As the market has been going down, the popular Ethereum-based Non-Fungible Token (NFT) collection Pudgy Penguins has shown favorable metrics despite the tough market conditions.
CryptoSlam and Dune Analytics data shows that Pudgy Penguins saw an enormous increase in key metrics, even though the NFT market was under a lot of pressure. In August, sales went up by 29%, hitting over $8.6 million, and the number of transactions went up by 73%, to 348.
There were also more buyers and sellers in the collection. The number of buyers rose by 73% to 176, and the number of sales rose by 39% to 205. Also, the average amount of time that NFTs were held went up by 5%, hitting 85.5 days.
Rising Pudgy Penguins Prices
Even though sales of Pudgy Penguins went up in August, they are still a long way below their all-time highs of $99.2 million in August 2021 and $26.5 million in March 2023.
The cost of Pudgy Penguin NFTs are also going up, which is interesting. According to Dune Analytics, the floor price (the lowest price at which an NFT can be bought) went up by 30% in August to 10.66 ETH. This is a 166% rise from the same time in 2023.
In the past year, the floor prices of only three blue-chip NFT sets have gone up. Pudgy Penguins is one of them. The floor price of Milady has gone up by 121%, and the floor price of Doodles has gone up by 12%.
Other renowned collections, such as CryptoPunks, Bored Ape Yacht Club, Azuki, and Mutant Ape Yacht Club, have had their floor prices drop by more than 50% in the past year.
The NFT market as a whole has been having a hard time. According to NFT Evening, 96% of all NFTs have “died,” and 40% of users are losing funds. Also, the average life of an NFT has shortened to 1.14 years, which is much less time than other crypto assets.
Even though the industry has problems, Luca Schnetzler (aka Luca Netz), the founder of Pudgy Penguins, has been able to make the business grow. The collection is back in style because the people who made it got $11 million from backers, including Peter Thiel’s Founders Fund, to build a layer-2 network.
The brand has also reached more people by releasing toys with its name on them that can be bought at major retailers like Walmart and Target.
Overall, Pudgy Penguins’ success in August shows how powerful and popular it is becoming, even though the NFT market as a whole is facing significant challenges.
