Pudgy Penguins floor price rises as key metrics improve

In August, Pudgy Penguins, a viral Ethereum Non-Fungible Token collection emerged that defied industry pessimism.

Data from CryptoSlam and Dune Analytics show that while the sector is under intense pressure, its fundamental metrics are performing well.

Total sales increased by 29% to over $8.6 million in August, while the number of transactions increased by 73% to 348.

Additionally, the number of buyers and sellers increased by 73% and 39%, respectively, to 176 and 205. The average number of days held also increased by 5%, to 85.5.

While Pudgy Penguins sales were up in August, they were still well off the all-time high of $99.2 million in August 2021. They were also down from the $26.5 million high in March.

Chubby Penguins Are Getting Expensive

Prices for Pudgy Penguin NFTs are also increasing.

According to Dune, the base price increased by 30% in August to 10.66 ETH, and by 166% compared to the same period in 2023. The base price refers to the lowest price an NFT is sold for on marketplaces.

Pudgy Penguins is one of three blue-chip NFT collectibles that have seen their base price increase in the past 12 months. Milady’s base price is up 121%, while Doodles is up 12%.

Other popular blue-chip NFT collectibles like CryptoPunks, Bored Ape Yacht Club, Azuki, and Mutant Ape Yacht Club have seen their base prices drop by more than 50% in the past 12 months as demand has waned.

According to NFT Evening, 96% of all NFTs are “dead,” with four out of 10 owners losing money. Additionally, the average lifespan of an NFT has dropped to 1.14 years, which is much lower than other crypto assets.

NFT floor prices | Chart by Dune Analytics

Founded by entrepreneur Luca Schnetzler (aka Luca Netz), Pudgy Penguins has performed well even as total sales, transactions, and NFT users continue to decline.

Total NFT sales in August fell 41% to $376 million from an all-time high of over $6 billion.

Sales of Pudgy Penguin rose a month after the developers raised $11 million in funding from a group of investors to build a layer-2 network. The funding came from Peter Thiel’s venture firm, Founders Fund.

Developers have also released branded toys sold at popular retailers like Walmart and Target.