In a surprising turn of events, Pudgy Penguins is making waves as it nearly flips the once dominant Bored Ape Yacht Club (BAYC) in terms of value — with both trailing behind CryptoPunks.
The price gap between BAYC and Pudgy Penguins is narrowing significantly. BAYC’s floor price is now 22.84 ETH, down by -2.81%, per CryptoSlam. Meanwhile, Pudgy Penguins surged by 15.36% this week, with its floor price nearing 20 ETH.
The trading volume between Pudgy Penguins and BAYC over the past week is noteworthy. BAYC recorded a volume of 5,812.4 ETH, while Pudgy Penguins exceeded this by 80.41% with 10,486 ETH.
Highlighting such a contrast, Pudgy Penguins nearly doubled the number of sales, with 527, compared to BAYC’s 247.
Source: CryptoSlam
A Tale of NFT Valuation Wars
Pudgy Penguins, an Ethereum-based PFP collection, initially faced challenges after its launch in 2021, grappling with the impact of the crypto winter that swept through the NFT industry the following spring.
However, a strategic effort to enhance the brand’s value through social media engagement, its Metaverse initiative, and high-profile merchandising proved fruitful. The collection’s value surged, quadrupling in the fall of last year despite a sluggish period for the broader NFT market.
Check out: Pudgy Penguins’ Remarkable Journey of Growth in 2023
On the flip side, Bored Ape Yacht Club, which once symbolized the innovation and extravagance of the 2021 NFT boom, has seen a decline in value since the onset of the crypto winter in May 2022.
Despite its initial success, with PFPs selling for over $1 million to top celebrities, BAYC has struggled to maintain its value amid industry-wide trends. Despite raising an impressive $450 million in 2022, the collection’s value has steadily depreciated, resulting in close competition with Pudgy Penguins.
The fundraising histories of both projects underscore the significance of this near-equal valuation. Pudgy Penguins managed to secure $9 million in seed funding last year following a successful IP reboot. In comparison, Bored Ape creator Yuga Labs raised a staggering $450 million, valuing the company at $4 billion.
Despite efforts, both collections fall short of CryptoPunks, the influential pioneer of the NFT space, with a floor price of 56.90 ETH and a market cap of 569.000 ETH. Acquired by Yuga Labs in 2022, CryptoPunks has maintained its value, overshadowing newer projects like BAYC and Pudgy Penguins.
Although these two collections are on the verge of a dramatic shift in the hierarchy of NFT valuations, CryptoPunks remains the reigning titan in the realm of digital collectibles. But will Pudgy Penguins flip BAYC? The chances are high.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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