The Ethereum-based NFT project Pudgy Penguins has seen its floor price rise remarkably, nearing the floor price of the once-dominant Bored Ape Yacht Club collection. On Sunday, the cheapest Pudgy Penguin sold for around $54,850 while the lowest Bored Ape went for about $58,000. This positions Pudgy Penguins for a potential overtaking of Bored Apes that would reshape power dynamics in the NFT space.
The gap between the two projects has narrowed slightly since Sunday. Currently, Pudgy Penguins has a floor price of $50,850 while Bored Apes remains steady at around $58,000. This is striking given Pudgy Penguins were trading for under $1,000 last year before rebounding through brand partnerships and merchandising initiatives.
In contrast, Bored Apes hit peak prices of over $429,000 in spring 2022 at the height of NFT mania but have since declined over 80% amid the crypto winter. Despite raising much less funding, Pudgy Penguins’ recent surge shows strong momentum while Bored Apes have struggled to maintain their once sky-high value.
Both Pudgy Penguins and Bored Apes still trail the influential NFT collection CryptoPunks in terms of floor price. CryptoPunks has done a better job of holding its value over the last year. But the fact that Pudgy Penguins are approaching the level of Bored Apes shows how much the NFT landscape can shift.
This narrowing gap between Pudgy Penguins and Bored Apes highlights the fluid nature of the NFT space, where new projects can gain ground on once-dominant collections. The current dynamics point to an industry in flux.
#NFTs #PudgyPenguins #BoredApes #FloorPrice #CryptoCollectibles
