Author: Wenser, Odaily
This morning around 8 am, according to researcher Waleswoosh's disclosure, Pudgy Penguins' 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 NFTs 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 CryptoPunks floor price. 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, with the Pudgy Penguins token launch, the three projects of PENGU, Abstract, and OpenSea have become the focus of market attention in terms of whether they can achieve a "triple harvest". Odaily will sort out and 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 blue-chip NFT token launch" of the year, Pudgy Penguins has once again played a combination of moves. We have previously systematically sorted out 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 when it comes to the token issuance stage, 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 image, 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 NFTs 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.
Information related to the PENGU token economics
Subsequently, Igloo, the parent company of Pudgy Penguins, announced that PENGU plans to be launched on multiple chains, and will also be deployed on Ethereum and Abstract Chain. Luca Netz, the CEO of Pudgy Penguins, later posted that in order to make the Pudgy Penguins community more clearly understand the PENGU token situation, he reminded that there is no snapshot for the PENGU token. Once the token is launched, it will be distributed to the relevant NFTs, and there will be 88 days to apply for the token. Affected by this news, the Pudgy Penguins NFTs have been driven to continuously rise in price.
On December 8th, the Pudgy Penguins floor price officially surpassed the former "NFT synonym" BAYC.
On the other side, another piece of Pudgy Penguins' "business empire" has also taken center 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 permissionless NFT market-related infrastructure, and at that time there were also expectations for the FRAME token launch and airdrop. After the acquisition by the Pudgy Penguins parent company, Abstract is not only an 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." Currently, for the airdrop interaction operations of Abstract, you can 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: The Platform Power Assisting 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 transmission effect, it has further raised the expectation of many NFT users and crypto players for the wealth creation effect of the PENGU token. (Odaily note: OpenSea has now changed the avatar back to the original state)
OpenSea official changed the avatar
Combining the previous revelation by 6th Man Ventures founder and former The Block founder Mike Dudas that "OpenSea is suspected to have 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.
Furthermore, according to the Dune data dashboard provided by the well-known on-chain data monitoring organization Sealaunch, if OpenSea pushes forward the token launch, it may be related to factors such as user trading volume. The OpenSea user ranking in the Dune data dashboard may be used as a reference for airdrop expectations.
OpenSea user ranking query interface, for reference only
Summary: Pudgy Penguins Token Launch Drives NFT Market Rebound, Wealth Creation Effect Remains to Be Verified
With the approaching launch of PENGU, the NFT market has also unusually welcomed a rebound: according to data earlier today, the total market value of the top NFT series on the network has risen to over $10 billion, currently reaching $10,450,232,468, with a 24-hour increase of 10.2%; the 24-hour trading volume of NFT series across the network has reached $71,146,166, an increase of 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 ETH.
As for whether the many NFT users and Pudgy Penguins holders can realize the dream of "triple harvest", currently, the hope still lies in the performance of the Pudgy Penguins project token PENGU upon launch. Without exaggeration, at the present moment in this cycle, Pudgy Penguins has become the "hope of the whole village" leading the NFT track to a new path - if PENGU rises, then NFT will prosper; if PENGU falls, the winter of NFT will continue.
