The Ethereum-based NFT collection Pudgy Penguins showed positive performance in August despite challenging market conditions.
Sales Growth in August
According to data from CryptoSlam and Dune Analytics, Pudgy Penguins' total sales increased by 29% in August to $8.6 million. The number of transactions jumped by 73% to 348. The number of buyers and sellers also rose by 73% and 39% respectively, to 176 and 205. The average holding period increased by 5% to 85.5 days. However, these figures are still significantly lower than the all-time highs of $99.2 million in August 2021 and $26.5 million in March this year.
Rise in NFT Prices
Prices for Pudgy Penguins NFTs are also on the rise. According to Dune, the floor price increased by 30% in August to 10.66 ETH, representing a 166% year-over-year gain. Pudgy Penguins is one of the three blue-chip NFT collections that saw its floor price rise over the past 12 months. Other popular collections like CryptoPunks and Bored Ape Yacht Club saw their floor prices drop by more than 50%.
Financial Support and New Products
The growth in Pudgy Penguins sales comes after the developers secured $11 million in funding from a group of investors led by Founders Fund. The developers plan to use these funds to build a Layer-2 network. Additionally, the brand has launched a range of branded toys that are being sold at major retailers like Walmart and Target.
Despite tough conditions in the NFT market, Pudgy Penguins are showing significant growth in key metrics. Investor support and the release of new products may help sustain their positive momentum.
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