Fat Penguin's token issuance drives the NFT market revival. How do PENGU, Abstract, and OpenSea achieve a win-win-win?

Author: Wenser, Odaily Planet Daily

This morning around 8 AM, according to researcher Waleswoosh, it was revealed that the Pudgy Penguins project token PENGU may launch within 48 hours; meanwhile, as the token launch approaches, the floor price of Pudgy Penguins NFTs has also been rising, currently reported at 33.7 ETH, worth nearly $140,000, with only a $10,000 difference from the CryptoPunks floor price. At the same time, Pudgy Penguins' parent company Igloo announced that its L2 network Abstract Chain will launch its mainnet in January next year, with separate market expectations for token issuance; OpenSea was also recently reported to have registered the OpenSea Foundation in the Cayman Islands.

Thus, with the Pudgy Penguins token issuance, whether PENGU, Abstract, and OpenSea can achieve "one fish, three eats" has become a focus of market attention. Odaily Planet Daily will summarize the latest developments of the related projects in this article for readers' reference.

Pudgy Penguins Token Launch: Potential Engine for NFT Market Recovery

As this year is seen as "the last dance of blue-chip NFT token issuance," Pudgy Penguins has once again unleashed a series of strategic moves. We previously conducted a systematic review of Pudgy Penguins' business landscape in the article "Acquiring Frame, Building Abstract Chain, Disrupting Base, Can Pudgy Penguins Carry the Banner of Consumer Economy?" and now, as we enter the token issuance phase, Pudgy Penguins' approach also carries deep implications:

PENGU: The First Stop for Pudgy Penguins Token Issuance

Rewinding to December 6, at that time, Pudgy Penguins' official announcement stated that the PENGU token will be launched in 2024, with a total supply of 88,888,888,888 tokens, and it will be launched on Solana. According to the official image released, the Pudgy community will hold 25.9% of the tokens, while other communities will receive 24.12% of the tokens.

We also made an early prediction regarding the market expectations for the PENGU token's market value in the article "Pudgy Penguins Token Launch, Community Predicts Airdrop Earnings Exceeding $30,000." At that time, influenced by the token issuance expectations, the floor price of Pudgy Penguins NFTs surged by as much as 16% in a single day, but the floor price was only 17.75 ETH, about 50% of the current price.

Information related to PENGU token economics

Subsequently, Pudgy Penguins' parent company Igloo announced that PENGU plans to adopt a multi-chain release and will also be enabled on Ethereum and Abstract Chain. Pudgy Penguins CEO Luca Netz later stated that to help the Pudgy Penguins community better understand the PENGU token situation, he reminded that there will be no snapshot for the PENGU token. Once the token is launched, it will be allocated to the relevant NFTs, and there will be 88 days for token applications. This news has provided continuous upward momentum for Pudgy Penguins NFTs.

On December 8, the floor price of Pudgy Penguins officially surpassed that of the once "NFT synonym" BAYC Bored Apes.

On the other hand, another piece of the "Pudgy Penguins business empire" puzzle has also taken center stage.

Abstract: The L2 Chain with Separate Token Issuance

On December 15, according to official news, Pudgy Penguins' parent company Igloo's L2 network Abstract Chain announced that it will launch its mainnet in January next year. This project was previously an on-chain creator economy platform called Frame, which had planned to develop infrastructure for creating NFT markets without permission, and there were expectations for the airdrop of the FRAME token. After the acquisition by Pudgy Penguins' parent company, Abstract is not only an L2 network designed for on-chain culture and community, but also a project with expectations for PENGU and network-native token airdrops.

As Luca Netz mentioned in response to the community: "All Elite roles on Abstract Discord will receive allocations of PENGU tokens." Currently, for information on Abstract's airdrop interaction operations, you can refer to the article "Pudgy Penguins Token Launch Ignites Abstract, A Step-by-Step Guide to Ambushing the 'Penguin Chain'," which includes tasks related to the testnet, early bird badges, Discord community roles, and more.

OpenSea: The Platform Power Supporting Pudgy Penguins

On December 13, as the "big brother of the NFT market," OpenSea also fueled the Pudgy Penguins token launch by changing the official account avatar to an image related to Pudgy Penguins NFTs. With a significant meme-like viral effect, many NFT users and crypto players have heightened their expectations for the wealth-generating effect of the PENGU token. (Note from Odaily Planet Daily: OpenSea has since changed the avatar back to its original state.)

OpenSea Official Avatar Change

Combining this with the earlier revelation by Mike Dudas, founder of 6th Man Ventures and former founder of The Block, that "OpenSea has apparently registered the OpenSea Foundation in the Cayman Islands on August 20 this year," along with news that the latest version of OpenSea may launch this month, it seems that OpenSea's token airdrop may also be on the way.

Additionally, according to the Dune data panel provided by the well-known on-chain data monitoring organization Sealaunch, if OpenSea proceeds with token issuance, it may be related to user trading activity and other factors. The OpenSea user leaderboard in this Dune data panel may serve as a reference for airdrop expectations.

OpenSea User Leaderboard Query Interface, for reference only

Conclusion: Pudgy Penguins Token Launch Drives NFT Market Recovery, Wealth Generation Effect Yet to be Verified

As the launch of PENGU approaches, the NFT market has also welcomed a long-awaited recovery: according to data earlier today, the total market value of top NFT series across the network has risen above $10 billion, currently reaching $10,450,232,468, with a 24-hour increase of 10.2%; in the past 24 hours, the total trading volume of NFT series across the network reached $71,146,166, with an increase of 87.5%.

Moreover, due to the unclear snapshot timing and airdrop conditions, in recent days, besides the rising floor price of Pudgy Penguins, its historical transaction high prices have also seen a wave of whale activity: the Pudgy Penguin ranked 14th in rarity, #8441, was sold for 100.5025 ETH; Pudgy Penguin #2447 was sold for 150 W ETH.

As for whether many NFT users and Pudgy Penguins holders can realize the dream of "one fish, three eats," it currently still relies on the performance of the Pudgy Penguins project token PENGU upon its launch. It is not an exaggeration to say that at this moment in this cycle, Pudgy Penguins has become the "hope of the whole village" leading the NFT track out of a new path—when PENGU rises, NFTs thrive; when PENGU falls, the winter of NFTs will continue.