Pudgy Penguins Ethereum NFT Fetches 400 ETH Despite Bear Trend

Key Takeaways

  • Pudgy Penguins, one of the crucial hyped collections of the early “PFP” NFT area of interest in 2021, is making a comeback.
  • The rarest piece within the assortment marked a file sale for the undertaking Monday, fetching 400 ETH value virtually $650,000.
  • The Pudgy Penguins flooring value has surged by about 69% over the past week, rising from 2.2 ETH to three.8 ETH.

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A change in management has helped the Pudgy Penguins assortment make one of the crucial outstanding comebacks in NFT historical past.

Pudgy Penguins Mark $650,000 NFT Sale

Pudgy Penguins are surging regardless of a gruelling months-long NFT bear market. 

The rarest piece within the NFT house’s iconic flightless fowl assortment, Pudgy Penguin #6873, offered for 400 ETH value just below $650,000 Monday. The sale of the uncommon penguin token—the one within the 8,888 merchandise assortment that appears in a special route—marks the very best value a chunk has fetched within the undertaking’s historical past.

Pudgy Penguins launched in June 2021 and shortly turned one of the crucial sought-after NFTs within the “PFP”—a distinct segment popularized by CryptoPunks and Bored Ape Yacht Club and circulated by way of social media profile photos—class. However, the undertaking’s trajectory took a flip for the more severe after the notorious crypto sleuth ZachXBT outed one of many founders and main members, Cole Villemain, for operating paid promotions of NFT tasks with out disclosing that he had acquired any remuneration. Villemain got here clear about his antics, however he and the founding crew had been later accused of siphoning funds from the undertaking’s treasury. The Pudgy Penguins group mentioned forking the undertaking, till e-commerce entrepreneur and investor purchased the undertaking for 750 ETH value $2.5 million in April.

Months after fading into obscurity and buying and selling under the two ETH vary, Pudgy Penguins is making a comeback. Since the April acquisition, Pudgy Penguins has launched its personal NFT market, clothes and toy strains, a media hub, and grown its social media presence. The assortment’s flooring value surged about 400% after the acquisition earlier than giving again a few of its features over the following months.

Despite the gruelling NFT bear market—which has seen the day by day trading volume fall from a file $600 million in May to a mean of about $25 million over the previous three months, Pudgy Penguins NFTs have crossed all-time highs in ETH phrases. Over the final week, the gathering’s flooring value has surged by about 69%, rising from 2.2 ETH to three.8 ETH. Most different sought-after PFP NFT collections have seen their flooring costs plummet in current months. 

The most important transfer driving this week’s surge got here Sunday when the undertaking introduced a nine-member advisory board, counting Web2 and Web3 heavyweights like Nansen’s Alex Svanevik and Jordan Sterling, who works on Meta’s enterprise capital partnerships crew. “Coming from numerous backgrounds in Web2 and Web3, our board will help in our pursuit to innovate via a number of industries,” Pudgy Penguins wrote, triggering a flooring value rally that culminated with the 400 ETH NFT sale Monday.

“I used to be in a position at present to buy the rarest penguin in a group that helped me make my first little bit of life-changing cash,” the customer of the left-facing penguin, who goes by FUDrick Douglas, said at present on Twitter.

Disclosure: At the time of writing, the writer of this text owned ETH and a number of other different cryptocurrencies.

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