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NFT Trading Surges 8X Boom from the Popularity of Bored Ape Yacht Club,Pudgy Penguins and CryptoPunk

Non-fungible token (NFT) has seen a surge in market trading volume in the last two weeks, thanks to the craze of Bored Ape Yacht Club and Pudgy Penguins, as well as the classic NFT CryptoPunk.

According to the August 17 report of the encrypted data provider Coin Metrics, the daily number of sales and buyers on NFT trading platform giant OpenSea’s sales reached 60K last week, which is far higher than March’s boom of NFT market, which is almost eight times higher compared to March.

Source: Coin Metrics

OpenSea’s transaction volume has surpassed $1billion in August.

In addition to the exchange trading volume, several NFTs have also drawn the public’s attention. Among them, on July 30, an anonymous buyer purchased 104 CryptoPunks with a total value of approximately $7 million as a long-term store of value means.

Sources: Coin Metrics

CryptoPunks are the earliest collections in the early NFT market. Around 2017, the two earliest NFTs to be created and to gain popularity were CryptoPunks and CryptoKitty. CryptoPunks contains 10,000 cute animations of human bodies and animal characters.

In addition, many animal-based NFT projects, Bored Ape Yacht Club and Pudgy Penguins, have drawn public attention.

Sales of Bored Ape Yacht Club (BAYC) soared after announcing that it would be exhibited at Christie’s auction. Since then, BAYC’s sales have reached millions of dollars, and the base price has reached more than 15 ETH.

The Bored Ape Yacht Club is a collection of 10000 unique Bored Ape NFTs— unique digital collectables living on the Ethereum blockchain.

The trading volume of Pudgy Penguins reached a peak of $13.5 million on August 13.

The Coin Metrics report pointed out that most mainstream NFTs are usually priced in ETH, so the fluctuation or the volatility of ETH prices will impact the trading volume on the NFT market, and a sudden increase may deter new entrants NFT market. However, higher NFT sales may help attract new users to the Ethereum blockchain.

Blockchain.News reported on August 16, ape-themed Non-Fungible Token project, CyberKongz has taken the lead amongst all protocols for the highest Ethereum burn rate in the past 24 hours, according to the burning leaderboard provided by Ultrasound.

NFT royalties of BAYC, Azuki, Pudgy Penguins are Surprisingly $58M+, $43M+, $7.2M+ Respectively

Blockchain data and research firm Nansen has reported the royalty earnings of top Ethereum non-fungible token (NFT) brand.

Leading the charge in Ethereum NFTs, the Bored Ape Yacht Club (BAYC) has reported impressive earnings of over $58 million in royalties. BAYC, a well-known series of NFTs, is a prime example of the commercial potential that this digital realm offers, adding a new layer to the Ethereum ecosystem’s economic viability.

Following BAYC’s trail, Azuki, another popular NFT series, also announced substantial royalty earnings through Ethereum NFTs. The anime-inspired NFT project has amassed a remarkable $43 million-plus in royalties, underscoring the lucrative prospects of the burgeoning NFT marketplace.

Furthermore, the whimsically-named Pudgy Penguins didn’t fall too far behind, earning more than $7.2 million in royalties from Ethereum NFTs. The charming and unique characters have managed to carve a niche for themselves in the highly competitive digital token space.

NFT royalties are a built-in monetary feature present in certain Non-Fungible Tokens (NFTs), granting the initial artist or creator of the digital asset a percentage of the earnings every time the NFT is resold or exchanged in the future. This mechanism guarantees an ongoing stream of income for creators, marking a notable departure from the traditional art sector, where creators are typically compensated with a single upfront payment for their work.

This is made possible through smart contracts on the Ethereum blockchain (and others). When an NFT is minted, the creator can include terms in the smart contract specifying a certain percentage that they receive from all future transactions. Each time the NFT is resold on the secondary market, the smart contract automatically redirects a portion of the sale to the original creator’s cryptocurrency wallet.

In a nutshell, NFT royalties help ensure that artists can continually benefit from their work, even as it increases in value and changes hands over time. This feature is seen as a significant innovation in favor of artists and content creators in the digital space.

Magic Eden and Pudgy Penguins Forge Strategic NFT Marketplace Alliance

Magic Eden, a leading NFT marketplace, has entered into a strategic partnership with Pudgy Penguins, one of the most influential NFT collections and communities in the Web 3.0 space. Announced on February 6, 2024, this alliance marks a pivotal moment in the evolution of digital collectibles and their integration into broader digital environments.

A Strategic Alliance for NFT Excellence

Magic Eden has been designated as the preferred marketplace by Pudgy Penguins, ensuring that it becomes the go-to platform for enthusiasts and collectors interested in the Pudgy Penguins collection. This decision underscores the confidence Pudgy Penguins has in Magic Eden’s capabilities to provide a superior platform for buying, selling, and trading NFTs.

Pudgy Penguins is not merely a creator of NFTs; it is a brand that has deeply embedded itself in the fabric of the NFT and blockchain community. With a reputation for pushing the boundaries of what’s possible in the NFT space, Pudgy Penguins brings to the table an unparalleled understanding of the ecosystem. This expertise will be invaluable to Magic Eden as it seeks to optimize its platform for a broader audience, including the upcoming Ethereum market expansion.

Integration into Virtual Worlds and Games

One of the most exciting aspects of this partnership is the exploration of opportunities to integrate Magic Eden within the virtual worlds and games developed by Pudgy Penguins. This initiative aims to create a seamless experience where users can engage with the marketplace not just as a standalone platform but as an integral part of their digital environment. It promises to offer a more immersive and interactive way to experience NFTs, bridging the gap between digital collectibles and virtual experiences.

A Fusion of Visions and Values

The collaboration between Magic Eden and Pudgy Penguins is more than just a partnership; it represents a fusion of shared visions and values. Both entities are committed to advancing the NFT and blockchain technology space while ensuring that the ecosystem remains focused on creators and collectors. Through this alliance, they aim to bring innovative ideas and enriching experiences to the community, setting new standards for what is possible in the NFT marketplace.

Conclusion

The partnership between Magic Eden and Pudgy Penguins is a testament to the dynamic and evolving nature of the NFT and blockchain ecosystem. By combining their strengths, these two influential entities are poised to create a more engaging, integrated, and optimized platform for NFT enthusiasts worldwide. As the community eagerly awaits the fruits of this collaboration, it is clear that the future of NFTs and digital collectibles is bright, with innovative experiences on the horizon.

Pudgy Penguins Expands Retail Presence with New Toys in Walmart Stores

Nationwide Expansion

Pudgy Penguins, known for its digital NFT collection, is scaling up its retail footprint with an expanded toy collection available in Walmart, the major U.S. retail chain. As of February 20, 2024, Pudgy Penguins has announced that its line of Pudgy Toys will be stocked in an additional 1,100 Walmart stores, making the toys accessible in a total of 3,100 Walmart locations across the country. This move marks a significant expansion following Pudgy Penguins’ initial launch in 2,000 Walmart stores in September 2023.

Exclusive Toy Collection

The new rollout will feature 30 unique Pudgy Toys, including the Lil Pudgys Igloo Collectibles and Action Figures, which are exclusive to Walmart. The toys aim to bridge the gap between digital and physical play, each accompanied by a QR code that unlocks digital traits and collectibles within Pudgy World, an online game based on the Layer 2 blockchain, zkSync Era.

NFT Community Engagement

Pudgy Penguins’ integration of blockchain technology extends to its community of NFT holders through OverpassIP. This platform allows NFT holders to submit their digital assets for licensing and receive royalties from the sale of the corresponding physical toys. “The expansion into additional Walmart locations, alongside exclusive toy offerings, underscores the enduring appeal of Pudgy Penguins characters,” said Luca Netz, CEO of Pudgy Penguins. OverpassIP, still in its Beta phase, represents a pioneering approach to digital asset licensing and community engagement, signaling a shift in how NFTs are leveraged for real-world utility.

The Pudgy Toys line, produced by PMI Kids’ World, was a top seller on Amazon across three categories and received Toy Insider’s Top Summer Toy award in 2023. The line’s price range is between $2.99 and $11.97. Enhanced packaging designs and the introduction of a Blind Box Collection Series for plush toys are among the latest updates to the Pudgy Penguins brand.