Beyond BAYC, but still not ruling out repeating BAYC's mistakes: Pudgy Penguins cannot sustain a perpetual rise

Author: DeMan

On February 17, Yuga Labs co-founder Wylie Arnow (GordonGoner) expressed his admiration for Pudgy Penguins and its CEO Luca Netz team on the X platform, believing they have achieved remarkable results, while sharing a picture of his golden Pudgy Penguin, showing support for the project.

Meanwhile, the latest data from Blur shows that the floor price of Pudgy Penguins has surpassed that of Bored Ape Yacht Club (BAYC), reporting at 22.27 ETH, while BAYC is at 22.26 ETH, indicating a 54.87% increase for Pudgy Penguins within a month (the price was around 14.38 ETH on January 16).

So, why has the price of Pudgy Penguins been able to reach new highs continuously? Let's explore this below.

Is BAYC Gradually Falling from Grace? Pudgy Penguins' Surpassing of It is More of a Metaphor

Before reviewing the achievements of Pudgy Penguins, let's look at a brief interlude.

In the early hours of February 17, the development team of "Bored Ape" (BAYC) officially announced that they had completed the acquisition of the Moonbirds development company PROOF (Yuga Labs co-founder Garga.eth revealed that this was a "full equity transaction"), which includes the PROOF team, intellectual property, the art collection PROOF Collective, Moonbirds, Mythics, Moonbirds Oddities, and the Grails exhibition series.

However, as mentioned earlier, on February 17, Pudgy Penguins' price surpassed BAYC for the first time, marking a significant symbolic moment as BAYC, which has long dominated the NFT space, was dethroned.

On the very day the acquisition was completed, BAYC was overtaken by Pudgy Penguins, which had previously been overshadowed, akin to a resounding slap in the face. It is worth noting that the BAYC community's attitude towards this acquisition is quite divided, indicating that there may be significant issues with community consensus, directly affecting future development. In contrast, Pudgy Penguins has timely adjusted its strategic direction since the end of 2022, putting its development back on track and maintaining a steady upward trend. Let's outline the positive measures Pudgy Penguins has taken recently.

Pudgy Penguins Takes Multiple Measures to Achieve Continuous Enhancement of Project Brand Power and Vitality

Friends familiar with the NFT market know that Pudgy Penguins has already developed a certain breakout effect, as even users outside the Web3 circle hold a favorable view of Pudgy Penguins, which is the foundation for its innovative development. Specifically, Pudgy Penguins has flourished in several areas, catching the market's attention:

Firstly, in the NFT field, Pudgy Penguins has implemented a series of innovative measures. By launching the overpassIP platform, it has provided a new pathway for NFT holders to participate in various activities through authorized use of their digital images, thereby generating revenue. This model not only creates income opportunities for holders but also injects new momentum into the expansion and monetization capabilities of the Pudgy Penguins brand.

In terms of product promotion, Pudgy Penguins successfully brought the brand to the mass market by launching IP-derived toys, Pudgy Toys. These toys are linked to the Pudgy World virtual world based on the zkSync Era blockchain through unique digital birth certificates, providing users with a new interactive experience. Additionally, by listing Pudgy Toys on mainstream platforms like Amazon and Walmart, it quickly gained market recognition, establishing significant visibility for Pudgy Penguins in the mainstream world.

Pudgy Penguins has also successfully expanded its IP influence by launching its own clothing brand, Igloo, and collaborating with various mainstream brands, such as the Hong Kong comic "Old Master Q" and Last Crumb. These collaborations not only increased Pudgy Penguins' brand visibility but also showcased its application potential in different fields.

To further enrich its brand narrative, Pudgy Penguins plans to launch two arcade games in 2024 and introduce the online gaming platform Pudgy World on zkSync. This platform will provide a narrative-driven and open gaming environment for NFT holders and toy owners, signaling Pudgy Penguins' ambition to offer diverse user experiences.

In summary, through these strategies and collaborations, Pudgy Penguins has not only successfully expanded its IP market influence but also provided new monetization models and user interaction methods in the NFT and digital art fields, showcasing its innovative spirit and forward-looking layout as a market leader.

Launching a New Chain Game and Taking a Diversified Route: Will Pudgy Penguins Follow in BAYC's Footsteps?

In December last year, Pudgy Penguins announced the upcoming public beta of "Pudgy World," a new open-world game on Ethereum that will be powered by zkSync technology. This immersive multiplayer game is open to holders of Pudgy Penguins NFTs and welcomes owners of Pudgy toys to experience it. This also demonstrates Pudgy Penguins' ambition to delve into the future Web3 world.

However, with the ecosystem becoming bloated and various interests solidifying, whether Pudgy Penguins will follow in BAYC's footsteps remains uncertain. For many NFT investors, it is still important to be cautious of potential investment risks in 2024, especially since the overall enthusiasm in the NFT space has significantly declined since the emergence of inscriptions.