Ascendant Ethereum NFT project Pudgy Penguins closing in on Bored Ape Yacht Club
The floor price of Pudgy Penguins, a popular Ethereum-based NFT project, is now approaching the floor price of the once-dominant Bored Ape Yacht Club. This development has the potential to disrupt long-standing power dynamics within the NFT industry.
Price Comparison: Pudgy Penguins vs. Bored Ape Yacht Club
Currently, the lowest price for a Pudgy Penguins NFT is 20.7 ETH, while Bored Ape NFTs have a minimum price of 22.9 ETH. The gap between the two collections has narrowed significantly, which is quite remarkable given that it was unthinkable just a few months ago.
Pudgy Penguins’ Journey
Pudgy Penguins initially faced challenges after its launch in 2021 and was further impacted by the crypto winter that affected the NFT industry. However, the project’s value began to surge last fall due to strategic brand partnerships and increased industry buzz.
Bored Apes’ Decline
In contrast, Bored Apes experienced a decline in value since the onset of crypto winter in May 2022. The collection has lost over 82% of its ETH value since reaching its peak floor price in April 2022.
Fundraising Histories: Pudgy Penguins vs. Bored Ape Yacht Club
Pudgy Penguins managed to raise $9 million in seed funding for its next chapter, while Bored Ape creator Yuga Labs raised an impressive $450 million in 2022, valuing the company at $4 billion.
CryptoPunks Still on Top
Both Pudgy Penguins and Bored Ape Yacht Club are still below CryptoPunks in terms of floor price. Currently, a CryptoPunks NFT starts at about 58.7 ETH.
Hot Take: Pudgy Penguins Rising
Pudgy Penguins’ climb towards the floor price of Bored Ape Yacht Club signifies a potential shift in power within the NFT industry. It highlights the resilience and value that can be achieved through strategic partnerships and community engagement. The NFT landscape continues to evolve, and projects like Pudgy Penguins demonstrate the dynamic nature of this market.
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