Pudgy Penguins NFT Collection Surpasses BAYC in Minimum Price
Date: 2024-02-19 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Pudgy Penguins Overtake BAYC
On February 17, the minimum price of an NFT from the Pudgy Penguins collection reached 22.2 ETH, surpassing BAYC in this aspect. This surge in the value of digital assets caught the attention of Parsec Finance, a platform monitoring such trends.
Comparative Pricing
According to Parsec Finance, collectors could acquire Pudgy Penguins NFTs for a minimum price of 22.2 ETH, approximately equivalent to $64,600 at the time of writing. In contrast, BAYC tokens were priced at 22.1 ETH.
Recognition from Yuga Labs Co-founder
Yuga Labs, the co-founder of Pudgy Penguins, hailed the collection as a formidable contender in the NFT market. Encouraging the team to persist in their efforts, he praised their achievement and acknowledged the challenges they overcame.
Significant Growth
Since November 2023, the price of Pudgy Penguins has surged by over 320%, rising from 5 ETH to more than 22 ETH. This remarkable growth underscores the increasing prominence of the collection in the NFT space.
Challenges for Bored Ape Yacht Club
In contrast, Bored Ape Yacht Club has faced declining prices since its peak in April 2022. With tokens selling for 160 ETH and higher at its zenith, recent trades have resulted in significant losses for traders.
Yuga Labs' Acquisition and Market Response
Yuga Labs' acquisition of PROOF, a startup specializing in NFT collections, failed to bolster BAYC's position in the market. Some BAYC NFT owners expressed skepticism and confusion regarding the acquisition, questioning its rationale.
Health Concerns and Community Response
In November 2023, BAYC NFT owners reported health issues following their participation in Ape Fest, citing eye pain and deteriorating vision. This development further fueled discussions within the community regarding the project's future.
This significant milestone highlights the dynamic nature of the NFT market and the competitive landscape among digital asset collections.
