Will the Pudgy Penguins Airdrop Ignite the NFT Renaissance?

Author: NingNing

Boldly predict that the NFT Renaissance in this cycle will start with the doubling of the floor price of the ape and will be detonated by the airdrop of the fat penguin this month.

As the most symbolic digital consumer product of the 2020s, although NFT has just experienced a bear market that lasted much longer than other sectors, and even now it cannot be completely asserted that the NFT bear market is over, there is no sign of the NFT track dying out.

On the contrary, the new NFT forces represented by Pudgy Penguins and the sloths and Bad Kids of the Commos ecosystem have successfully explored a path of healthy development after the failure of Yuga Labs' unlimited split operation by attaching importance to community building and IP construction. The floor price and liquidity of NFT continue to grow against the trend during the bear market cycle.

Looking back at the brief history of Pudgy Penguins, we will find that Huddlers community governance capabilities and commercial operations are the two key points of Pudgy Penguins' success. Pudgy Penguins has now transformed into a Web3 brand that owns both NFT and offline physical toy IPs. Or, we can compare it to Web3 Pop Mart.

But the Pudgy Penguins team did not satisfy the achievements of one of the largest Web3 brands, but ambitiously launched an independent consumer chain Abstract @AbstractChain, which has become the largest Web3 product and service distribution channel by connecting developers, communities and users.

Abstract and chain abstract super financial APP Infinex @infinex_app are two heavyweight chess pieces that Peter Thiel, the godfather of the King Maker and Paybal gang, has bet on in this cycle for the large-scale adoption of Web3 that will take place in the United States.

We focus on the airdrop of the Pudgy Penguins token $PENGU to measure the current status of the fat penguin and the ape. In terms of community awareness, IP influence, strategic planning and implementation capabilities, asset liquidity, price, etc., the fat penguin has a clear trend of catching up. The FDV of $PENGU should not be lower than $APE's ~$1.9 billion, that is, the price of each $PENGU should not be lower than $0.021.

Pudgy Penguins has issued 38,504 NFTs in total, including Pudgy Penguins (8,888), Lil Pudgy (22,222), and Pudgy Rods (7,394).

Total issuance of Pudgy Penguins is ~88.889 billion, 25.9% of which is allocated to the Pudgy community (NFT holders).

Current price of Pudgy Penguins is 19.3E, current price of Lil Pudgy is 1.99E, and current price of Pudgy Rods is 0.82E.

If NFTs are distributed weighted by NFT price, each Pudgy Penguins NFT will airdrop 2,002,934 tokens, Lil Pudgy will airdrop 206,583 tokens, and Pudgy Rods will airdrop 85,006 tokens

Based on the current price, the initial airdrop payback rate of Pudgy Penguins NFT is ~58%.

Of course, the above is only a conservative estimate, without considering factors such as new coin premium, community consensus premium, and market risk preference premium. The actual rate of return should be much higher than 58%.