Pudgy Penguins NFTs break all-time highs with holiday rally
Pudgy Penguins NFTs are on their way this Christmas.
The Ethereum-based non-fungible token (NFT) series has swamped Bored Ape Yacht Club (BAYC) and other so-called “blue chip” digital collectibles in 24-hour trading volume – its 1,200 ETH is almost double that of the runner-up, BAYC , according to data website Nansen.
This increase in trading activity comes as Pudgy Penguins set new all-time highs in terms of ETH-denominated floor price, a popular metric. At press time, the lowest bid for a “Pengu” on NFT trading hub OpenSea was 7 ETH. That’s a jump of 32% in 24 hours, per Nansen.
The market drama caps the Pudgy Penguins’ year-long redemption arc. It started in 2022 in the dumps in terms of price, but then rose after a change of ownership and focused on branding.
And the moon mission at the end of December lifts all ice boats. Sister pool Lil Pudgys has seen its floor price increase by 56% (to 0.69 ETH) and trading volume explode by 713% (to 464 ETH) in the last 24 hours. Pudgy Penguin owners are buying their smol counterparts at a faster clip than any other collection, Nansen data shows.
Nansen reports that the average Pengu is now selling for 6.5 ETH, surpassing the collection’s previous high-water mark of 6.11 ETH set on December 9. The last time the Penguins showed such market power was in August when the owner entered into a licensing agreement for Pudgy Penguin toys.
The collection’s revival this year comes under new ownership as Penguin holders kicked out NFT’s founders in January after the original team squandered the project’s coffers with little to show for it.
Four months later, serial founder Luca Schnetzler (Netz) bought the rights to Pudgy Penguins for $2.5 million and a promise to “build the brand”. He has since rolled out Pengu licensing deals, an aggregation marketplace and social media campaign to break into blue chip territory and connect “with everyday consumers.”
It means “earn real money and sell real products – not an imaginary web3 setup where you sit back and collect royalties [on NFT resales] all day.”
Netz noted that Pudgy Penguin-branded merchandise — t-shirts, hats and hoodies — has seen a spike in sales during the holidays. He is betting on toys and collectibles in the coming year.
Punk9059, the pseudonymous director of research for NFT club Proof Collective, credits the rise to “the right combination of a very active founder” and “a fair number of influencers coming on board.”
Still, it’s hard to find the spark for the holiday rally. Netz admits that there is no traditional catalyst for this change in market conditions.
Except maybe a change in the weather.
“It’s the culmination of Christmas and penguins as a cold animal,” he said.
Eli Tan contributed reporting.
