor, the Bored Apes Yacht Club, which had been the leading comic monkey-themed NFT set.
That means buying a single NFT now costs more than a bitcoin, which currently trades at just over $100,000.
Over the last week, the minimum price for a single Ether (ETH) has skyrocketed by approximately 76%, surpassing 26 ether (ETH) or roughly $105,000 each. On the other hand, the highly valued NFTs Bored Apes and CryptoPunks experienced a decline of 12% during the same timeframe.
Interest in Non-Fungible Tokens (NFTs) spiked following an exclusive report by CoinDesk about Pudgy Penguin’s upcoming release of a PENGU token on the Solana blockchain later this month. The token distribution scheme earmarks a significant portion for current NFT owners, potentially encouraging existing holders to maintain or boost their investments, thereby fueling demand.
Approximately 23.5%, or roughly a quarter, of the 88 billion PENGU tokens are being reserved for owners of the project’s NFT collections like Pudgy Penguins, Lil Pudgys, and Pudgy Rods. An additional 22% will be allocated to the Solana and Ethereum communities, while 12% is earmarked to maintain liquidity on decentralized exchanges.
In the world of Non-Fungible Tokens (NFTs), the “floor price” refers to the lowest cost for an NFT within a particular collection. This price is established by the owner, taking into account factors like demand or unique traits within the collection that may influence market value. The floor price stays constant until it’s intentionally lowered by the owner or another transaction sets a new lower price.
As a cryptocurrency investor, I’ve noticed that unlike traditional markets for tokens or stocks where prices fluctuate constantly due to changes in demand and supply, the value of a crypto asset can be influenced by a single holder setting a minimum selling price.
In the year 2021, we introduced a unique set of hand-crafted Pudgy Penguins. Each of these charming creatures boasts individualistic details like their specific environments, bodies, faces, heads, and skin textures.
The assortment has effectively broadened its influence, moving from solely digital items to encompass physical goods and widespread recognition as a brand.
Previously, our corporate parent, Igloo, launched Pudgy Toys – a line of toys inspired by their digital art collection – over a year ago. Since then, these collectible igloos and plushies have generated sales exceeding $10 million via prominent retailers such as Walmart, Target, Amazon, and Walgreens.
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2024-12-12 12:39