Pudgy Penguins Rise to Challenge Bored Ape Yacht Club’s Legacy
The Ethereum NFT project Pudgy Penguins is making waves with its floor price nearing that of the once-dominant Bored Ape Yacht Club, potentially reshaping power dynamics in the NFT industry.
At one point, the Pudgy Penguins’ floor price reached 21.5 ETH, or over $54,850, closely trailing Bored Ape NFTs at 22.8 ETH. Despite a slight gap, this proximity is unprecedented. Pudgy Penguins, initially impacted by the crypto winter, rebounded through strategic branding efforts and collaborations. In contrast, Bored Apes, once a symbol of 2021’s NFT boom, has experienced significant value erosion since the crypto winter, shedding over 82% of its ETH value.
The convergence of their values underscores a remarkable shift, considering their distinct fundraising histories. Pudgy Penguins secured $9 million in seed funding last year, while Bored Ape creator Yuga Labs raised an impressive $450 million, valuing the brand at $4 billion. Both projects still fall short of CryptoPunks in floor price, emphasizing the enduring influence of the NFT giant in the space.
Clever Robot News Desk 14th February 2024
