NFT Sales Soar, Driven by Pudgy Penguins in Record-Breaking Week
- Pudgy Penguins NFT collection has reached a floor price of US$100K (AU$157K), surpassing Bitcoin’s price and rising 194% in the last 30 days.
- The price surge is attributed to the upcoming launch of the official ecosystem token, $PENGU, on the Solana blockchain this month.
Popular non-fungible token (NFT) collection, Pudgy Penguins, has achieved a floor price of US$100K (AU$157K), even outpacing Bitcoin’s (BTC) price.
As per data from CoinGecko, the Pudgy Penguins collection has risen by 194% in the last 30 days, currently priced at 26.98 Ether (ETH), a new all-time high for the collection since its launch in mid-2021.
Just today, the floor price surged by 16.1%.
Pudgy Penguins ETH price, source: CoinGecko
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The Pudgy Penguins collection consists of 8,888 unique NFTs. It’s one of the most memorable NFT collections in the Web3 space, having formed quite successful partnerships —like Walmart and Target— and experiencing considerable success back in 2021-2022.
So, what’s driving the price boost? Well, Pudgy Penguins have experienced a buying spree following the announcement of the upcoming launch of the official ecosystem token, $PENGU, which will be launched on the Solana blockchain this month.
The exact release date has not been disclosed, but the team confirmed it will be this year. So far, we know that the coin will have a supply of 88,888,888,888 tokens. Do notice that the NFT collection will remain on Ethereum, but launching the token on the Solana blockchain will allow the team to leverage a faster, more scalable network.
Meanwhile, current and future team members will receive 17.8% of the supply subject to a one-year cliff and three-year vesting period. That basically means they must wait four years before they can sell their tokens, so the project is aiming at long-term sustainability.
NFTs Surge in December
Overall, the NFT market has seen a notable uptick this December, reaching a total of US$187M (AU$293M) in sales, outranking November’s figures by six more million. Naturally, Ethereum, being the blockchain in which most NFTs co-exist, led the market, with sales amounting to US$92M (AU$144M).
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Pudgy Penguins and CryptoPunks were the dominant forces in the market, as both collections have seen an increase in their floor price.
