Followin' to OpenSea data, the floor price of Non-Fungible Token (NFT) Pudgy Penguins has surpassed 34 ETH, currently trading at 34.2 ETH (approximately $137,000), a 24-hour increase of 22.5%; its sub-series NFT Lil Pudgys has exceeded 4 ETH, currently trading at 4.24 ETH (approximately $17,000), a 24-hour increase of 20.9%.
It is worth noting that the Pudgy Penguins series has seen an astonishing surge in this bull market. OpenSea data shows that its floor price has risen from around 11 ETH to 34 ETH in the past month, equivalent to about RMB 980,000; and its market capitalization has reached 300,000 ETH, which is approximately $1.19 billion as of the time of writing.
Followin' the arrival of the cryptocurrency bull market, various sectors have started to rotate, and the Non-Fungible Token (NFT) sector is also slowly starting up.
On December 6, the blue-chip NFT project Pudgy Penguins announced that it will release its token PENGU by 2024. The total supply is 88.88 billion, and it will be launched on the Solana chain. Igloo, the parent company of Pudgy Penguins, also stated that in addition to launching on Solana, the PENGU token plans to adopt a multi-chain approach, including launching on Ethereum and Abstract.
In terms of specific allocation, 25.9% of the tokens will be distributed to the Pudgy community, 24.13% will be distributed to other communities, 12.35% will be used for liquidity, 11.48% will be distributed to partners (partially unlocked after 1 year of lockup, and linearly unlocked over 3 years), 17.8% will be distributed to the team, 4% will be used for public sale, 0.35% will be distributed to FTT holders, and 4% will be used for Proliferation.
Followin' the announcement, the floor price of the Pudgy Penguins series began to surge, breaking through from 14 ETH to 20 ETH within two days, and subsequently surpassing the historical high of 23 ETH, continuously refreshing new highs. Its sub-series Lil Pudgys floor price also followed suit, reaching a new historical high of 2.45 ETH.
Meanwhile, the floor price of the once-leading Non-Fungible Token (NFT) project Bored Ape Yacht Club (BAYC) has dropped to 19.88 ETH, and the floor price of another NFT pioneer CryptoPunks under the same company has also dropped to 38.49 ETH, about to be caught up by Pudgy Penguins.
The Pudgy Penguins series has also experienced its own low point. It was initially launched by Cole Villemain and three other colleagues in 2021, featuring the theme of cute cartoon penguins, with a total of 8,888 unique Non-Fungible Tokens (NFTs). After its launch in July 2021, it quickly became popular and was one of the hottest collectibles in the NFT market at the time.
However, the project experienced major controversies in its early stages, as the community questioned the founding team's issues with fund management and project development direction, and even fell into a crisis of trust. In 2022, against the backdrop of the overall decline in the Non-Fungible Token (NFT) market, the popularity and floor price of the Bored Ape also declined, but this all turned around after the new team led by internet entrepreneur Luca Netz took over.
In April 2022, Luca Netz acquired the project for 750 ETH (approximately $2.5 million). He restructured the project's leadership and announced new growth plans. Under Luca Netz's leadership, Pudgy Penguins have seen significant recovery in both floor price and overall brand image.
Luca Netz, through rebuilding community trust, launching branded merchandise, and empowering Non-Fungible Token (NFT) holders, has successfully regained market attention for the Bored Ape, not only realizing a price rebound, but also expanding the brand's influence to the real world. In May 2023, Pudgy Toys were launched, which can be purchased at Target, Walmart, and Amazon, making the Bored Ape one of the best-performing Non-Fungible Token (NFT) series in the bear market, with its floor price reaching a historical high of 23 ETH in early 2024.
However, the release of new tokens by Non-Fungible Token (NFT) series is not a new phenomenon.
In March 2022, the then-leading Non-Fungible Token (NFT) project Bored Ape Yacht Club (BAYC) announced the launch of its token, with 14% airdropped to the community. As of the time of writing, the Ape token is priced at $1.6, far from its historical high of $28 at launch.
On the morning of March 30, 2024, the founder of another Non-Fungible Token (NFT) series mfers announced the launch of the meme coin MFER, and airdropped it to mfer holders. Later that day, MFER surged in price, briefly exceeding $0.03. As of the time of writing, the MFER price is around $0.026.
Will other leading Non-Fungible Token (NFT) projects also choose to launch new "Tokens" to boost their prices?
On December 16, Waleswoosh, an anonymous researcher of the Azuki Non-Fungible Token (NFT) series, posted on the X platform, asking, "What would the market be like if the blue-chip NFT project CryptoPunks released the PUNK token?"
Garga.eth (Greg Solano), co-founder of the CryptoPunks parent company Yuga Labs, responded, "Wow! I never thought about that."
