It seems like the entire NFT community has a sweet spot for animals because the latest NFT Collection to surge in value are Pudgy Penguins NFTs. During the launch on July 23, the Collection of 8,888 portly penguins were sold out in just 19 minutes. Now it is making waves again as the surge in 24-hour volume lands it in DappRadar’s Top 2 Collectible Spot with a total of $14.30M Volume.
The rise of Pudgy Penguin NFT Collectibles
Just like other Collectibles, cartoonish penguins are assembled from an array of randomized traits. For example, some have hats, glasses, mohawk or sports a scarf. Pudgy Penguins proved the power of “rarity” when one of the Penguins changed hands on Monday for $463,500.
Why? At first glance, it’s a plain-looking penguin compared to the batch. However, it is the only left-facing penguin in the collection making it a 1/1 NFT offering. This has been the top-selling penguin that led the charge of the Collection to the NFT Charts. The buyer, “Penguin Lover,” is on the move for another good payday. He has re-listed the penguin for 1,000 ETH or $3 million.
Other top-selling penguins include penguins with a hatched penguin chick on its head, which sold yesterday for 55 Ether (US$170,000). Then, there was a penguin in a shark suit that changed hands on Tuesday for 69 Ether (US$213,000).
Crypto and NFT Pump
ICO projects are often criticized for their volatility which often leads to “pumps.” For example, when Elon Musk announced that Tesla would buy BTC for Treasury and accept it as a mode of payment, BTC and altcoins reached all-time highs. Inversely, when he withdrew his support, the market crashed.
The same phenomenon can be seen on NFTs. The Pudgy Penguin project got a pump overnight courtesy of this flattering story in the New York Times. It was followed by a purchase earlier in the week by Reddit co-founder Alexis Ohanian (Serena Williams’ husband).
Another project that experienced a pump was OG Collectible CryptoPunks. Last week, CryptoPunks stormed the NFT Charts and recorded $46 Million NFT Sales within a 24-Hour Period. CryptoPunks dominated the Top 15 NFT Sales. It was a massive lockout with the pixelated NFT avatars occupying the top 13 spots.
If you’re thinking of getting your very own Pudgy Penguin, you can check out the listing on OpenSea. Just note that during the launch, it was priced around .03 ETH and now the floor price is 3 ETH.