Pudgy Penguins, the viral Ethereum Non-Fungible Token collection, defied the industry gloom in August.
Data from CryptoSlam and Dune Analytics shows that its key metrics performed well even as the sector came under intense pressure.
Total revenue rose 29% to more than $8.6 million in August, while the number of transactions rose 73% to 348.
In addition, the number of buyers and sellers increased by 73% and 39% to 176 and 205 respectively. The average number of days held also increased slightly by 5% to 85.5.
Although Pudgy Penguins sales increased in August, they remain sharply lower than their all-time high of $99.2 million in August 2021. They were also lower than the March high of $26.5 million.
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Chubby penguins are getting pricey
Prices of Pudgy Penguin NFTs are also rising.
According to Dune, the floor price increased 30% to 10.66 ETH in August and 166% from the same period in 2023. The floor price refers to the lowest price an NFT sells on marketplaces.
Pudgy Penguins is one of three leading NFT collections to see its floor price increase over the past twelve months. Milady’s reserve price increased by 121%, while Doodles increased by 12%.
The floor price of other popular NFT collections such as CryptoPunks, Bored Ape Yacht Club, Azuki and Mutant Ape Yacht Club have fallen by more than 50% in the past twelve months as their demand has declined.
According to NFT Evening, 96% of all NFTs have “died,” with four in ten holders experiencing a loss. Furthermore, the average lifespan of an NFT has dropped to 1.14 years, much lower than that of other crypto assets.
NFT Floor Prices | Chart by Dune Analytics
Pudgy Penguins, founded by entrepreneur Luca Schnetzler (aka Luca Netz), has done well even as overall sales, transactions and NFT users have continued to decline.
Total NFT sales fell 41% to $376 million in August, down from an all-time high of more than $6 billion.
Pudgy Penguin’s revenue rose a month after its developers secured $11 million in funding from a group of investors to build a layer 2 network. The funding came from Founders Fund, Peter Thiel’s venture capital firm.
The developers have also launched branded toys that are sold in popular retailers such as Walmart and Target.
Read more: The Pudgy Penguins company secures $11 million to build a new L2 project
