Pudgy Penguins’ floor price of less than US$8,000 (RM33,884) is a fraction of the US$360,000 (RM1.5mil) floor price for a Bored Ape, according to DappRadar. But that’s what the community hopes will change. — Bloomberg
Pudgy Penguins, a once hugely successful NFT project that got blown off course by drama that included the ousting of its founders, is attempting a comeback. Hopes are high in the newly energised community -- but in today’s crowded, up-and-down market for nonfungible tokens, it will take more than that to ensure a revival.
The cherubic collection of NFTs sporting crowns, hats and bow ties was red-hot when released last summer, with US$13.6mil (RM57.6mil) worth of the cartoon creatures trading per day by mid-August as popularity soared, according to NonFungible. Then prices and demand collapsed in the fall as Pudgy Penguins holders grew dissatisfied with the way the founding team was developing the project. The virtual community eventually voted to expel the founders, leading them to put the project up for sale.
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