The Pudgy Penguins NFT collection has soared to new heights, becoming the world’s second most valuable NFT set, with the minimum price for any of the 8,888 comic penguins now exceeding $100,000 for the first time.
In a market where many NFT projects have failed and the collectibles industry remains subdued, Pudgy Penguins is emerging as a standout success, keeping the hopes for Web3 alive. On Wednesday, the collection surpassed its predecessor, the Bored Apes Yacht Club, to reach this remarkable milestone, marking a dramatic shift in value.
This increase means that purchasing a single Pudgy Penguins NFT now costs more than a Bitcoin, which is currently valued at just over $100,000. The floor price, which represents the minimum cost for an NFT in the collection, has risen by 76% in the past week, now standing at 26 ether (ETH), or roughly $105,000. In contrast, top-tier collections like Bored Apes and CryptoPunks have seen their values drop by 12% during the same period.
The surge in demand follows a CoinDesk exclusive report detailing Pudgy Penguins’ plans to release the PENGU token on the Solana blockchain later this month. The token’s distribution plan includes a large portion allocated to existing NFT holders, potentially motivating current owners to hold onto or expand their investments, which further boosted demand.
Nearly 23.5% of the 88 billion PENGU tokens will be designated for owners of Pudgy Penguins and other related NFT collections, such as Lil Pudgys and Pudgy Rods. An additional 22% will be allocated to the Solana and Ethereum communities, with 12% set aside for liquidity on decentralized exchanges.
In the world of NFTs, the “floor price” represents the lowest cost for an asset within a specific collection. It’s determined by the seller based on market demand or the rarity of specific traits. The floor price remains unchanged until a new, lower price is set by another seller.
Unlike traditional markets, where prices fluctuate in real-time, the floor price for NFTs is more static and is set by individual holders.
Launched in 2021, each Pudgy Penguin NFT is hand-drawn, featuring unique traits such as different backgrounds, faces, bodies, and skins. The collection has successfully expanded beyond digital collectibles into physical products and mainstream branding.
In 2023, the parent company Igloo introduced Pudgy Toys, a toy line inspired by the digital art collection. The toys have since sold over $10 million through major retailers like Walmart, Target, Amazon, and Walgreens, solidifying the brand’s presence in both the digital and physical worlds.
