The Pudgy Penguins NFT collection has made waves in the digital collectibles space, surpassing significant milestones to become the second most valuable NFT set in the world. On Wednesday, the floor price for one of the 8,888 hand-drawn comic penguins surpassed $100,000, overtaking the market value of the once-dominant Bored Apes Yacht Club, which had long held that title. This development means that acquiring a single Pudgy Penguin now costs more than owning a full Bitcoin, which is currently trading at a little over $100,000.
In just the past week, the floor price for Pudgy Penguins has surged by 76%, reaching 26 ether (ETH), or just above $105,000. In contrast, other top NFT collections such as Bored Apes and CryptoPunks have seen a decrease of 12% in their respective floor prices.
The soaring demand for Pudgy Penguins is linked to an upcoming event that has stirred the market—Pudgy Penguins is set to release its PENGU token on the Solana blockchain later this month. A substantial allocation of these tokens will be distributed to holders of the project’s NFTs, which has spurred buying activity and contributed to the collection’s price increase.
Nearly a quarter (23.5%) of the PENGU token’s total 88 billion supply will be allocated to owners of Pudgy Penguins and other related NFTs, such as Lil Pudgys and Pudgy Rods. Another 22% will be made available to both Solana and Ethereum communities, while 12% will be reserved for liquidity on decentralized exchanges.
Unlike traditional markets, where prices fluctuate constantly based on supply and demand, the floor price for NFTs is set by individual sellers based on market forces, with the price remaining constant until the seller decides to adjust it.
Since its inception in 2021, Pudgy Penguins has built a strong presence not only in the NFT space but also in physical markets. The project’s parent company, Igloo, expanded the brand into tangible products with the launch of Pudgy Toys last year. These collectibles have proven popular, with sales exceeding $10 million through major retailers such as Walmart, Target, Amazon, and Walgreens. Pudgy Penguins has successfully bridged the gap between the digital and physical worlds, cementing its position as one of the most prominent names in the NFT sector.
