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Pudgy Penguins briefly flips Bored Ape Yacht Club in floor price
Pudgy Penguins briefly overtook Bored Ape Yacht Club in floor price earlier today — as its rapid rise over the last few months has caught up with the sliding prices of apes.
At around 11:00 AM UTC, the floor price for one Pudgy Penguin was 22. 2 ETH ($61,780), while Bored Apes had a floor price of just 22. 1 ETH ($61,500), according to data from Parsec Finance. While this doesn seem like much and it was only short-lived, it does mark a big moment in the shifting landscape of NFTs.
"Pudgy Penguins finally flipped BAYC," noted Daniel Meagaard, known as Seedphrase, on X. "This is a testament to a visionary leader who actively engages the community while staying true to the web3 ethos. Hopefully Yuga is taking notes. "
Yuga Labs had indeed noticed. "Proud of @pudgypenguins . I remember the feeling the team must feel today, and it was beyond surreal. I miss working with that singleness of purpose. Miss the hustle," said Yuga Labs co-founder Gordon Goner on X. " @LucaNetz you earned today. Keep going. Finally, a worthy opponent. "
The floor price is the value of the cheapest available NFT in a collection and it is indicative of demand for the NFT. Since November, the floor price for Pudgy Penguins have seen a strong rally and has grown from 5 ETH to their current value of around 21 ETH, up 320%. This followed a gradual rise over the preceeding year.
The floor price for Pudgy Penguins has increased rapidly. Image: Parsec Finance.
At the same time, the floor price for Bored Apes have been declining since its peak in April 2022. It has fallen from an all-time high of around 160 ETH to its current value of around 22 ETH.
The floor price for Bored Apes has been in constant decline for nearly the last two years. Image: Parsec Finance.
While Bored Apes have faced controversy, such as with regards to its branding, a class action lawsuit and a recent event that left attendees with vision problems, Pudgy Penguins has been raising funds, selling toys in Walmart and planning a game.
The fall in floor price for the apes came despite yesterdays acquisition by Yuga Labs of rival non-fungible token creator Proof, which is best known for its Moonbirds collection. The acquisition seemed to surprise and confuse Bored Ape holders, who said the move "literally makes no sense" and described it as, "Odd. Really odd. "
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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
