Why Pudgy Penguins Floor Prices Soared 400% in a Bear Market

According to Dune data, the floor price of the traditional blue-chip NFT project Pudgy Penguins has risen against the trend in the past six months. The floor price is now about 4 ETH, which is 4 times the long-term floor price of 1 ETH.

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DoubleQ, founder of DoubleStudio, analyzes the reasons for Pudgy Penguins’ resurgence.

1. Pudgy Penguins floor price surged 400% in one of the worst NFT bear markets. This is the greatest re-emergence story. how this happened

2. A little history: Pudgy Penguins is an old-fashioned NFT project, considered a “blue chip” in the early days of pfp, but due to poor execution, problems with former founder Cole, and various farces among the top holders, Pudgy sadly lost gained market share and slowly declined.

3. However, things took a turn for the worse. Luca Netz acquired the project in April 2022 for 750 ETH ($2.5 million). Luca and his team completely overhauled Pudgy and created a roadmap from the ground up.

4. Who is Luca Netz? Luca is a legend in the DTC e-commerce field. He knows how to grow a business. His firm, Netz Capital, has invested in a broad range of DTC brands, SaaS and tech startups. In short, he has the experience, knowledge and resources to make it happen.

5. Throughout the saga, Pudgy price is fairly stable, around 1 ETH, which shows the strength of their community to be able to withstand all the FUD.

6. The Pudgy team has grown at an incredible rate since the acquisition. In just 4 months, they delivered:

It’s a complete rebrand.

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7. Pudgy Toys is a brilliant idea, unlocking IP potential and new revenue models for holders.

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8. Their floor prices rose 400% during the bear market, while prices for many projects fell 50-90%. This is what happens when you hand over an old NFT IP to an experienced leader who knows what he is doing.

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Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/why-pudgy-penguins-floor-prices-soared-400-in-a-bear-market/
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