The floor price overtakes BAYC. Can Fat Penguin dominate the NFT sector in 2024?

Author: DeMan

On February 17, Yuga Labs co-founder Wylie Arnow (Gordon Goner) expressed his praise for Fat Penguin and his CEO Luca Netz team on the X platform, believing that they have achieved After some achievements, he also shared a picture of the golden fat penguin he holds, showing his support for the project.

At the same time, the latest Blur data shows that the floor price of Fat Penguin has exceeded that of Boring Ape (BAYC), with a report of 22.27 ETH, while BAYC was 22.26 ETH, showing that Fat Penguin has increased by as much as 54.87% in one month (1 The price on March 16 was around 14.38 ETH).

So, why can the price of Pudgy Penguins hit new highs and keep rising? Find out below for you.

BAYC gradually falls from the altar? Pudgy Penguins is more like a metaphor for its comeback

Before reviewing the performance path of Pudgy Penguins, let's take a look at an episode.

In the early morning of February 17, Yuga Labs, the development team of “Boring Ape” (BAYC), officially announced that it has completed the acquisition of PROOF, the development company of Moonbirds (Yuga Labs co-founder Garga.eth revealed that this is a (an “all-equity transaction”), the acquisition includes the PROOF team, intellectual property, art portfolio PROOF Collective, Moonbirds, Mythics, Moonbirds Oddities and Grails exhibition series.

But as mentioned earlier, on February 17, the price of Pudgy Penguins overtook BAYC. This was also the first time that BAYC, which had long dominated the NFT track, was pulled down. The symbolic meaning of the throne is self-evident.

On the day when the first acquisition was completed, BAYC was overtaken by Pudgy Penguins, which had been suppressing it before. It was like a loud slap in the face. It is worth mentioning that the BAYC community's attitude towards this acquisition is quite divided, which shows that there may be major problems with the community's consensus, which will directly affect subsequent development. But correspondingly, Pudgy Penguins has adjusted its strategic direction in a timely manner since the end of 2022, putting its development on the right track and has maintained a stable upward trend. Let’s sort out what positive measures Pudgy Penguins has taken recently.

Pudgy Penguins has taken multiple measures to achieve the continuous improvement of the project’s brand power and vitality

Friends who are familiar with the NFT market know that Pudgy Penguins already has a certain Due to the circle-breaking effect, even users outside the Web3 circle have a certain degree of favorability towards Pudgy Penguins, which is also the basis for its innovative development. Specifically, Pudgy Penguins has blossomed in many aspects, making the market shine:

First of all, in the field of NFT, Pudgy Penguins has adopted a series of innovative measures, through overpassIP The launch of the platform provides a new path for NFT holders to participate in various activities and realize benefits by authorizing the use of their digital images. This model not only creates income opportunities for holders, but also injects new impetus into the expansion and monetization capabilities of the Fat Penguin brand.

In terms of product promotion, Fat Penguin successfully promoted the brand to the mass market by launching IP derivative toys Pudgy Toys. These toys are linked to the Pudgy World virtual world based on the zkSync Era blockchain through a unique digital birth certificate, providing users with a new interactive experience. In addition, Pudgy Toys quickly gained market recognition by being listed on mainstream platforms such as Amazon and Walmart, establishing significant visibility for Pudgy Penguin in the mainstream world.

Fat Penguin has also successfully expanded the influence of its IP by launching its own clothing brand Igloo and cooperating with many mainstream brands, such as the Hong Kong comic "Old Master" and Last Crumb. These collaborations not only increase Fat Penguin’s brand visibility, but also demonstrate its application potential in different fields.

In order to further enrich the brand narrative, Fat Penguin plans to launch two arcade games in 2024 and launch the online game platform Pudgy World on zkSync. This platform not only provides a narrative-driven and open gaming environment for NFT holders and toy owners, but also heralds Fat Penguin’s ambitions in providing diversified user experiences.

In general, through these strategies and cooperation, Fat Penguin has not only successfully expanded the market influence of its IP, but also provided new monetization models and user interaction methods for the NFT and digital art fields. Demonstrating its innovative spirit and forward-looking layout as a market leader.

Launching a new online game and taking a diversified route: Will Pudgy Penguins follow in the footsteps of BAYC?

In December last year, Pudgy Penguins announced the first public beta of the upcoming “Pudgy World”, a new open world game on Ethereum that will be powered by zkSync technology. The immersive multiplayer game is open to holders of the Pudgy Penguins NFT and owners of Pudgy toys. This also demonstrates Pudgy Penguins’ ambition to delve into the future Web3 world.

However, with the bloated ecosystem and the entrenched interests of all parties, there are still questions about whether Pudgy Penguins will follow in the footsteps of BAYC. For the majority of NFT investors, they still need to pay attention to preventing and controlling potential investment risks in 2024. After all, after the emergence of Inscription, the overall popularity of the NFT track has dropped significantly.