In a surprising turn of events, the digital collectibles ensemble Pudgy Penguins briefly outpaced the Bored Ape Yacht Club (BAYC) in terms of the lowest available market price, known as the floor price. This phenomenon occurred in the early hours of February 17th, signaling a shift in the non-fungible token (NFT) market dynamics. Recent figures reported Pudgy Penguins seizing a floor price of $61,780, equivalent to 22.2 Ethereum, marginally higher than BAYC’s price of $61,500 or 22.1 Ethereum.
Remarkable Ascent for Pudgy Penguins
Although temporary, this event underscores a significant shift within the NFT marketplace. Daniel Meagaard, also known as Seedphrase, acknowledged Pudgy Penguins’ achievement as a testament to their innovative approach to community involvement within the Web3 space. The recognition from Pudgy Penguins’ rise drew commentary from Yuga Labs’ co-founder, Gordon Goner, who commended the team’s passion and purpose, highlighting the moment as one that should be cherished by the Pudgy Penguins’ team.
The floor price serves as a crucial barometer of an NFT collection’s demand. Pudgy Penguins have seen their value skyrocket by 320% since November, from 5 Ethereum to around 21 Ethereum. This surge is a continuation of a steady increase throughout the past year.
Bored Ape Yacht Club’s Declining Value
Conversely, BAYC has been witnessing a downward trend in floor price, plummeting from a peak of around 160 Ethereum in April 2022 to roughly 22 Ethereum currently. This descent comes amid various controversies for BAYC, such as branding disputes, a collective lawsuit, and incidents causing health concerns among its community. Meanwhile, Pudgy Penguins has capitalized on this period, engaging in merchandise sales through Walmart and planning a game launch.
BAYC’s fall in value continued even after Yuga Labs’ acquisition of Proof, the creator of Moonbirds, on February 16th. The move has been met with skepticism by BAYC owners, who find the acquisition puzzling and inconsequential.