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Tuesday, February 27, 2024

Pudgy Penguins Witnesses Significant Interest, Boosting Ethereum NFT Volume

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Pudgy Penguins Boost Ethereum NFT Volume to Yearly High

  • NFTs minted on-chain have remained relatively flat over the last year.
  • The number of people interested in the Pudgy Penguins NFT collection is growing rapidly.

The volume of Ethereum NFTs traded on-chain last week is at its greatest level since the week of Feb. 26, 2023, while Bitcoin NFT trading surely experienced a large surge this autumn.

The volume of Ethereum NFTs is increasing because Pudgy Penguins, the third largest NFT collection by market value, is getting close to overtaking its competitor, Yuga Labs’s Bored Ape Yacht Club collection. Cyberpunks, the most valuable collection by floor price, is also owned by Yuga Labs.

Significant Uptick Witnessed

The number of people interested in the Pudgy Penguins NFT collection is growing rapidly. A substantial increase in its market value has occurred, with a current floor price of $54,529. The current market cap is a staggering $484,652,037.

The collection’s quick appreciation was shown by the floor price’s swift ascent to 2.4 ETH only one week after introduction. An important turning point in the collection’s standing within the NFT market came in August 2022, when the rarest Pudgy, #6873, was sold for 400 ETH. The collection has achieved financial success and had a huge cultural influence; with 4,484 unique owners now part of this community.

While Yuga Labs is hard at work on the Otherside metaverse, Pudgy Penguins is working on an interactive gaming experience called Pudgy World that will supposedly be available on the Apple Vision Pro. A third “trip” test is purportedly in the works at Yuga Labs.

Nevertheless, while Ethereum trade volume has reached a one-year high, NFTs minted on the chain have remained relatively flat over the last year, suggesting that the current surge in volume is mostly due to sales of NFTs rather than mints.

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