Pudgy Penguins Floor Price Rises as Key Metrics Improve

Published at: September 04, 2024

Pudgy Penguins, one of the prominent blue-chip NFT collections, saw a significant rise in its floor price and key metrics in August 2024. According to data from CryptoSlam and Dune Analytics, the floor price of Pudgy Penguins NFTs jumped by 30% to 10.66 ETH, marking a 166% increase from the same period in 2023. The floor price refers to the lowest price at which an NFT can be purchased on marketplaces.

This rise in floor price comes as other popular blue-chip NFT collections, such as CryptoPunks and Bored Ape Yacht Club, have experienced a drop of over 50% in their floor prices over the last 12 months. Meanwhile, collections like Milady Maker and Doodles have seen their floor prices rise by 121% and 12%, respectively.

Strong Sales Performance


Pudgy Penguins’ sales metrics also improved in August. Total sales surged by 29% to over $8.6 million, while the number of transactions increased by 73% to 348. The number of buyers and sellers also rose significantly, with buyers increasing by 73% to 176 and sellers by 39% to 205. The average number of days that NFTs were held slightly increased by 5% to 85.5 days.

While these numbers are encouraging, Pudgy Penguins' sales are still well below their all-time high of $99.2 million recorded in August 2021. They are also lower than the $26.5 million peak seen in March 2024.

Related: Pudgy Penguins Creator Builds New Ethereum Network

Broader NFT Market Trends


The broader NFT market has been facing challenges. Total NFT sales in August 2024 dropped by 41% to $376 million, a significant decline from the all-time high of over $6 billion. Additionally, 96% of all NFTs are reported to have “died,” with four out of ten holders currently experiencing losses. The average lifespan of an NFT has decreased to just 1.14 years, far shorter than other crypto assets.

Pudgy Penguins' Resilience and Growth


Despite these broader market challenges, Pudgy Penguins has managed to perform well. This success comes shortly after the developers secured $11 million in funding from a group of investors, including Peter Thiel’s venture firm, Founders Fund. The funding will be used to build a layer-2 network, which is expected to enhance the platform's scalability and user experience.

Related: Pudgy Penguins: From Digital Craze to Real-World Stars

Additionally, the developers have expanded Pudgy Penguins beyond the digital space by launching branded toys available at popular retailers like Walmart and Target. This move is not only diversifies the brand's revenue streams but also strengthens its presence in the mainstream market.

Pudgy Penguins continues to be a standout in the NFT space, showing resilience and growth even as the overall market faces pressures.

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Shubham Sahu
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