After an extended winter that froze trading activity, the non-fungible token [NFT] market was getting heated up.
An intense battle was unfolding at the top of the list, with blue-chip collections competing for NFT supremacy.
The rise of the planet of Penguins?
In a notable development, the floor price of Pudgy Penguins, the collection with the third-highest market cap, briefly surpassed that of the second-ranked Bored Ape Yacht Club [BAYC] on the 17th of February.
According to AMBCrypto’s examination of OpenSea’s data, Pudgy Penguins’ floor price reached 22.9 Ethereum [ETH] at around 10 am UTC.
In doing so, it went past the Yuga Labs-owned entity whose floor price was 22.65 ETH at the same time.
However, as of this writing, BAYC reclaimed the second spot as the floor price recovered to 23.6 ETH, while Pudgy Penguins witnessed a fall to 21.89 ETH.
A floor price is the lowest price an NFT could be sold for within a collection. It has become one of the most widely used metrics collectors use to evaluate the growth of a collection. The higher, the better.
Pudgy Penguins, a collection of unique 8,888 cartoon NFTs featuring adorable penguins, has seen a 270% jump in its floor price in the last three months. At the same time, the sales volume has more than doubled.
In contrast, the popular BAYC NFTs have struggled lately. The floor price has plunged nearly 25% in the last 90 days, while the NFT sales have tanked by 83%.
Pudgy holders on an accumulation spree
The sharp contrast in demand for the two blue-chip NFTs was also reflected by the accumulation behavior of existing holders.
As per on-chain analytics firm Nansen, Pudgy owners added around 224 Pudgy Penguins NFTs to their stashes in the last month. In the same period, just about 72 Apes were grabbed by existing BAYC holders.
Both BAYC and Pudgy Penguins were launched around the pinnacle of the 2021 NFT bull market.
While BAYC sprinted in the months ahead, the renewed interest in Pudgy Penguins was likely due to the excitement surrounding the upcoming launch of Pudgy World.
Source : AMBCrypto by Aniket Verma / Feb 18, 2024