NFT data topic: Pudgy Penguins transaction volume accounts for more than 50% of the total NFT volume on Ethereum, and the floor price of Mad Lads exceeds 60 SOL
Reprinted from chaincatcher
12/18/2024·6MOriginal title: "Coverage on Pudgy Penguins, Mad Lads and CryptoPunks"
Author:OurNetwork
Compiled by: Deep Wave TechFlow
Comments from the editorial team:
NFT once caused a craze in 2021, but then the market quickly cooled down, causing a lot of controversy and reflection. After "Rolling Stone" put Bored Ape's image on the cover, it even published an article bluntly stating that NFT is worthless.
However, surprisingly, parts of the NFT market remain active. Data shows that as of December 16, the market value of the top 10 NFT projects has increased by US$2.5 billion in the past 30 days, showing that the market is experiencing new changes.
Recently, there has been frequent activity in the NFT market. In particular, holders of Pudgy Penguins and Lil Pudgys received approximately US$58,000 and US$6,000 respectively from the PENGU project. Currently, the PENGU project is valued at US$2.7 billion. In addition, Miladys launched an ecosystem token, and Azukis is widely believed to be about to launch a similar token reward mechanism.
Against the backdrop of continued active exploration and experimentation with ecosystem tokens, now is a good time to revisit on-chain data in this area that many have given up on. Let’s take a closer look.
NFTs
Pudgy Penguins | Mad Lads | CryptoPunks
Anticipations for PENGU, ANIME and Opensea token airdrops push the total
market value of NFTs to nearly $11 billion
- The NFT market has seen significant growth, driven by speculation related to the PENGU and ANIME tokens. Igloo Company has seen triple-digit increases in base prices for collectibles over the past 30 days—Pudgy Penguins were up 345% in price before the PENGU airdrop. Meanwhile, Chiru Labs’ Azukis also saw a 170% gain. These increases reflect market expectations for token reward mechanisms, a strategy that has proven effective in increasing user engagement in the past. In addition, rumors about the Opensea token airdrop further boosted market sentiment.
- The dynamic changes in the market can be seen from the brand ranking of NFT Price Floor. Among the top four brands, Igloo Co.'s market capitalization has increased by 377% in the past 30 days, while Chiru Labs has increased by 188%. In comparison, Yuga Labs and Art Blocks experienced smaller growth, but were also positively impacted by the market.
- A similar trend remains evident in the top trades over the past seven days. Among the 12 top deals were six Pudgy Penguins and two Azukis, with prices ranging from about $500,000 to $175,000. This shows that the market attention and demand for Igloo Company and Chiru Labs collectibles is rapidly increasing.
- Transaction Focus: The NFT market has also been affected by the craze of "meme culture". This year, Meme NFT collections like Sproto Gremlins, Milady, and Project Aeon have performed strongly, while the Pepe series still dominates among high-end Meme NFTs. In this context, Nakamoto Cards have become the ultimate target for collectors. Notably, more and more investors are starting to hoard these cards, such as a recent transaction in which one wallet purchased two Nakamoto Cards in just five days. This shows that the market demand for top collectibles is heating up.
Pudgy Penguins
After Pudgy Penguin's floor price exceeded 30 ETH, it fell back to 16 ETH
due to airdrops
- After the news of the launch of the PENGU token was released, the floor price of Pudgy Penguin once exceeded 30 ETH, which was more than three times the floor price in early November and more than half of the historical high price in February 2024. However, after the airdrop was completed today, the floor price fell back to 16 ETH. At the same time, trading volume has increased significantly, reaching a maximum of 8,200 ETH today. As of December 17, each Pudgy's allocated PENGU tokens were worth approximately $58,000. Even though the airdrop has started, the number of buyers continues to grow.
- Compared to other Ethereum NFT collections, Pudgy Penguins have gained significant attention in recent times. Its trading volume has accounted for more than one-third of the total Ethereum NFT trading volume since early December 2024, which is more than double that of other blue-chip NFT collections such as CryptoPunks and Bored Apes. On the day of the PENGU airdrop, the trading volume of Pudgy Penguins accounted for more than 50% of the total Ethereum NFT volume.
- Based on the current floor price, two-thirds of Pudgy Penguin holders have seen their assets double in value, with half of them earning more than 10 times. Despite this, only 5% of holders have currently sold, while more than 19% of holders are still actively increasing their holdings during the floor price correction.
- Trading Focus: PENGU is the official token of Pudgy Penguins. It was officially launched on December 17 with a total supply of 88,888,888,888 pieces and has been listed on major centralized exchanges. So far, more than 20% of the tokens have been claimed. Based on current prices, each Pudgy airdrop is worth approximately $58,000, while each Lil Pudgy airdrop is worth approximately $6,000 (at the time of writing).
Mad Lads
Mad Lads’ market share increased by 10% and currently accounts for
approximately 15% of the Solana NFT market, with a floor price of 66 SOL (approximately US$15,000)
- In the past month, the Solana NFT market has regained attention, with Mad Lads performing particularly well. The series has grown its market share by 10% and now accounts for 15% of the Solana NFT market. With the current floor price of 66 SOL, approximately $15,000 USD, Mad Lads continues to solidify its status as a star project, reflecting a resurgence in activity and attention across the ecosystem.
- Solana NFT trading volume has surged in the past month, with average daily trading volume reaching 16,000 SOL, an increase of 100% from the previous month. The flagship series, including Mad Lads, now accounts for more than 20% of the market share, demonstrating renewed focus and investment enthusiasm for the Solana NFT ecosystem.
- Mad Lads has seen a significant increase in the number of new buyers, with first-time account purchases up 20% in the past week. These new buyers now account for more than 50% of the total daily buyers, indicating that interest in the series continues to rise and attracting more new users to join.
Crypto Punks
Diego Cabral | Website | Dashboard
65% Loyalty: CryptoPunks holders have persisted in the NFT bear market
for more than two years
- As the first iconic NFT collectible series, CryptoPunks pioneered the PFP (Avatar Picture) movement based on 10,000 pixel-style characters. Although its price has continued to decline relative to ETH since 2021, CryptoPunks are still regarded as a cultural icon and have maintained high retention rates among collectors. Data shows that approximately 65% of holders have held their NFTs for more than two years, while 59.3% have never sold. This suggests that CryptoPunks holders tend to be collectors or long-term investors rather than NFT speculators who make short-term profits through frequent transactions.
- The data also shows that CryptoPunks holders are more loyal. For example, there are 12 wallets that have held more than 20 CryptoPunks for more than 600 days, and another 5 wallets that have held them for even more than 1,000 days without making any sales. This reflects the holders’ confidence in the price rebound and their preference for long-term holding, as well as their recognition of the cultural value of CryptoPunks.
- Since May 2022, CryptoPunks’ floor price has dropped from 65 ETH to 27 ETH. In comparison, the comprehensive floor price of the top 100 NFT collection series on Ethereum dropped from 591 ETH to 61 ETH. CryptoPunks have shown greater resilience against the backdrop of declining popularity in the entire NFT market, indicating that their holders are more focused on long-term value than short-term speculation compared to other major collection series.
- Transaction Spotlight: The largest transaction in CryptoPunks history occurred on February 12, 2022, when Punk #5822 was sold for 8,000 ETH (worth over $23 million at the time and over $31 million today). The second largest transaction occurred two years later in March 2024, when Punk #7804 was sold for 4,850 ETH. While the current bull market has reignited interest in NFTs, it remains to be seen whether market demand can soon surpass Punk #5822’s record transaction volume (which was approximately 65% higher than the second-largest transaction earlier this year).
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