Dec 9, 2022 - Economy

Pudgy Penguin NFTs see floor price rebound

Data: NFT Price Floor; Chart: Axios Visuals
Data: NFT Price Floor; Chart: Axios Visuals

There was an insurrection in the world of Pudgy Penguins in January, when owners of the popular NFTs revolted against its creators, pushing them to sell the collection to a new owner in April.

State of play After an initial surge in excitement, it took the new management a little bit of time to get the house in order, but recent upswings in price suggest the sale is working out.

By the numbers: Pudgy Penguins' floor price, in ether (ETH), is higher than it has been all year (4.2 ETH is about $5,000). "Floor price" refers to what the cheapest NFTs in a collection sell for.

  • More distinctive NFTs in the same series can go for more. This gold one with a party hat sold for 21 ETH (about $25,000) two days ago.

Of note: The new owner did a bunch of stuff to get the brand back on track, including a rollout of plush toys.

Be smart: NFT people think in ether terms, but the high points are a bit different if you look in dollar values.

  • The highest floor price in dollar terms hit right after ownership of the collection was sold in April. Penguins briefly broke $10,000 each right after that, but ether has lost a lot of value since.

Visual aid👇

A Pudgy Penguin in a tweet.
Screenshot: @CrossChainDerm (Twitter)

If they look familiar, you might have seen the NYT's NFT treatment last year.

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