Forget Bitcoin, the Pudgy Penguins NFT collection is the latest crypto asset to cross the $100,000 mark.
The project saw its floor price surpass $100,000 for the first time by achieving a new all-time high of 27 ETH (approximately $104,600).
This surge positions Pudgy Penguins as the second-largest NFT collection, trailing only CryptoPunks, which holds a floor price of 39.5 ETH ($150,000).
Comprising 8,888 unique NFTs, the Pudgy Penguins collection has surged more than 200% over the last 30 days, following the team’s announcement of their upcoming ecosystem token, $PENGU.
Scheduled for release in 2024 on the Solana blockchain, the token will have a total supply of 88,888,888,888 tokens, with 25.9% allocated to the Pudgy Penguins community and 24.12% reserved for other communities and new “Huddle” members.
Team members, both current and future, will receive 17.8% of the supply, subject to a one-year cliff and three-year vesting period. Additionally, 11.48% will be retained by the company under the same vesting terms.
Meanwhile, Bitcoin has returned to the $100K zone after briefly dipping to the $94K mark a few days ago.
Amid the overall bull market, NFT projects are giving mixed signals. As well as Pudgy Penguins, blue-chip NFT collections are performing well.
CryptoPunks holds a floor price of around 40 ETH, representing a nearly 34% increase over the month. November saw CryptoPunks recording a trading volume of $49 million—a staggering 392% surge from October from only 388 transactions. With a 40% market share and a median trade value of $114,131, CryptoPunks continues to serve as a pillar of the NFT market.
The Bored Ape Yacht Club (BAYC) is also maintaining an 18.2 ETH floor price, posting an impressive 62% monthly gain.
However, Nike’s digital studio RTFKT announced earlier this month that it is hutting down by January 2025.
The move comes as part of a broader restructuring under Nike’s new CEO, Elliott Hill. RTFKT’s Ethereum-based tokens will remain publicly accessible but the decision signals the end of Nike’s foray into digital fashion.
Nike’s RTFKT Shuts Down But NFT Market Sees Resurgence
Nike’s RTFKT to shut down by Jan 2025 but NFT projects BAYC, Pudgy Penguins, and Cryptopunks experience growth
“Since our inception, Rtfkt has been at the forefront of digital culture, pioneering the fusion of sneaker culture, gaming, digital fashion and Web3 Technology,” RTFKT announced on X.
“Together, we’ve built something revolutionary: a community where traditional boundaries between physical and digital creativity dissolved, where artists and collectors redefined what the future could be. Today, we’re announcing the plan to wind down RTFKT operations.”
