NEW: pudgypenguins is surging across key trading metrics. But what’s driving the boom-and-bust NFT collection to new all-time highs? realDannyNelson reports
The Ethereum-based non-fungible token lineup has eclipsed Bored Ape Yacht Club and other so-called “blue chip” digital collectibles in 24-hour trading volume – its 1,200 ETH is nearly double that of the runner-up, BAYC, according to data siteThat surge in trading activity comes as Pudgy Penguins sets new all-time highs in terms of ETH-denominated floor price, a popular metric. At press time, the lowest asking price for a “Pengu” on NFT trading hub OpenSea was 7 ETH.
And the late-December moon mission is lifting all ice boats. Sister collection Lil Pudgys has seen its floor price spike 56% and trading volume explode 713% over the last 24-hours. Pudgy Penguin owners are buying their smol counterparts at a faster clip than any other collection, Nansen data shows.
Four months later, serial entrepreneur Luca Schnetzler bought the rights to Pudgy Penguins for $2.5 million and a promise to “build the brand.” He’s since rolled out Pengu licensing deals, a collection marketplace and social media campaign to break into blue chip territory and connect “with everyday consumers.”
Netz noted that Pudgy Penguin-branded merchandise – t-shirts, hats and hoodies – have seen an uptick in sales during the holidays. He’s banking on toys and collectibles in the year ahead.
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