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Pudgy Penguins could be the NFT market’s savior based on this reason

  • Pudgy Penguins NFT collection bucked the bear market trend, after securing a landmark deal with Walmart.
  • Despite market challenges, NFT trading volumes surged, driven by Pudgy Penguins.

In the midst of a bear market that had a significant impact on the NFT sector, there emerged a notable exception: Pudgy Penguins. While the NFT transfer volumes witnessed a decline, and floor prices of many NFT collections were plummeting, Pudgy Penguins experienced a remarkable surge in interest and activity.

Are new developments here to stay?

Pudgy Penguins recently made three major announcements that have propelled them toward recent popularity. First, they revealed a groundbreaking deal: Pudgy Penguins toys would be available in over 2,000 Walmart stores.

This was a significant move, considering Walmart’s immense reach, with $168 billion in net general merchandise sales in 2022. No other web3 project had managed to secure a deal of such magnitude.

Additionally, Pudgy Penguins unveiled plans for Overpass, an IP licensing marketplace. Their aim is to revolutionize the licensing process, reducing it from weeks to minutes. This innovation is expected to empower Pudgy Penguin holders to swiftly close licensing agreements on Overpass.

Furthermore, Pudgy Penguins is set to launch an online game reminiscent of the beloved Club Penguin. Pudgy World, also known as Club Penguin 3.0, offers an engaging online experience. Users can hang out and explore the virtual world, customize their Pudgy character for free, and enjoy various mini-games like Pengu Dash and chess.

Pudgy holders rejoice

This surge of interest in Pudgy Penguins had a tangible impact on their floor prices. At the time of writing, the average floor price for Pudgy Penguins stood at 5.19 ETH, marking an 11% increase in the last 24 hours.

Notably, the volume of Pudgy Penguin sales skyrocketed by a staggering 227%, and the NFT collection witnessed a corresponding surge in overall sales.

Source: NFT floor price

While Pudgy Penguins commanded attention, it wasn’t the only NFT collection making waves. OtherSide introduced the Legends of the Mara game, adding to the growing excitement within the NFT sector.

The enthusiasm generated by these collections contributed to a surge in NFT trading volumes over the past few weeks. This was revealed by data from Dune Analytics.

Source: Dune Analytics

In the realm of NFT exchanges, Blur took the lead in volume, but OpenSea dominated in terms of the number of trades occurring on the network.

Source: Dune Analytics

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