Surpassing BAYC, but still not ruling out repeating BAYC's mistakes: Pudgy Penguins cannot rise sustainably

php editor Banana believes that although Pudgy Penguins has surpassed Bored Ape Yacht Club (BAYC) to a certain extent, it cannot be ruled out that it may repeat the mistakes of BAYC and cannot continue to rise. In the digital asset market, investors should remain cautious, fully understand the risks, and avoid blindly following the trend to ensure asset safety.

Author: DeMan

Yuga Labs co-founder Wylie Arnow (GordonGoner) on the X platform for Fat Penguin and its CEO Luca Netz’s team expressed high praise for their remarkable achievements. He also showed his support for the project by showing a picture of a fat golden penguin he owns.

The latest Blur data shows that the floor price of Fat Penguin has exceeded that of Bored Ape Yacht Club ), quoted at 22.27 ETH, slightly higher than Bored Ape Yacht Club’s 22.26 ETH. This shows that Fat Penguin has gained as much as 54.87% in one month, i.e. since the price reached around 14.38 ETH on January 16.

So, why can the price of Pudgy Penguins reach new highs and keep rising? Find out below for you.

BAYC gradually falls from the altar? Pudgy Penguins is more like a metaphor for its comeback

Before reviewing the performance path of Pudgy Penguins, let's take a look at an episode.

In the early morning of February 17, Yuga Labs, the development team of “Boring Ape” (BAYC), officially announced that it has completed the acquisition of PROOF, the development company of Moonbirds (Yuga Labs co-founder Garga. eth revealed that this is an "all-equity transaction"), and the acquisition includes the PROOF team, intellectual property, art group PROOF Collective, Moonbirds, Mythics, Moonbirds Oddities and Grails exhibition series.

However, as mentioned before, on February 17, the price of Pudgy Penguins exceeded that of BAYC, marking the first time that BAYC, which has long dominated the NFT market, lost took the leading position. This shift is symbolic and significant.

On the day when the first acquisition was completed, BAYC was overtaken by Pudgy Penguins, which had been suppressing it before. It was like a loud slap in the face. It is worth mentioning that the BAYC community's attitude towards this acquisition is quite divided, which shows that there may be major problems with the community's consensus, which will directly affect subsequent development. But correspondingly, Pudgy Penguins has adjusted its strategic direction in a timely manner since the end of 2022, putting its development on the right track and has maintained a stable upward trend. Let’s sort out what positive measures Pudgy Penguins has taken recently.

Pudgy Penguins has taken multiple measures to achieve the continuous improvement of the project’s branding and vitality

##Familiar with the NFT market Friends of Pudgy Penguins all know that Pudgy Penguins has already had a certain circle-breaking effect. Even users outside the Web3 circle have a certain degree of favorability towards Pudgy Penguins. This is also the reason for its innovative development. The foundation lies. Specifically, Pudgy Penguins has blossomed in many aspects, making the market shine:

First of all, in the field of NFT, Pudgy Penguins has adopted a series of Innovative measures, through the launch of the overpassIP platform, provide a new path for NFT holders to participate in various activities by authorizing the use of their digital images, thereby realizing benefits. This model not only creates income opportunities for holders, but also injects new impetus into the expansion and monetization capabilities of the Fat Penguin brand.

In terms of product promotion, Fat Penguin has successfully promoted the brand to the mass market by launching IP derivative toys Pudgy Toys. These toys are linked to the Pudgy World virtual world based on the zkSync Era blockchain through a unique digital birth certificate, providing users with a new interactive experience. In addition, Pudgy Toys quickly gained market recognition by being listed on mainstream platforms such as Amazon and Walmart, establishing significant visibility for Pudgy Penguin in the mainstream world.

Fat Penguin also launched its own clothing brand Igloo and cooperated with many mainstream brands, such as the Hong Kong comic "Old Master", Last Crumb, etc. Successfully expanded the influence of its IP. These collaborations not only increase Fat Penguin’s brand visibility, but also demonstrate its application potential in different fields.

In order to further enrich the brand narrative, Fat Penguin plans to launch two arcade games in 2024 and launch the online game platform Pudgy World on zkSync. This platform not only provides a narrative-driven and open gaming environment for NFT holders and toy owners, but also heralds Fat Penguin’s ambitions in providing diversified user experiences.

In general, through these strategies and cooperation, Fat Penguin has not only successfully expanded the market influence of its IP, but also provided new monetization models and user interaction methods for the NFT and digital art fields, demonstrating It reflects 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 the footsteps of BAYC?

Last December, Pudgy Penguins announced the first public beta of the upcoming “Pudgy World,” a new open world game on Ethereum, Will be driven by zkSync technology. The immersive multiplayer game is open to holders of the Pudgy Penguins NFT and owners of Pudgy toys. This also demonstrates Pudgy Penguins’ ambition to delve into the future Web3 world.

However, with the bloated ecosystem and the entrenched interests of all parties, there are still doubts whether Pudgy Penguins will follow in the footsteps of BAYC. For the majority of NFT investors, they still need to pay attention to preventing and controlling potential investment risks in 2024. After all, after the emergence of Inscription, the overall popularity of the NFT track has greatly declined.

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