Pudgy Penguins, the viral Ethereum-based Non-Fungible Token (NFT) collection, outperformed the struggling NFT market in August, according to data from CryptoSlam and Dune Analytics. Despite industry-wide challenges, Pudgy Penguins saw significant growth across key metrics.
In August, total sales for Pudgy Penguins surged by 29% to over $8.6 million, while the number of transactions skyrocketed by 73% to 348. The number of buyers and sellers also increased, with buyers up by 73% to 176 and sellers rising by 39% to 205. Additionally, the average holding period for these NFTs slightly increased by 5% to 85.5 days.
While these figures mark a positive trend, Pudgy Penguins’ current sales remain significantly lower than their all-time high of $99.2 million in August 2021 and below the March 2024 peak of $26.5 million.
The floor price of Pudgy Penguin NFTs, the lowest price at which these tokens are sold on the market, also saw a notable increase. In August, the floor price rose by 30% to 10.66 ETH, representing a 166% increase from the same period in 2023. Pudgy Penguins is one of only three blue-chip NFT collections to have seen a floor price increase over the past 12 months, with Milady’s price jumping by 121% and Doodles by 12%.
In contrast, other popular blue-chip NFT collections such as CryptoPunks, Bored Ape Yacht Club, Azuki, and Mutant Ape Yacht Club have experienced floor price drops of over 50% in the past year as demand has waned. The broader NFT market has been under pressure, with reports indicating that 96% of all NFTs have “died” and nearly 40% of holders are experiencing losses. The average lifespan of an NFT has also decreased to 1.14 years, much shorter than other crypto assets.
Pudgy Penguins’ success in August follows the developers securing $11 million in funding from a group of investors, including Peter Thiel’s Founders Fund, to build a layer-2 network. The team has also expanded its brand beyond digital assets, launching branded toys now available at major retailers like Walmart and Target.
Despite the broader market downturn, Pudgy Penguins, founded by entrepreneur Luca Schnetzler (aka Luca Netz), has continued to thrive, setting an example of resilience in the evolving NFT landscape.
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