According to the disclosure of researcher Waleswoosh this morning around 8 am, the Pudgy Penguins project token PENGU may be launched within the next 48 hours; at the same time, with the approaching token launch, the floor price of Pudgy Penguins NFT has also been rising, reaching 33.7 ETH as of the time of writing, worth nearly $140,000, with a gap of only $10,000 from the floor price of CryptoPunks. Meanwhile, Igloo, the parent company of Pudgy Penguins, also announced that its L2 network Abstract Chain will go live on the mainnet in January next year, and there are also market expectations for a separate token launch; OpenSea was also recently reported to have registered the OpenSea Foundation in the Cayman Islands.
Thus, the Pudgy Penguins token launch has become the focus of market attention, as to whether PENGU, Abstract, and OpenSea can achieve a "triple win". Odaily will summarize the latest developments of the relevant projects in this article for readers' reference.
Pudgy Penguins Token Launch: Potential Catalyst for NFT Market Rebound
As the "last dance" of the "blue-chip NFT token launch" this year, Pudgy Penguins has once again played a combination of moves. We have previously systematically reviewed Pudgy Penguins' business landscape in the article "Acquiring Frame, Building Abstract Chain, Disrupting Base, Can Pudgy Penguins Carry the Flag of the Consumer Economy?", and now in the token issuance phase, Pudgy Penguins' thinking also implies deep meaning:
PENGU: The First Stop of Pudgy Penguins' Token Launch
Going back to December 6th, the Pudgy Penguins official announced that they will launch the PENGU token in 2024 with a total supply of 88,888,888,888 tokens, and it will be launched on Solana. According to the official release, the Pudgy community will own 25.9% of the tokens, and other communities will receive 24.12% of the tokens.
We have also made a preliminary forecast of the PENGU token market value and other information in the article "Pudgy Penguins Token Launch, Community Predicts Airdrop Earnings Exceeding $30,000". At that time, affected by the token launch expectation, the floor price of Pudgy Penguins NFT surged by as much as 16% in a single day, but the floor price was only around 17.75 ETH, about 50% of the current level.
Subsequently, Igloo, the parent company of Pudgy Penguins, announced that PENGU plans to be launched on multiple chains, including Ethereum and Abstract Chain. Luca Netz, the CEO of Pudgy Penguins, later posted that to make the Pudgy Penguins community more clear about the PENGU token, he reminded that there is no snapshot for the PENGU token. The token will be distributed to the relevant NFTs once it is launched, and there will be 88 days for token application. Affected by this news, the floor price of Pudgy Penguins NFT has continued to rise.
On December 8th, the floor price of Pudgy Penguins officially surpassed the former "NFT synonym" BAYC.
On the other hand, another piece of the "business empire" of Pudgy Penguins has also taken the stage.
Abstract: L2 Chain with Separate Token Launch
On December 15th, according to official news, Abstract Chain, the L2 network of Pudgy Penguins' parent company Igloo, announced that it will go live on the mainnet next January. The project was previously a creator economy platform on-chain called Frame, which had planned to develop infrastructure for permissionless NFT market creation. After Igloo's acquisition, Abstract is not only the L2 network designed for on-chain culture and community, but also a project with the expectation of PENGU and network native token airdrops.
As Luca Netz replied to the community: "All Elite role holders on the Abstract Discord will receive PENGU token allocation." For the current airdrop interaction operations of Abstract, please refer to the article "Pudgy Penguins Token Launch Ignites Abstract, Step-by-Step Guide to Ambush the 'Penguin Chain'", which includes tasks such as testnet, early bird badges, and Discord community roles.
OpenSea: Lending Platform Power to Pudgy Penguins
On December 13th, as the "big brother of the NFT market", OpenSea also added fuel to the Pudgy Penguins token launch by changing the official account avatar to a Pudgy Penguins NFT-related image. Under the highly Meme-like viral effect, it has further raised the expectation of many NFT users and crypto players for the wealth effect of the PENGU token. (Note: OpenSea has now changed the avatar back to the original.)
Combining the previous revelation of 6th Man Ventures founder and former The Block founder Mike Dudas that "OpenSea allegedly registered the OpenSea Foundation in the Cayman Islands in August this year" and the news that the latest version of OpenSea may be launched this month, the OpenSea token airdrop may also be on the way.
In addition, according to the Dune data dashboard provided by the well-known on-chain data monitoring organization Sealaunch, the OpenSea user ranking list may be a reference for airdrop expectations if OpenSea pushes forward with token launch.
Summary: Pudgy Penguins Token Launch Drives NFT Market Rebound, Wealth Effect Remains to be Verified
With the approaching launch of PENGU, the NFT market has also unusually seen a rebound: according to data earlier today, the total market value of the top NFT series on the network has risen above $10 billion, currently reaching $10,450,232,468, up 10.2% in the past 24 hours; the 24-hour trading volume of NFT series across the network reached $71,146,166, up 87.5%.
In addition, due to the unclear snapshot time and airdrop conditions, in the past few days, in addition to the rising floor price of Pudgy Penguins, its historical high price has also seen a wave of whale intervention: the 14th rarest Pudgy Penguin #8441 was traded at 100.5025 ETH, and Pudgy Penguin #2447 was traded at 150 WETH.
As for whether the many NFT users and Pudgy Penguins holders can realize the "triple win" dream, currently, the hope still lies in the performance of the Pudgy Penguins project token PENGU upon launch. Without exaggeration, at this moment in the current cycle, Pudgy Penguins has become the "hope of the whole village" to lead the NFT track to a new path - if PENGU rises, then NFT will prosper; if PENGU falls, the winter of NFT will continue.
Welcome to join the official BlockBeats community:
Telegram subscription group: https://t.me/theblockbeats
Telegram discussion group: https://t.me/BlockBeats_App
Twitter official account: https://twitter.com/BlockBeatsAsia
