Pudgy Penguins, ethereum’s viral collection of non-fungible tokens, has defied industry gloom in August.
Data from CryptoSlam and Dune Analytics shows that its key metrics performed well even when the sector was under intense pressure.
Total sales rose 29% in August to more than $8.6 million, while the number of transactions increased 73% to 348.
In addition, the number of buyers and sellers increased by 73% and 39% to 176 and 205 respectively. The average number of days of holding also increased slightly, by 5% to 85.5.
While Pudgy Penguins sales increased in August, they are still well below their all-time high of $99.2 million in August 2021. They were also below the March high of $26.5 million.
Chubby penguins are getting expensive
Pudgy Penguin nft prices are also on the rise.
According nft-floor-prices” target=”_blank” rel=””>DuneThe floor price increased by 30% in August to 10.66 eth and by 166% compared to the same period in 2023. The floor price refers to the lowest price at which an nft is sold on the markets.
Pudgy Penguins is one of three top nft collections whose floor price has increased over the past 12 months. Milady’s floor price has increased by 121%, while Doodles’ floor price has increased by 12%.
The floor price of other popular top-tier nft collections such as CryptoPunks, Bored Ape Yacht Club, Azuki and Mutant Ape Yacht Club has fallen by more than 50% over the past 12 months as demand for them has declined.
According nfts-dead-2024/” target=”_blank” rel=””>nft Night96% of all nfts have “died,” with four out of ten holders suffering losses. Furthermore, the average lifespan of an nft has been reduced to 1.14 years, much shorter than other cryptoassets.
<img loading="lazy" decoding="async" width="3018" height="1091" src="https://crypto.news/app/uploads/2024/09/nft-sales.jpeg” alt=”Pudgy Penguins base price increases as key metrics improve – 1″/>
Pudgy Penguins, founded by entrepreneur Luca Schnetzler (aka Luca Netz), has performed well even as total nft sales, transactions, and users have continued to decline.
Total nft sales in August abandonment by 41% to $376 million, down from an all-time high of more than $6 billion.
Pudgy Penguin sales surged a month after the developers secured $11 million in funding from a group of investors to build a Layer 2 network. The funding came from Founders Fund, Peter Thiel's venture capital firm.
The developers have also released branded toys that are sold at popular retailers like Walmart and Target.
