The rarest Pudgy Penguins NFT has sold for approximately $650,000, marking the highest lifetime sale for the collection. The reserve price for Chunky Penguins also rose about 69% last week.
Key Points
- The reserve price of Pudgy Penguins surged by about 69% in the last week, from 2.2 ETH to 3.8 ETH.
- Chunky Penguin, one of the most hyped series early 2021 “PFP” NFT niches, is making a comeback. The rarest piece in the collection marked the project Monday, selling for 400 ETH worth nearly $650,000.
The change in leadership helped the Chunky Penguin series have one of the most dramatic comebacks in NFT history.
Pudgy Penguins Mark $650,000 NFT Sale
Chunky Penguin is surging despite a months-long bear market for NFTs.
The rarest entry in NFT Space’s iconic flightless bird series, the Chunky Penguin #6873, from Monday to Sold for 400 ETH, valued at just under $650,000. The sale of the rare Penguin token — the only one of the 8,888 collectibles to be seen from a different direction — marks the highest price ever paid for a work in the project’s history .
Chunky Penguin launched June 2021 and has quickly become one of the most popular NFTs in the “PFP” category, promoted by CryptoPunks and Bored Ape Yacht Club and via social Media profile picture spread. However, the project’s trajectory took a turn for the worse after notorious cryptocurrency sleuth ZachXBT revealed that one of its founders and key members, Cole Villemain, was running a paid promotion for the NFT project without revealing that he received any payment. Wellman confessed his antics, but he and the founding team were later charged with taking from the project’s treasury. The Pudgy Penguins community discussed forking the project until e-commerce entrepreneurs and investors bought it for 750 ETH worth $2.5 million in April.
in fading out of obscurity and After a few months of trading below the 2 ETH range, Pudgy Penguins are making a comeback.
Since April acquisition, Chunky Penguin has launched its own NFT marketplace, apparel and toys series, a media hub, and expanded its social media presence. The series’ reserve price soared about 400% after the acquisition, before clawing back some of that gain in the months that followed.
Although the NFT bear market is very hard – it sees every day
volume
from a record high in May With $600 million down to an average of about $25 million over the past three months, the Pudgy Penguins NFT in ETH has breached a new all-time high. Last week, the base price of the series soared ~69%, up from 2.2 ETH to 3.8 ETH. Base prices for most other popular PFP NFT collectibles have plummeted in recent months.
The most important move to drive this week’s surge is the Sunday Project Introduced nine-member advisory board, including Web2 and Web3 heavyweights Examples include Alex Svanevik from Nansen and Jordan Sterling on the Meta Venture Partnership team. “Coming from diverse backgrounds in Web2 and Web3, our board will assist us in our pursuit of innovation across multiple industries,” wrote Pudgy Penguins, sparking a rebound in reserve prices that culminated in a 400 ETH NFT sale on Monday.
“I was able to buy the rarest penguin in my collection today, which helped me make my first life-changing money,” buyer of the penguin on the left, FUDrick Douglas, Say
on Twitter today.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrency.
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