As the NFT market continues to move deeper and deeper into unknown territory, some collections have fared better than most. This week, the indomitable Pudgy Penguins held fast in the recent bout of turbulence to eclipse both DeGods and Azuki in floor price.
Over recent months, many NFT collections have seen their floor prices decimated in the wake of a turbulent 2023. Much of this has been attributed to cynical speculation, rewards token farming, ETH-backed lending, and ill-timed NFT drops. However, while the market remains disrupted, one collection has not only weathered the storm admirably, but bucked the trend completely.
This week, the NFT market as a whole saw yet another sharp drop in NFT prices across the board. However, as both Azuki and DeGods dropped below the 4 ETH mark, Pudgy Penguins held firm, and flipped both collections in the process.
Pudgy Penguins Turns to Traditional Retail as Times Get Tough
Taking a look at all 3 projects, these stark differences in fortune can be traced back to how they each chose to address the current market climate. In the cases of Azuki and DeGods, they essentially introduced new NFTs, which effectively diluted their own collections, without introducing any clear utility.
Pudgy Penguins chose an entirely different route, however, by turning to the traditional retail sector to shore up its business. This meant that by using its intellectual property to produce a range of toys and clothing, it could foster a new revenue stream outside the struggling NFT space, and add an extra layer of utility to its product.
Yay!! FINALLY!! Pudgy Toys Have Arrived in Malaysia! – 12/9/2023
BREAKING: Pudgy Toys are now available in 90 retail stores across 🇲🇾 Malaysia 🇲🇾! 🐧💕
3/3 Details: 👇🧵 pic.twitter.com/zDucuA2U5R
— 🇲🇾FoxyPenguin🇲🇾 (@FoxyPenguinApe) September 13, 2023
As a result of its tactical nous, Pudgy Penguins has managed to maintain a steady floor price, and the respect of its community!
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