- Pudgy Penguins NFTs have surged in value during the 2022 crypto winter, with their floor price rising from under 1 ETH to over 5 ETH.
- Meanwhile, top NFT collection Bored Ape Yacht Club has declined over 80% from its peak, shedding value despite its brand recognition.
- Pudgy Penguins and Bored Apes now have near-parity in floor prices, signaling a potential changing of the guard in the NFT hierarchy.
The non-fungible token (NFT) market has seen its share of shakeups, but one of the biggest may be on the horizon. Ethereum-based Pudgy Penguins have rapidly gained value and now rival blue-chip juggernaut Bored Ape Yacht Club in floor price. Could this signal an impending changing of the guard?
NFT Market Overview
NFTs exploded in popularity in 2021, but the crypto winter of 2022 caused the market to freeze up. As prices fell, so did sales volume and buyer enthusiasm. However, some collections like Pudgy Penguins were able to weather the storm.
The Rise of Pudgy Penguins
Pudgy Penguins launched in 2021 and initially struggled before new ownership rebooted the brand. By enhancing social media engagement and launching high-profile physical merchandise, Pudgy Penguins saw its floor price climb from under 1 ETH to over 5 ETH in 2022, even as the wider NFT market slumped.
The Decline of Bored Apes
Bored Ape Yacht Club defined the 2021 NFT boom, with apes selling for over $1 million each. But since peaking at 152 ETH in April 2022, BAYC has shed over 80% of its value. The collection has been unable to recover despite its brand recognition.
Closing the Gap
At their highest points on February 12, Pudgy Penguins traded at around 215 ETH, while Bored Apes sat at 228 ETH. This near-parity would have been unthinkable just months ago, given Bored Apes once had a peak value over $400,000 compared to Pudgy Penguins’ $5,000.
While Bored Apes still maintains a slight edge in floor price, the momentum seems to be with Pudgy Penguins. Could this feisty upstart unseat the NFT industry’s preeminent brand? The coming weeks and months will determine whether a true “flippening” takes place.
The volatile NFT market has seen underdogs become top dogs before. But if Pudgy Penguins can overtake Bored Apes, it would mark one of the most stunning turnarounds yet and reshape the NFT hierarchy. This battle of star collections shows the market’s unpredictability and the possibility of brands rising and falling rapidly.