Ascendant Ethereum NFT Project chunky penguin It now boasts the lowest price within striking distance of a once-dominant collection. Boring Monkey Yacht Club—setting the stage for a potential shift that could upend the NFT industry’s long-standing power hierarchy.
At some point on Sunday afternoon, the lowest price you could pay for a Pudgy Penguins NFT rose to 21.5 ETH, or just over $54,850 at the time of writing. NFT price floor. At the same time, the Bored Ape NFT was sold for a minimum price of 22.8 ETH. That’s a little closer to $58,000 at today’s prices.
Since yesterday, the minimum price difference between the two collections has gradually widened. When writing, Pudgy Penguins—decryptionNamed the 2023 NFT Project of the Year, the project boasted a low of 20.7 ETH, while Bored Ape Yacht Club held steady at 22.9 ETH.
Nonetheless, it’s surprising that the two collections are currently priced so similarly, something that would have been unthinkable just a few months ago.
Pudgy Penguins, an Ethereum-based collection of profile pictures (PFPs), gained some momentum following its launch in 2021, but was shaken by the devastating cryptocurrency winter that rocked the NFT industry the following spring. Then the new owner. doubled down Strengthening the brand’s IP value first through social media and then through physical product launches launched in collaboration with key partners such as walmart.
The strategy paid off amazingly. Pudgy Penguins had a low of below 1 ETH in mid-2022 before rising to 5 ETH by last year. The collection was launched thanks to spectacular brand partnerships and growing industry interest. upsurge Last fall, it quadrupled in value during a period of weakness for the broader NFT market.
Meanwhile, Bored Apes took the opposite trajectory. The brand defined both. innovation and excess NFT boom in 2021; At the time, BAYC PFPs were regularly sold at high prices to celebrities. North of $1 million one piece.
However, since the start of cryptocurrency winter in May 2022, collections have declined significantly, reflecting macro industry trends. After reaching the highest price of 152 ETH in April 2022 (It was worth about $429,000 at the time.), BAYC has since lost over 82% of its ETH value. NFT price floor. After 2022, collections have failed to meaningfully reverse the steady depreciation over a period of time.
The fact that the two brands are currently nearly identical in value can best be seen through each brand’s fundraising history. After the IP reboot last year, the Pudgy Penguins came together. 9 million dollars We provide seed funding to start the next chapter.
In contrast, Bored Ape creator Yuga Labs achieved surprising results. $450 million In 2022, he revitalized the then-untouchable cartoon monkey brand, boosting the company’s value to $4 billion.
Both Pudgy Penguins and Bored Ape Yacht Club are still below CryptoPunks, an influential giant in the NFT space, in terms of lowest price. As of this writing, CryptoPunks NFTs start at around 58.7 ETH, or roughly $146,000 worth.
Yuga Labs owns the CryptoPunks project IP after acquiring it from creator Larva Labs for an undisclosed sum in 2022. In 2021 and 2022, Bored Apes and CryptoPunks have often traded places in terms of NFT value, but the older CryptoPunks project from 2018 has done better at maintaining value over the past year.
Editor: Andrew Hayward
