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Pudgy Penguins NFT Prices Surge After Creator Unveils IRL Toys

NFT

www.coindesk.com 11 August 2022 23:31, UTC
  
Reading time: ~2 m

Sales of Pudgy Penguin non-fungible tokens (NFTs) heated up on Thursday after the project announced it would be licensing select NFTs to be made into physical toy collectibles.

The collection has seen 252 ETH (around $466,000) worth of sales in the last 24 hours, a 370% increase from the previous day, according to data from OpenSea.

The collection’s floor price, which is the price of the cheapest available edition, is now 2.63 ETH (around $4,900), an 18% increase from yesterday’s floor and a 60% increase from 30 days ago, according to data from NFT Floor Price.

The Pudgy Penguins’ brand has seen its share of ups and downs since its release in June 2021; it ousted its original founders last January. In April, the brand was sold to a Los Angeles-based entrepreneur and Pudgy Penguin holder for 750 ETH, revitalizing the community’s efforts to take control over the collection’s future.

The announcement comes amid an ongoing debate in the NFT world about licensing rights for holders, highlighted by Moonbirds’ recent switch to a CC0 license, causing its floor price to tank.

A CC0 license, unlike the licenses of Pudgy Penguin NFTs and collections like the Bored Ape Yacht Club and CryptoPunks, allow anyone to use the creative rights behind the project’s artwork to create commercial products, not just the holder of the NFT.


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