Pudgy Penguins

If you are new to the NFT community you may be wondering at this point if the collectible series are in such high demand after so many years, and the answer is yes. Just by logging on to NFT Twitter you can see that among cryptocurrency enthusiasts there is a huge demand for these avatars. As always, there will be the classic CryptoPunk, and the Bored Ape Yacht Club, and as the newest, you will find these new Pudgy Penguins that came to break the market from the beginning of its externalization.

We will give you a summary of the NFT and what they are, so you can understand a little more of what we will talk about in this article. Or if you are already part of the community, we will refresh your memory. 

What is an NFT?

NFT’s or non-fungible tokens are a property title for any kind of image, illustration or object from the digital environment. Even video games can be part of this. Although the idea is quite old, it has been exploited at the beginning of 2021 through different new projects or collections of avatars and games. Getting as much as $2.5 billion in total transaction volume in the beginning of the year alone.

It may be a little noticeable that people’s enthusiasm has waned slightly in a few months, but they have slowly revived transaction volumes thanks to celebrity moves that are increasingly making this new virtual world fashionable among cryptocurrency lovers. For example, there was a fluctuation in the price of CryptoPunks, where its cost exceeded 150 thousand ETH, thanks to some multi-million dollar sales at the right time. 

Just like another NFT biggie, Bored Ape Yacht Club. Within a few months of launch has its own sales pace that has exceeded $1 million so far.

What are Pudgy Penguins?

This new NFT project on Ethereum is named Pudgy Penguins and has totally blown up the net with its coolness and variety in avatars. Over $11 million has been raised from the sale of the collection of these NFTs through the secondary markets, and every day the figure is increasing much more since the time of its launch.

The reason for their great success is that these new penguins have broken the NFT mold in terms of features. There are currently 8,888 different avatars in penguin form, and each of these is an illustration of one of them but with multiple features that cannot be matched with each other. For example, some have hats or glasses, others have different types of haircuts, and they also have different accessories on their shirts. And they are even given fanciful features such as horns or different objects. Although similar to what CryptoPunk and other NFT’s collectible series offer, they are much more wholesome in appearance and much more appealing to the public, therefore they may have more audience than the previous ones, although they may not surpass their backstories, such as CryptoPunk’s who were NFT revolutionaries.

Like multiple NFT games that have been released in the last year, they sell out immediately. Although the original core collection sold out quickly and the NFT’s were minted a month ago, they are currently trending again, especially on the social networking site Twitter. Thanks to Reddit co-founder and billionaire investor Alexis Ohanian tweeting his Pudgy Penguin as a new acquisition. So there is a big movement focusing on these NFT’s and their resale.

The amount of transactions on Ethereum by Pudgy Penguins remains at over 11.8 million ETH every 24 hours and rising. Which has caused the collection to reach a new peak and a breakthrough to its sales that in the down months had remained only at 3.5 million ETH per day. There was a time where Pudgy Penguins was above CryptoPunks and Bored Apes in sales days, but this has been seen fluctuating steadily from the middle of the year to the current date of this article.

But as you might expect, the increasing demand for Pudgy Penguins causes its prices to skyrocket. It usually stays at the base of 2.4 ETH on sale in different markets, so the cheapest you can buy a Pudgy Penguins on regular days is with an amount of more than 7 thousand dollars. 

For now, the most expensive Pudgy Penguin that has been sold from its release date to the current day, is a really simple penguin design that goes on a green-colored background. But the feature that makes it so special for collectors or cryptocurrency enthusiasts is that this design is the only one of 8,888 individuals that face to the left side. In addition to some rare accessories that are not easily available among all the penguins. 

Its total price at the sale was for 150 WETH or Ethereum wrapped. So the total cost in physical currency is approximately about $458k. And the current owner has decided to resell it for a total of one thousand ETH, or in other words, more than three million dollars.

The world of NFTs is getting more and more buzz these days, especially with the advancement of technology and new economic measures that are increasingly moving to the virtual. Belonging to the community of NFT’s is to see how projects fall and rise again, but this one, in particular, has had a quite powerful commotion that we doubt will diminish in the next few years. But everything is unpredictable! So we’ll just have to wait for the predictions for next year and keep investing.

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