In summary
- Pudgy Penguins hit an all-time high price of $62,000 following a 40% surge fueled by the Bitcoin rally.
- NFT trading on Ethereum surpassed $101 million in volume, with a focus on collections like Penguins and Bored Apes.
- Luca Netz’s leadership transformed Pudgy Penguins into a marquee property, entering markets such as Walmart and Target.
The prominent NFT collection on Ethereum, Pudgy Penguins, has seen a price increase of more than 40% this week, reaching a new all-time high of more than $62,000 during the crypto ecosystem rally that propelled Bitcoin above $100,000 per first time on Wednesday night.
The collection, which consists of 8,888 NFT penguin profile pictures (PFPs), previously maintained an all-time low price of just over $57,000 set in February 2024, according to data from NFT Price Floor. The minimum price of a collection refers to the lowest price of the asset listed for sale on a secondary market.
The rapid rise of Penguins is accompanied by a notable increase in the minimum prices of other core sets, raising the prices of important sets such as Bored Ape Yacht Club and CryptoPunks, which have increased 69% and 31% respectively.
Pudgy Penguins transformed from a declining project to a notable IP native to the crypto ecosystem under the leadership of Luca Netz, who acquired the project from the founders in 2022. Pudgy Penguins has since entered retail giants like Walmart and Target with toy lines and has amassed a considerable social media following, while also expanding into NFT games.
In July on the WSH Podcast, Netz said he’s “betting on himself,” suggesting that Penguins would hit a price floor of 200 ETH during this cycle—over $780,000 at the current Ethereum price.
From its current low price of 15.82 ETH, Penguins would need to rise more than 12x to reach Netz’s target. For reference, Bored Ape Yacht Club reached a low price of approximately $429,000 (152 ETH) in April 2022, at the end of the original NFT bull run, but has since fallen to a price of approximately $83,500 (21.5 ETH). ) at the time of writing this.
The rise in floor prices for Pudgy Penguins and other top collections has helped push the total NFT market capitalization close to $9 billion, according to CoinGecko.
NFT trading activity on the Ethereum Blockchain has also skyrocketed, more than doubling in the past week to surpass $101 million in trading volume, according to data from CryptoSlam. Trading activity was mainly concentrated among core collections such as Pudgy Penguins, Bored Apes and CryptoPunks, which together accounted for 40% of weekly volume.
The surge in activity and price lows over the past week has generated more excitement among members of the NFT community on NFT prices.
“NFTs are back,” OpenSea posted last week.
But while sentiment is improving, most major collections remain well below their all-time highs, and overall trading volume still pales in comparison to the marks of late 2021 and early 2022. Back then, the market routinely produced daily trading volumes of more than $100 million, according to Sealaunch data.
NFTs, or non-fungible tokens, are assets that have unique attributes and properties and cannot be exchanged for an identical item—as is the case with Bitcoin, a fungible token.
Edited by Andrew Hayward
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