Pudgy Penguins, the viral Ethereum NFT collection, has defied the industry gloom in August.
Data by CryptoSlam Dune Analytics shows that its key metrics have performed well even as the sector has been under severe pressure.
Total sales rose 29% in August to more than $8.6 million, and the number of transactions jumped 73% to 348.
The number of buyers and sellers also increased by 73% and 39% to 176 and 205 respectively. The average number of days sellers spent on the market also increased by 5% to 85.5.
While Pudgy Penguins sales increased in August, they remain sharply below their all-time high of $99.2 million in August 2021. They were also below their March high of $26.5 million.
Fat penguins get a hefty price tag
Pudgy Penguin NFTs prices are also rising.
according to sand dunesThe floor price increased by 30% in August to 10.66 ETH and 166% compared to the same period in 2023. The floor price refers to the lowest price at which an NFT is sold on the markets.
Pudgy Penguins is one of three high-value NFTs that have seen their base price increase over the past 12 months. Milady’s base price is up 121% while Doodles’ is up 12%.
The floor price of other popular NFT collections like CryptoPunks, Bored Ape Yacht Club, Azuki, and Mutant Ape Yacht Club has dropped by over 50% in the past 12 months as demand for them has waned.
according to Good evening NFT96% of all NFTs have “died,” with four out of 10 of their holders losing their value. Additionally, the average lifespan of an NFT has dropped to 1.14 years, which is significantly lower than other crypto assets.
Pudgy Penguins, founded by entrepreneur Luca Schnitzler (aka Luca Netz), has performed well even as total sales, transactions, and NFT users continue to decline.
Total NFT Sales in August He fell Interest income fell 41% to $376 million, below its all-time high of more than $6 billion.
Pudgy Penguin’s sales surged a month after the developers secured $11 million in funding from a group of investors to build a layer-two network. The funding came from Founders Fund, the venture capital firm owned by Peter Thiel.
The developers have also released branded games that are sold at popular retailers like Walmart and Target.
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