Pudgy Penguins floor price jumps 25%. Why? Because, penguins.
Quick Take
- The Pudgy Penguins floor price jumped 25% in ether terms over the past 24 hours.
- The cost of the cheapest item in the collection has almost doubled in U.S. dollar terms in December.
- Sales have risen this month following a sold-out launch at Sotheby’s.
The floor price of the Pudgy Penguins NFT collection rose 25% over the past day as the NFT market shows signs of a minor resurgence. And because, penguins.
The cute collection has seen its floor price, a measure of the cheapest NFT in the collection, almost double this month. It's currently around 6 ETH ($7,310), according to nftpricefloor.com data.
Pudgy Penguins chart by nftpricefloor.com
Pudgy Penguins CEO Luca Schnetzler told the Financial Times that the project is returning some profits to token holders even as other NFTs have seen their value collapse. It's been making deals to produce cuddly toys and children’s books based on its NFTs.
RELATED INDICES
“Every generation has had its great penguin IP from Pingu to Club Penguin to Happy Feet . . . there’s a huge opportunity for the next great penguins to invade not only the metaverse but the real world,” Schnetzler said.
In early December, a collection dubbed "Snowed In: A Rare Pudgy Penguins Sale" sold out in an auction held by Sotheby's at the top of the month for almost $129,000. The pieces on offer included several rare Pudgy Penguins featuring traits such as gold skin and an egg accessory.
The latest jump in prices comes as NFTs experience somewhat of a resurgence in sales volume. Ethereum, in particular, has surged over the past day, with sales rising 56% to $19 million, according to CryptoSlam data. There were over 50,000 transactions on the blockchain in that time, up 30%.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
