Author : Kenno
Date : Dec 28,2022
Lil Pudgys' sibling collection saw a significant 56% spike in floor price to 0.69 ETH and a 713% increase in transaction volume to 464 ETH
Compared to other so-called "blue chip" digital collectibles like Bored Ape Yacht Club (BAYC), the Ethereum-based non-fungible token (NFT) lineup has a higher 24-hour trading volume. Now almost twice as much as BAYC, which is in second place, it has 1,200 ETH.
This increase in trading occurs as a well-known statistic, the floor price in ETH for Pudgy Penguins, reaches new record highs. The cheapest "Pengu" that could be purchased at the time of publication cost 7 ETH on the NFT trading exchange OpenSea. That is, according to Nansen, a 32% gain in just one day.
The final stage of Pudgy Penguins' year-long road to improvement is the market drama. Price-wise, it was terrible at the beginning of 2022, but it improved after a change in ownership and a renewed emphasis on branding.
And all ice boats are being lifted by the lunar expedition in late December. In the past day, Lil Pudgys' sibling collection saw a significant 56% spike in floor price to 0.69 ETH and a 713% increase in transaction volume to 464 ETH. According to Nansen statistics, owners of Pudgy Penguins are more likely to buy their smol variants than owners of any other collection.
According to Nansen, the average Pengu is currently selling for 6.5 ETH, exceeding the collection's previous record of 6.11 ETH set on December 9. The last time penguins performed so well in the market was when its owner inked a licensing agreement for Pudgy Penguin toys in August.
Since Penguin fired the NFT's creators in January for misusing the project's funding with little to show for it, the collection has been under new ownership this year.
Luca Schnetzler (Netz), a seasoned businessman, spent $2.5 million for the rights to Pudgy Penguins four months later and pledged to "develop the brand." Since then, in an effort to penetrate into blue chip territory and interact "with everyday people," he has introduced Pengu licensing agreements, a marketplace for collections, and a social media campaign.
During the holiday season, more Pudgy Penguin-branded t-shirts, hats, and hoodies were sold, according to Netz. In the upcoming year, he anticipates that toys and collectibles will be successful.
Finding inspiration for the holiday rally is still a challenge. Netz acknowledges that this shift in market conditions is not the result of a conventional cause.