Pudgy Penguins NFT Floor Price Surges to Over $100,000
Pudgy Penguins, a notable Non-Fungible Token (NFT) project, has reached a new all-time high (ATH) floor price, surpassing $100,000. This hand-drawn collection of 8,888 comic penguins is now the world’s second most valuable NFT collection, ahead of the previously dominant Bored Apes Yacht Club (BAYC).
Pudgy Penguins Make a Big Splash in the NFT World
Launched in 2021, Pudgy Penguins has surpassed expectations in an industry where many projects have failed. The minimum price for any NFT in the collection recently increased to over $100,000, exceeding the current value of Bitcoin.
Despite this valuation, Pudgy Penguins still trails behind CryptoPunks, the most valuable NFT collection. The recent surge in floor price, which rose by 76% to over 26 Ethereum, has sparked renewed interest in the collection.
The "floor price" represents the lowest selling price within an NFT collection, influenced by rarity and demand rather than market forces. In contrast, BAYC and CryptoPunks experienced a 12% drop during the same period, highlighting Pudgy Penguins' unique appeal.
This increase in demand follows the announcement of the PENGU token launch on the Solana blockchain, with significant allocations reserved for current NFT holders, further encouraging purchases and retention of collectibles.
23.5% of the 88 billion PENGU tokens are allocated to the NFT community, with additional reserves for the Solana and Ethereum ecosystems.
Strategic Expansion into the Physical World
Pudgy Penguins distinguishes itself by bridging digital and physical products through its parent company Igloo, which launched Pudgy Toys. This toy line, featuring plushies and collectible igloos, has achieved over $10 million in sales through major retailers like Walmart, Target, Amazon, and Walgreens.
The transition into physical products has attracted collectors who were not initially interested in NFTs, broadening the project's appeal.