Original | Odaily Planet Daily ( @OdailyChina )
Author: Wenser ( @wenser 2010 )
At about 8 am this morning, according to the information disclosed by researcher Waleswoosh, the Pudgy Penguins project token PENGU may be launched within 48 hours; at the same time, as the coin issuance approaches, the floor price of Pudgy Penguins NFT has also been rising. As of the time of writing, it is temporarily reported at 33.7 ETH, worth nearly 140,000 US dollars, which is only 10,000 US dollars away from the floor price of CryptoPunks. At the same time, Pudgy Penguins parent company Igloos L2 network Abstract Chain also officially announced that it will be launched on the mainnet in January next year, and there is also market expectation of issuing a separate coin; OpenSea was also recently reported to register the OpenSea Foundation in the Cayman Islands.
Therefore, through the issue of the Fat Penguin coin, whether the three projects of PENGU, Abstract, and OpenSea can achieve one fish, three meals has become the focus of market attention. Odaily Planet Daily will summarize the latest developments of the relevant projects in this article for readers reference.
Fat Penguin Coin: May Become the Engine for NFT Market Recovery
As the last dance of blue-chip NFT token issuance this year, Fat Penguin still played a set of combined punches as usual. We have systematically sorted out the business landscape of Fat Penguin in the previous article Acquiring Frame, building abstract chains, and subverting Base. Can Fat Penguin take up the banner of consumer economy? When it comes to token issuance, Fat Penguins thinking also implies deep meaning:
PENGU: The first stop for fat penguin to issue coins
Back on December 6, Pudgy Penguins officially announced that it would launch the PENGU token in 2024 with a total supply of 88,888,888,888 tokens, and would be launched on Solana. According to the official release, the Pudgy community will own 25.9% of the tokens, and other communities will receive 24.12% of the tokens.
We also made a preemptive prediction of the markets expected market value of PENGU tokens in the article Fat Penguin Token Issuance, Community Predicts Airdrop Income to Exceed $30,000 . At that time, affected by the expectation of coin issuance, the floor price of Pudgy Penguins NFT once rose by as much as 16% within a day , but the floor price was only 17.75 ETH, which is about 50% of the current price.
PENGU Token Economics Information
Subsequently, Pudgy Penguins parent company Igloo issued a statement saying that PENGU plans to be released on multiple chains and will also be enabled on Ethereum and Abstract Chain. Fat Penguin CEO Luca Netz later issued a statement saying that in order to let the Pudgy Penguins community have a clearer understanding of the PENGU token situation, it is reminded that there is no snapshot of the PENGU token. Once the token is launched, it will be allocated to the relevant NFT, and there will be 88 days to apply for the token. Influenced by this news, Pudgy Penguins NFT has the motivation to continue to rise.
On December 8 , Pudgy Penguins’ floor price officially surpassed the former “NFT synonym” BAYC.
On the other side, another piece of the puzzle of the fat penguins business empire also came to the center of the stage.
Abstract: L2 chain with independent coin issuance
On December 15, according to official news , Abstract Chain, an L2 network under Pudgy Penguins parent company Igloo, announced that it will launch the mainnet in January next year. The project was formerly known as the on-chain creator economy platform Frame. It had previously planned to develop infrastructure related to the creation of NFT markets without permission. At that time, it also had an airdrop expectation for the launch of FRAME tokens. After the acquisition by Fat Penguins parent company, Abstract is not only an L2 network designed for on-chain culture and community, but also a project with airdrop expectations for PENGU and network native tokens.
As Luca Netz said in his reply to the community: All Elite roles on the Abstract Discord will receive PENGU token allocations. For the current airdrop interaction operations of Abstract, please refer to the article Fat Penguins Coin Issuance Brings Popularity to Abstract, and Teach You How to Ambush the Penguin Chain , which includes tasks such as testnet, early bird badges, and Discord community roles.
OpenSea: The platform power that supports the fat penguin
On December 13, OpenSea, the big brother of the NFT market, also added fuel to the Fat Penguin coin issuance by changing the profile picture of the official account of the X platform to a Pudgy Penguins NFT-related picture. Under the dissemination effect with a strong meme attribute, the expectations of crypto players including many NFT users for the wealth-making effect of PENGU tokens have been raised to a higher level. (Note from Odaily Planet Daily: Currently, OpenSea officials have changed the profile picture back to its original state)
OpenSea official profile picture change
Combined with the previous revelation by Mike Dudas, founder of 6th Man Ventures and former founder of The Block , that OpenSea is suspected to have registered the OpenSea Foundation in the Cayman Islands on August 20 this year and the news that the latest version of OpenSea may be launched this month , OpenSeas token airdrop may also be on the way.
In addition, according to the Dune data panel issued by Sealaunch, a well-known on-chain data monitoring organization, if OpenSea promotes token launch, it may be related to factors such as the number of user transaction operations. The OpenSea user rankings in the Dune data panel may be used as a reference for airdrop expectations.
OpenSea user ranking query interface, for reference only
Summary: Fat Penguins coin issuance drives the NFT market back to health, but the wealth-creating effect remains to be verified
As the launch of PENGU approaches, the NFT market has also seen a long-awaited recovery: according to data from earlier today, the total market value of the top NFT series on the entire network has risen above US$10 billion, currently reaching US$10,450,232,468, a 24-hour increase of 10.2%; in the past 24 hours, the total NFT series transaction volume on the entire network reached US$71,146,166, an increase of 87.5%.
In addition, since the snapshot time and airdrop conditions are still unclear, in recent days, in addition to the rising floor price of Pudgy Penguins, its historical high transaction price has also ushered in a wave of whales: Pudgy Penguin #8441, ranked 14th in rarity, was sold for 100.5025 ETH; Pudgy Penguin #2447 was sold for 150 WETH.
As for whether many NFT users and Pudgy Penguins holders can realize the dream of three meals from one fish, at present, they still pin their hopes on the online performance of Pudgy Penguins project token PENGU. It is no exaggeration to say that at the current moment of this cycle, Fat Penguin has become the hope of the whole village to lead the NFT track out of a new path - if PENGU rises, NFT will prosper; if PENGU falls, the winter of NFT will continue.
