Ascendant Ethereum NFT project Pudgy Penguins is now closing in on once-dominant collection Bored Ape Yacht Club in terms of floor price, potentially disrupting the long-standing power structures within the NFT industry.
According to data from NFT Price Floor, the lowest price for a Pudgy Penguins NFT reached 21.5 ETH at one point. While Pudgy Penguins currently boasts a floor price of 20.7 ETH, Bored Ape Yacht Club has remained steady at 22.9 ETH.
Pudgy Penguins, a popular Ethereum-based profile picture (PFP) collection, experienced a surge in popularity after its launch in 2021. However, the collection was hit hard by the crypto winter that followed and negatively impacted the entire NFT industry. In an effort to strengthen its brand’s IP value, Pudgy Penguins collaborated with major partners like Walmart and made a presence on social media.
Despite dropping to floor prices below 1 ETH in mid-2022, Pudgy Penguins made a remarkable recovery, reaching 5 ETH last year. The collection’s value quadrupled during a period of stagnation for the broader NFT market, thanks to strategic brand partnerships and increased industry attention.
In contrast, the Bored Ape Yacht Club experienced a decline in value. The brand symbolized both innovation and excess during the NFT boom in 2021, with Bored Ape PFPs being sold to celebrities for prices exceeding $1 million each. However, since the onset of the crypto winter in May 2022, the collection has suffered significant losses, following the overall trend in the industry. After reaching a peak floor price of 152 ETH in April 2022, Bored Ape Yacht Club has plummeted by over 82% in ETH value.
In 2022, Pudgy Penguins secured $9 million in seed funding for its next phase, demonstrating its resilience and potential for growth. On the other hand, the creator of Bored Apes, Yuga Labs, raised a staggering $450 million in the same year, reflecting the immense popularity and value of the cartoon monkey collection, with the company’s worth reaching $4 billion.
Both Pudgy Penguins and the Bored Ape Yacht Club still trail behind CryptoPunks, the pioneering force in the NFT space, in terms of floor price. As of now, a CryptoPunks NFT starts at around 58.7 ETH. Yuga Labs acquired the IP of the CryptoPunks project from creator Larva Labs in 2022, marking a significant move in the NFT market. While Bored Apes and CryptoPunks often switched places in terms of NFT value in 2021 and 2022, the older CryptoPunks project from 2018 has maintained its value more effectively over the past year and beyond.
The surge of Pudgy Penguins and the decline of Bored Apes in floor price indicate a potential shift in power dynamics within the NFT industry. With Pudgy Penguins closing in on Bored Ape Yacht Club, the stage is set for a potential disruption in the long-standing hierarchies and a reshaping of the NFT landscape.
Analyst comment
Positive news: Pudgy Penguins is closing in on Bored Ape Yacht Club in terms of floor price, potentially disrupting power structures in the NFT industry. Pudgy Penguins recovered and reached a value of 5 ETH, securing $9 million in seed funding. Bored Ape Yacht Club experienced a decline, losing over 82% of its value. The stage is set for a potential power dynamic shift and reshaping of the NFT landscape.
