August 16, 2022
By Sharan Kaur Phillora
Pudgy Penguins non-fungible token (NFT) sales accelerated last week following the project’s announcement that it would be granting licenses for some NFTs to be turned into physical collectible toys. Users may buy NFTs from any Pudgy Penguins set directly from the team’s store using NFT marketplaces like OpenSea, LooksRare, X2Y2, and nftx.
Here’s what we know:
According to data from OpenSea, the collection has sold 252 ETH (about $466,000) in the last 24 hours, a 370% rise from the day prior. As per the information given by NFT Floor Price, the collection’s floor price – the cost of the least expensive edition – is currently 2.63 ETH (about $4,900), up 60% from three months ago.
Since its debut in June 2021, the Pudgy Penguins brand has experienced its fair share of ups and downs. In fact, it fired its founders in January last year. A Los Angeles-based businessman who owned the Pudgy Penguins brand purchased it in April for 750 ETH, reviving community efforts to take control of the collection’s destiny.
The move coincides with a continuing discussion concerning holders’ licensing right in the NFT community. Moonbirds’ recent transition to the CC0 license precipitated a sharp decline in its floor price.
The Pudgy Penguins community had seen its fair share of turmoil since the beginning of 2022 when the community ousted its founders in January when they failed to deliver on their promises.
Subsequently, the NFT collection was sold to LA-based entrepreneur Luca Netz for 750 ETH in April, with its sales dropping since May due to the onset of the crypto winter.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
