Investors are betting big on NFTs. An investor just bought 27 Fudges and 83 Lil Fudges.

adminJanuary 17, 2024

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The non-fungible token market has become mainstream again, with cryptocurrency investors investing heavily in NFTs and new NFT startups popping up every day. The NFT market experienced similar hype in late 2021 after the powerful cryptocurrency community invested millions of dollars in various non-fungible tokens.

Investors are betting big on NFTs in 2024

In a January 16 blog post, Proof Collective’s research director NFTstats.eth shared that a single cryptocurrency wallet purchased 27 Pudgy Penguins, 83 Lil Pudgies, and 30 Pudgy Rods NFT collections. The unusual buying shows that NFTs are back in action, with investors willing to place high stakes in NFTs this year and into 2024.

Today, I bought 27 purdies, 83 lil furgies, and 30 rods with one wallet. The Pudgy eco costs over $1,000,000.
🧊🐧🔥
ht @vangoyaa pic.twitter.com/lKGFhwPbnC
— NFTstats.eth (@punk9059) January 15, 2024

Non-fungible tokens achieved a historic breakthrough in 2021 and accelerated through mid-2022. Since then, the NFT market has faced a brutal downturn that has made most NFTs nearly useless, with many NFT projects pushing to reduce their workforce.

Fortunately, the NFT market saw a brief rebound last November after the resurgence of Bitcoin BRC-20 NFTs, Bitcoin Ordinal, and new Solana-based NFTs. The resurgence saw Ethereum lose its initial NFT market dominance to Bitcoin for the first time in cryptocurrency history.

The NFT market has started the new year 2024 strong, recently experiencing a brief market rally driven by the hype of Bitcoin Exchange Traded Funds and other market factors. It is worth noting that the general cryptocurrency market has reached a remarkable milestone after the U.S. Securities and Exchange Commission approved nine companies to trade Bitcoin “BTC” as a stock.

Pudgy Penguins and Lil Pudgy surge in sales by 150%

Following recent mass sales, sales of Pudgy Penguins, an NFT collection featuring a fixed supply of 8,888 cute penguin birds hosted on the Ethereum blockchain network, have surged 169%. In the last 24 hours, Pudgy Penguins recorded a trading volume of $1.6 million.

chunky penguin

Source: CryptoSlam.io, Pudgy Penguins NFT trading activity

Meanwhile, Lil Pudgy, an NFT collection containing 22,222 limited edition Ethereum-based NFTs launched by Pudgy Penguins, soared 258% following recent mass sales. In the last 24 hours, the Lil Pudgy NFT collection had a transaction volume of $554,927.

lil fuzzy