Hey NFT enthusiasts! If you’ve been following the market lately, you know the ride hasn’t been smooth. For weeks, uncertainty loomed over the NFT space, even as the crypto market showed explosive growth after the U.S. presidential election. But here’s the good news: NFTs might just be making a comeback!
A simple post from OpenSea stating “NFTs are back” sparked excitement across the community, and the numbers don’t lie. One collection that’s making waves? Pudgy Penguins. Let’s dive into the latest updates and see why this collection is stealing the spotlight.
Over the last 24 hours, the NFT market saw a 2% increase in market cap and a whopping 37.2% surge in trading volume. That’s right, trading is heating up again!
Top NFT collections are showing gains across the board, but Pudgy Penguins stands out with a 34.3% increase in value over the past week. As of now, this Ethereum-based collection is valued at $67,621 (17.35 ETH), cementing its spot as a top performer.
When it comes to leading NFT collections, Ethereum-based projects are still king. The biggest names—CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and of course, Pudgy Penguins—are all showing strong performance.
Pudgy Penguins, in particular, has outperformed everyone else in the last 24 hours with a 15.7% increase.
This isn’t just another NFT collection—Pudgy Penguins has been on a journey. After being acquired by Luca Netz, the brand has undergone a massive transformation. It’s no longer just about digital collectibles; it’s a brand that spans content, merchandise, toys, and even NFT gaming.
Under Luca’s leadership, Pudgy Penguins secured retail partnerships with big names like Walmart and Target, expanding its presence far beyond the blockchain. The team behind the brand includes seasoned professionals like Lorenzo Melendez, Austin, Peter Lobanov, Jennifer McGlone, and Vedant, ensuring the collection stays ahead of the curve.
Luca Netz has made bold predictions, claiming on the WSH Podcast that Pudgy Penguins could hit 200 ETH by the end of this crypto bull cycle. While that might sound ambitious (it would require 12x growth), the current numbers show promise.
Right now, Pudgy Penguins’ value is still 16.39% lower than its February peak of 21.29 ETH, leaving plenty of room for growth.
The NFT market as a whole is buzzing:
However, some caution remains. Despite the recent surge, today’s activity still pales in comparison to the NFT boom of late 2021 and early 2022.
While it’s too early to declare a full recovery, the signs are encouraging. With collections like Pudgy Penguins leading the way, the NFT space is showing resilience and potential for growth.
So, if you’re keeping an eye on the market, now might be the perfect time to explore what’s trending. And who knows? Pudgy Penguins could be just the start of an exciting new chapter for NFTs.
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