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What Made Increase in Floor Price of Pudgy Penguins NFTs?

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Newly launched non-fungible tokens named Pudgy Penguin NFTs sales witnessed significant growth recently. The growth in sales came in the wake of the announcement of the NFT project. On Thursday, August 11th, 2022, Pudgy Penguin announced their plan of licensing the NFTs to make their physical copies as collectible toys. 

The collection sold NFTs worth 252 ETH, equivalent to approx 466K USD, in just 24 hours. This accounts for an increase of almost 370% in a day in terms of sales. The increased sales of NFTs led to the floor price of Pudgy Penguins witnessing the significant growth. 

Cheapest available digital collectibles from the Penguin collection have seen a growth of 18% in a day. This growth made the floor price reaching 2.63 ETH or approx 4,900 USD. Interestingly, the current price is more than 60% of its price about a month ago. 

Pudgy Penguins launched in July last year. Since then the NFT collection has experienced multiple fluctuations due to many reasons, including the expulsion of their original founders. While prioritizing the future of NFT collection, the community went on to sell the project. An entrepreneur and Pudgy Penguin holder from Los-Angeles bought the collection. 

The NFT collection became one among various successful NFT projects available on the OpenSea NFT marketplace. Since its launch, it has generated sales of more than 45,400 ETH. In terms of USD, the valuation equates to aprox 140 million USD considering the present price of ETH. 

Pudgy Penguins NFT collection consists of 8,888 penguins with distinct apparels and accessories. These accessories from baseball caps and fishing rods, differentiate these chubby and flightless creatures. During their launch, the NFTs were available to mint at 0.03 ETH and sold out in just 20 minutes. 

A small percentage allocated to the developing team behind the NFT project in royalties after sale of each NFT. This system is to ensure the founders get their share in the success of the project. 

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