Until last week, the NFT community had been in a state of confusion due to the inability of the sector to match the performance of the crypto, which has shown massive growth since November 5 – the US presidential election. At first, the relief for the community came in the form of a post by OpenSea last week, saying “NFTs are back.” The impressive weekly performance of the top NFT collections proves that the post was not a mere gimmick to calm down the impatient community.
Pudgy Penguins’ Record Price Surge
In the last 24 hours, the NFT market has seen a surge of 2.0% in market cap and 37.2% in trading volume, implying that the trend is largely favourable. In the last seven days, almost all top NFT collections have performed impressively. Nonetheless, the notable performance is the one demonstrated by Pudgy Penguins, which has displayed a rise of 34.3%. The price of this Ethereum-based NFT collection currently stands at $67,621 (17.35 ETH).
Growth of Other Major NFT Collections
CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, Infinex Patrons, and Mutant Ape Yacht Club are the top five NFT collections by market cap at this juncture; interestingly, all of them are Ethereum-based collections and have shown growth last week. Mutant Ape Yacht Club, with a 7-day change of +57.5%, becomes the top performer of the week. Pudgy Penguins closely follows with a 7-day change of +34.3%. Meanwhile, the top two NFT collections by market cap, CryptoPunks and Bored Ape Yacht Club, display +10.3% and +32.0%, respectively. What makes Pudgy Penguins different is the fact that in the last 24 hours, with its 15.7% increase, it has outperformed all the other top NFT collections.
The Revival Story of Pudgy Penguins
Pudgy Penguins is a popular brand, which produces content, merchandise, toys, and digital collectibles. It was after it was acquired by Luca Netz that its destiny turned around. After the acquisition, the brand expanded its retail presence, reaching strategic partnerships with industry giants like Walmart and Target. Expanding its business portfolio, it entered the lucrative sector of NFT gaming. Currently, the company is run by a team of experienced professionals, including Luca Netz, Lorenzo Melendez, Austin, Peter Lobanov, Jennifer Mcglone, and Vedant.
Predictions for Pudgy Penguins
A few months ago, while speaking on a podcast, named WSH Podcast, Luca Netz asserted that the Pudgy Penguins price would reach at least 200 ETH before the end of this crypto bull cycle. This sounds a bit of an exaggeration, considering that, to achieve the target predicted by Netz, the collection must show at least 12x growth.
The current price of the NFT remains at least 16.39% lower than its mid-February peak of 21.29 ETH, indicating that there is more room for growth.
NFT Trading Volume Doubles: An Overview
The NFT sales volume has reached $194,703,180, marking a 36.94% rise in the last 7 days; in the last 24 hours alone, it has climbed by 50.66%. Reports say that top collections have accounted for over 40% of the total trading volume in the sector. In the last seven days, the trading volume of Pudgy Penguins has recorded a massive increase of 274.08%, outperforming CryptoPunks (150.47%).
However, not many find the surge in the NFT market impressive. What bothers them is that the current overall trading volume is far less exciting when compared to the market performance of late 2021 and early 2022.
