Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the rise in prices of the Pudgy Penguins and how NFTs are making a comeback.
NFTs Coming Back?
It has been a difficult couple of years for non-fungible token (NFTs). Trading had been declining since March, when monthly volumes had peaked at $1.6 billion. In October the market saw a bounce, as it recorded an 18% increase in sales volume. At the time this reversed a seven-month downward trend. The following month saw Donald Trump win the United States Presidential election and the crypto market has exploded ever since.
Back between the 30th of September and the 6th of October NFTs saw sales reach their strongest weekly performance since August as over $84 million in trades was recorded. The rebound has continued with sales recorded in the week between December 1 and December 8 hit $91 million in weekly trading volume. This was quite the increase compared to the $56.6 million recorded the previous week.
The resurgence in NFT sales highlights a renewed interest in digital assets, with blockchains such as Solana seeing especially high amount of interest Solana. Solana-based NFTs made a remarkable showing in October, with collections like DogeZuki, Froganas, and Retardio Cousins collectively recording nearly $25 million in sales.
As for Ethereum, household name NFTs such as the CryptoPunk NFT collection were being sold for massive discounts compared to the insane previous highs. Back in 2022 a CryptoPunk NFT sold for $23.2 million, while in 2024 it was resold at an 80% discount for 1,500 ETH, worth around $3.9 million. Looking at the market today, CryptoPunks continues to hold the top spot with a market cap of $1.5 billion. However, the popular Bored Ape Yacht Club (BAYC) has been overtaken in second place by Pudgy Penguins.
According to CoinGecko the floor price of Pudgy Penguins surged by 8.4% in the past 24 hours to 22.1 ETH ($86,922). This showed a 44.9% increase throughout the previous week and the market cap for the project rose to $772.5 million, surpassing BAYC’s $755 million. The rise in price for Pudgy Penguins comes as the project announced its plans to launch its new cryptocurrency, “Pengu,” on the Solana blockchain. There will be a total supply of 88.89 billion tokens and a significant portion, 25.9%, will be distributed to the Pudgy community.
Meanwhile the NFT marketplace OpenSea have announced plans to launch a revamped platform in December. Their aim is to reinvigorate user interest, which dropped off during the NFT market downturn. It was announced last month by OpenSea co-founder and CEO Devin Finzer, where he revealed that the team “built a new OpenSea from the ground up.” No specifics were given regarding any new features but instead users have been directed to a waiting list where they could connect a crypto wallet.
While NFT trading are still a long way off their peak volumes of $1.6 billion last March, there is hope among many that Bitcoin reaching $100,000 could be the spark to reinvigorate the entire digital assets market, and 2025 could be a strong year for all involved in the NFT space.
Have a great day.
Peace. CryptoGod-1.
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