Pudgy Penguins have soared in value in recent months, inching closer to the once-dominant Bored Ape Yacht Club (BAYC) collection. The rise of Pudgy Penguins has led to discussions about a possible flip, signalling a potential shift in the NFT industry’s power dynamics.
At a point on Sunday, the floor price for a Pudgy Penguins NFT reached 21.5 ETH, equivalent to over $54,850, as per data from NFT Price Floor. Concurrently, Bored Ape NFTs were trading at a minimum price of 22.8 ETH, slightly higher than Pudgy Penguins.
Although there’s a slight gap between the floor prices of both collections, the proximity is remarkable given the historical dominance of Bored Ape Yacht Club. Pudgy Penguins, which started as an Ethereum-based profile picture (PFP) collection, faced challenges during the crypto winter but gained momentum through strategic brand-building efforts, including collaborations with major partners like Walmart.
Meanwhile, Bored Apes, which once symbolized the innovation and extravagance of the NFT boom, have witnessed a decline since the onset of the crypto winter. The collection’s floor price peaked at 152 ETH in April 2022 but has since plummeted by over 82%, reflecting broader industry trends.
The current parity between Pudgy Penguins and Bored Ape Yacht Club underscores the remarkable progress of the former and the challenges faced by the latter. Despite their near-equal value, both collections remain below CryptoPunks, the influential pioneer of the NFT space.
Yuga Labs, the creator of Bored Apes, raised $450 million in 2022, showcasing investor confidence in the project. However, the recent surge of Pudgy Penguins and its fundraising success indicate a potential shift in the NFT landscape.
As the NFT market continues to evolve, observers are keenly watching the dynamics between these prominent collections, anticipating further developments in this rapidly changing industry.
Last Edited by – CS Web Desk on 13 Feb 2024 – 06:00 AM – GMT
