The overall NFT market reached a historic low in nearly a year this month, but at this time, there is an item rising against the trend, that is the past development process of fat penguin NFT “Pudgy Penguins.
According to the analytics data, the series traded more than 800ETH(worth about $1.24 million) in the last 24 hours on Opensea, second only to the BAYC series;
In addition, its floor price also soared to 3.8ETH, a record high, up more than 60% in the last week.
Why does Pudgy explode?
As for the reason driving the strong wave of this series, community speculation may be related to Pudgy Penguins’ recent announcement that it has been licensed by the community to launch “Pudgy Toy” around clothing and toys, officially stepping from Web3 into the physical field.
According to its official shopping platform, users can now buy T-shirts, hats, caps…
And other products, some can provide customized items, and even input Pudgy number to choose a favorite visual design.
When it comes to Pudgy Penguins, the most talked about topic is the story of how the series came back from the fire after being on the verge of death.
Fat Penguin was originally an OG project and was also considered a “blue chip” in the early days of PFP NFT. However, due to poor execution of the team, community members 9x9x9 revealed that all ETH and OpenSea had been officially taken away…
Events shook the consensus base of the community, and the series regrettably lost market share and continued to decline.
But things took a turn for the better a few months ago when Los Angeles e-commerce entrepreneur @LucaNetz bought DTC(Directtocustomer) in April for 750ETH($2.5 million at the time) and set out with his team to develop a road map for Pudgy.
In just four months, the company has launched a number of merchandising products and continued to generate buzz on social software. While it hasn’t brought much innovation to the Web3 space, it has to be said that the team has executed efficiently.
Whether the follow-up really becomes a successful project is worth watching.