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Pudgy Penguins, the viral Ethereum Non-Fungible Token (NFT) collection, has defied the gloom in the industry in August. Data shows that its key metrics performed well even as the sector came under intense pressure. Total sales jumped by 29% in August to over $8.6 million as the number of transactions surged by 73% to 348. Additionally, the number of buyers and sellers rose by 73% and 39% to 176 and 205, respectively. The average number of days held also saw a slight increase of 5% to 85.5 days.
While Pudgy Penguins sales rose in August, they remain significantly lower than their all-time high of $99.2 million in August 2021. They were also lower than the March high of $26.5 million.
Pudgy Penguins Get Pricey
The prices of Pudgy Penguin NFTs are also on the rise. The floor price increased by 30% in August to 10.66 ETH and 166% from the same period in 2023. The floor price refers to the lowest price that an NFT is being sold in marketplaces.
Pudgy Penguins is one of the three blue-chip NFT collections that has seen its floor price rise in the past 12 months. Milady’s floor price has jumped by 121% while Doodles has risen by 12%. In contrast, the floor prices of other popular blue-chip NFT collections like CryptoPunks, Bored Ape Yacht Club, Azuki, and Mutant Ape Yacht Club have dropped by over 50% in the last 12 months as their demand has waned.
According to recent data, 96% of all NFTs have “died,” with four out of 10 holders being in loss. The average lifespan of an NFT has dropped to 1.14 years, much lower than other crypto assets.
Pudgy Penguins, founded by entrepreneur Luca Schnetzler (aka Luca Netz), has performed well even as total sales, transactions, and NFT users have continued to decline. Total NFT sales in August dropped by 41% to $376 million, down from an all-time high of over $6 billion.
Pudgy Penguins’ sales rose a month after the developers secured $11 million in funding from a group of investors to build a layer-2 network. The funding came from Founders Fund, Peter Thiel’s venture company. The developers have also launched branded toys that are being sold in popular retailers like Walmart and Target.
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