Pudgy Penguins approach Bored Ape floor prices, buoyed by CEO’s expansive approach

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It looks like apes are out, and pen­guins are in.

Bored Apes Yacht Club, the col­lec­tion of 10,000 car­toon ape NFTs that became wild­ly pop­u­lar in the months after their April 2021 cre­ation, has seen its trad­ing inter­est lan­guish in recent months. Pudgy Pen­guins, which were first mint­ed around the same time as Bored Apes, con­tin­ue to roll.

This trend shows itself in the con­ver­gence of the two projects’ floor prices. A collection’s floor price is the low­est price for which a col­lec­tor could acquire a piece in the col­lec­tion on sec­ondary mar­kets. As of Mon­day morn­ing, Bored Ape’s floor price in dol­lar terms was $57,469, while Pudgy Pen­guins’ was $51,730, accord­ing to data from NFT Price Floor.

Read more: Ape­Fest marred by reports of eye and skin injuries

What some have dubbed a poten­tial “flap­pen­ing” is being enabled in part by greater trad­ing inter­est in Pudgy Pen­guins. The project has seen over 2,000 sales in the past month, com­pared to 886 for Bored Apes, per NFT Price Floor. 

Data from the pseu­do­ny­mous researcher NFTstats.eth on X showed that a year and a half ago, the Bored Apes floor price was rough­ly 100 times that of Pudgy Penguins. 

In the time between, Pudgy Pen­guins CEO Luca Netz has worked to carve a dis­tinct lane for Pud­gies as a more expan­sive intel­lec­tu­al propo­er­ty brand. Netz raised a $9 mil­lion seed round on this vision in May 2023. 

“Luca Netz is a ser­i­al entre­pre­neur with exper­tise in mar­ket­ing and e‑commerce. He has a clear vision for Pudgy [Pen­guins]: to trans­form it into a high­ly suc­cess­ful intel­lec­tu­al prop­er­ty brand,” Nicolás Lalle­ment, co-founder of NFT Price Floor, told Block­works. “He seems to be [suc­cess­ful­ly] exe­cut­ing his plan so far.”

Pudgy Pen­guins has released toy ver­sions of its NFTs which start­ed sell­ing in Wal­mart stores in Sep­tem­ber 2023.

Read more: Pudgy Pen­guins wad­dle their way into 2,000 Wal­mart locations

More recent­ly, Pudgy Pen­guins teased the open-world game Pudgy World, cur­rent­ly slat­ed for a Q1 2024 release. The game will use Pudgy’s NFT intel­lec­tu­al prop­er­ty and appar­ent­ly will be com­pat­i­ble with the Apple Vision Pro. 

Bored Ape Yacht Club, mean­while, is owned by Yuga Labs, which saw a hitch in one of its major ini­tia­tives last week.

Yuga has recent­ly been devel­op­ing a meta­verse named Oth­er­side. Last week, an Oth­er­side-devel­oped game called Leg­ends of the Mara announced that users could claim col­lectibles earned dur­ing game­play. Users rushed to mint the NFTs on Ethereum, but ele­vat­ed gas costs meant that some end­ed up pay­ing large amounts of gas for the free collectible.

Yuga’s Chief Gam­ing Offi­cer Spencer Tuck­er said the stu­dio would give all affect­ed users a dif­fer­ent free col­lectible to make up for the high gas cost, but the game’s com­mu­ni­ty mem­bers com­plained doing so would dilute the val­ue of the ini­tial NFT run.

A few hours lat­er, Yuga reversed course to sim­ply refund the gas fees. “Thanks for call­ing us on our shit and bear­ing with us,” Yuga Labs co-founder Greg Solano said

Devel­op­ment teams aside, there may be a more abstract force con­tribut­ing to Bored Ape’s fall and Pudgy Pen­guins’ rise: coolness.

“Yuga needs to make Apes glob­al­ly cool again like they were just a short time ago. Get @BoredApeYC in the [main­stream media] head­lines again!,” one user wrote on X.


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