Pudgy Penguins floor price rises as key metrics improve
Pudgy Penguins, the viral Ethereum Non-Fungible Token assortment, has defied the gloom within the business in August.
Information by CryptoSlam and Dune Analytics reveals that its key metrics carried out nicely even because the sector got here underneath intense stress.
Complete gross sales jumped by 29% in August to over $8.6 million because the variety of transactions jumped by 73% to 348.
Moreover, the variety of patrons and sellers rose by 73% and 39% to 176 and 205, respectively. The common variety of days held additionally rose barely by 5% to 85.5.
Whereas Pudgy Penguins gross sales rose in August, they continue to be sharply decrease than their all-time excessive of $99.2 million in August 2021. They had been additionally decrease than the March excessive of $26.5 million
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Pudgy Penguins Get Dear
The costs of Pudgy Penguin NFTs are additionally rising.
In keeping with Dune, the ground worth rose by 30% in August to 10.66 ETH and 166% from the identical interval in 2023. Flooring worth refers back to the lowest worth that an NFT is being bought in marketplaces.
Pudgy Penguins is likely one of the three blue-chip NFT collections that has seen its ground worth rise previously 12 months. Milady’s ground worth has jumped by 121% whereas Doodles has risen by 12%.
The ground worth of different well-liked blue-chip NFT collections like CryptoPunks, Bored Ape Yacht Membership, Azuki, and Mutant Ape Yacht Membership has dropped by over 50% within the final 12 months as their demand has waned.
In keeping with NFT Night, 96% of all NFTs have “died,” with 4 out of 10 holders being in loss. Moreover, the common lifespan of an NFT has dropped to 1.14 years, a lot decrease than different crypto property.
NFT ground costs | Chart by Dune Analytics
Pudgy Penguins, based by entrepreneur Luca Schnetzler (aka Luca Netz), has achieved nicely at the same time as the overall gross sales, transactions, and NFT customers have continued to fall.
Complete NFT gross sales in August dropped by 41% to $376 million, down from an all-time excessive of over $6 billion.
Pudgy Penguin’s gross sales rose a month after the builders secured $11 million funding from a bunch of traders to construct a layer-2 community. The funding got here from Founders Fund, Peter Thiel’s enterprise firm.
The builders have additionally launched branded toys which are being bought in well-liked retailers like Walmart and Goal.
Learn extra: Pudgy Penguins agency secures $11m to construct new L2 undertaking
