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While the cryptocurrency market continues its anxious wait, notable developments in the NFT sector persist. Pudgy Penguins’ CEO Luca Schnetzler reports that over the past 12 months, more than one million Pudgy Penguin toys have been sold. The founder of the popular Pudgy Penguins NFT project announced that sales continued to spread across global retail chain stores on May 13, surpassing one million last year.
Intense Interest in Pudgy Penguins
The sales milestone followed the announcement on May 12 that Pudgy Toys, in collaboration with Pudgy World, was launched at the U.S.-based retail giant Target. Pudgy Penguins is a popular NFT collection created in 2021, featuring 8,888 colorful penguin avatars.
The project had a challenging start due to rug pull allegations against a former founder. However, Schnetzler bought the brand in 2022 for $2.5 million. The success of selling plush toy versions of the popular penguins at retail giant Walmart also contributed to its success.
The Pudgy Penguin model allows NFT owners to earn a 5% royalty fee on the net revenue from sales of physical products containing unique Pudgy Penguins. According to the NFT marketplace OpenSea, the floor price for NFT versions is 12.87 Ethereum, or about $37,580 at current prices. OpenSea reports that the most expensive recent sale was Penguin #6873, which sold for a substantial 400 ETH, approximately $1.17 million.
What’s Happening in the NFT Market?
The collection’s sales activity surged in mid-February, reaching a peak of 439 sales per day at an average price of 20 ETH. Since then, sales volumes have slightly declined to about 269 sales per day as of May 6.
According to the NFT sales tracking platform CryptoSlam, Pudgy Penguins ranked as the twelfth highest secondary sales NFT collection in the last seven days, valued at $2.2 million. Recently, unclassified Bitcoin Ordinals NFTs have been the top-selling NFTs, while CryptoPunks on the Ethereum network remains the most popular collection.
