Pudgy Penguins on February 17th in the early hours briefly surpassed the floor price of Bored Ape Yacht Club. The popular NFT collection managed to catch up with the falling prices of Bored Ape Yacht Club due to its rapid rise in the last few months. According to Parsec Finance data, on February 17th, the floor price for a Pudgy Penguin was valued at $61,780 equivalent to 22.2 Ethereum, while the floor price for Bored Apes was only $61,500 equivalent to 22.1 Ethereum.
A Noteworthy Move from Pudgy Penguins
Although this development may not seem significant and was only short-lived, it marks a major moment in the changing landscape of the NFT market. Known as Seedphrase, Daniel Meagaard commented on the matter through X:
“Pudgy Penguins finally surpassed BAYC. This is proof of a visionary process that actively engages the community in the Web3 ecosystem. I hope the Yuga team is taking note.”
The Yuga Labs team noticed this development, and Yuga Labs co-founder Gordon Goner made important remarks through X:
“I am proud of Pudgy Penguins. I remember the feeling the team should be experiencing today, and it was beyond surreal. I miss working with this sense of purpose. I miss the hustle. Luca Netz, you deserve today.”
The floor price is the value of the cheapest NFT currently available in a collection and is an indicator of demand for the NFT. Since November, the floor price of Pudgy Penguins has shown a strong rise, increasing by 320% from 5 Ethereum to its current value of approximately 21 Ethereum. This followed a gradual rise over the previous year.
What’s Happening with BAYC?
During this period, the floor price for Bored Apes has continued to decline from its peak in April 2022. It has fallen from an all-time high of approximately 160 Ethereum to its current value of approximately 22 Ethereum.
While Bored Apes faced controversies such as branding issues, a class-action lawsuit, and recent events causing health concerns among participants, Pudgy Penguins has been raising funds, selling toys at Walmart, and planning to release a game during this time.
The decline in BAYC occurred despite Yuga Labs’ acquisition on February 16th of rival NFT creator Proof, known for the Moonbirds collection. The acquisition seems to have surprised and confused Bored Ape owners, who described the move as literally meaningless and odd.
