Secondary market trading explodes!
There’s a new NFT project in town by the name of Pudgy Penguins that has seen some serious trading activity this weekend. After originally launching in July 2021, the team behind the project announced that the collection had sold out in just 19 minutes in a Tweet. Now, as speculation around the NFT asset class reaches a fever pitch, secondary market trading activity has gone wild.
Each penguin represents one of 8,888 Pudgy Penguins who are said to be ‘sliding around on the Ethereum blockchain”. This simply means they are stored as ER-721 NFT tokens on the Ethereum blockchain. Each NFT collectible comes with a collection of traits, including clothing, and different hairstyles. Similar to other collections, the traits of the NFT can indicate value. According to the DappRadar NFT page, Pudgy Penguins generated over $2.44 million from just 247 sales in the last 24-hours.
More impressive perhaps is the 7-day performance that sees the project rising to second place in the DappRadar NFT project rankings. Having accumulated over $51 million from 6,605 sales. Surpassing, CryptoPunks, Art Blocks, and the BAYC project. Moreover, It would appear demand is outstripping supply right now for this new Ethereum NFT project with 4,646 traders generating 6,605 sales.
The highest last sale so far was for Pudgy Penguin 6873, with a price tag of 150 ETH or $484,230. Which has now been relisted for 1,000 ETH or $3.23m. The second most valuable is Pudgy Penguin 5678, last sold for 100 ETH or $322,820. Once again this NFT has now been relisted with a price tag of 999 ETH or $3.2m.
Further data on Opensea shows that there are now 4,200 Pudgy Penguins owners and that the floor price of the NFTs has risen to a 7-day average of 2.16 ETH, or around $7,000. However, at the time of writing when looking through the listings of penguins for sale, the cheapest ones are around 1.3 ETH, or around $4,200.
Gossip Goblin X Pudgy Penguins
On top of all this hype, there has also been an exclusive auction of a collaborative Penguin created in collaboration with the digital artist ‘Gossip Goblin’. Additionally, the platform claims that proceeds raised from the sale will be donated to the Global Penguin Society. The winning bid came from a user with the name CF3BBF who instantly transferred it to another account. The winning bid was for 20 ETH or around $66,000.
As previously reported in the media, there did appear to be a noticeable slow down in the hype surrounding NFTs. Contrary to these reports, the NFT market reached sales volumes of over $2.5 billion in the first half of 2021 according to the Dappradar Q2 Dapp Industry Report. Racking up a further $1.2 billion in July alone.
Something else that has become clear is that those admirers of NFTs and collectibles are not simply attracted to everything with an NFT label stuck on the side. At the other end of the scale, we have seen Ethereum projects such as Weird Whales and Niftydudes fall flat. Whilst more established projects that attempted to weave in a solid narrative and a high level of artistic ability and behind-the-scenes innovation are finding success.
Track the success of NFTs
By using the DappRadar Portfolio Tracker we are able to take a look inside the wallet of the new owner of the auctioned Gossip Goblin x Pudgy Penguins. We see that the total NFT value for this wallet is almost $10 million and that they hold 665 NFT across several collections.
Going deeper using the single NFT page within the wallet we have developed a way to analyze the strength of the NFT asset.
Check your or somebody else’s portfolio
- Go to this page
- Enter your own Ethereum or Binance Smart Chain wallet address. Alternatively, as done above, you can find somebody else’s wallet address and enter that. The wallet address for the buyer of the Gossip Goblin x Pudgy Penguins can be found here. By looking at other accounts you can find other wallet addresses.
- Click on specific NFT assets to enter the single page view and track asset strength.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, NIOX, AGIX, MATIC, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, SHIBA INU, AND OCEAN.