NFTs Are Dead? Pudgy Penguins Edges Closer to All-Time Highs

The Pudgy Penguins NFT project has once again attained a floor price above 6 ETH, nearing its all-time high (ATH). The record comes a day after the project launched its flagship penguin-themed collectibles in several HOT TOPIC retail stores.

Pudgy Penguins is a collection of 8,888 non-fungible tokens (NFT) launched in July 2021. The project features cute and chubby penguins with different outfits and traits. The NFT project is built on the Ethereum network.

Pudgy Penguins Enter Retail Stores

On November 23rd, the Pudgy Penguins team announced the launch of physical penguin toys in several outlets of the American retail chain HOT TOPIC across the United States. The move signals that the penguin-themed collection is rapidly gaining more attention among mainstream audiences.

In its announcement, the project expressed its enthusiasm for the move, stating:

“[This] allows us to increase our presence within pop culture and expand the reach of Pudgy Penguins.”

A few days earlier, the Pudgy Penguins had featured on the television station NBC Cleveland.

Interestingly, this is not the first time Pudgy Penguins will make an appearance in retail stores. In September, the project entered 2,000 Walmart stores in the U.S. The marketing action was soon accompanied by an increase in the project’s NFT floor price, the least amount the digital collectible can be sold.

Floor Price Currently Above 6 ETH

Hours after making its entry into HOT TOPIC stores, Pudgy Penguins saw an impressive increase in floor price.

Ranked as the fifth-largest NFT project by trading volume, the penguin-themed collection holds a floor price of 6.07 ETH. Its daily trading volume has also seen a significant 16% increase, bringing it above 642 ETH.

The project also holds a total volume traded of about 202,000 ETH worth of NFTs. The metrics are owed to increased engagement with the project, especially single large trades. For example, a collector purchased a Pudgy Penguin in August 2022 for a whopping 400 ETH.

Pudgy Penguins’ performance gives investors the feeling that the NFT ecosystem is not dead. Time will tell if other NFT projects will see significant increases too.