Original title: (With Pudgy Penguins' Token Issuance Approaching, Can PENGU, Abstract, and OpenSea Achieve 'One Fish, Three Eats'?)

Original author: Wenser, Odaily Planet Daily


This morning around 8 AM, according to researcher Waleswoosh, the Pudgy Penguins project token PENGU is expected to launch within 48 hours; meanwhile, as the token release approaches, the floor price of Pudgy Penguins NFTs has also been rising steadily, reporting 33.7 ETH before this article was completed, worth nearly $140,000, with only a $10,000 difference from the CryptoPunks floor price. At the same time, Pudgy Penguins' parent company Igloo's L2 network Abstract Chain also officially announced the upcoming launch of its mainnet in January next year, with market expectations for a separate token release; OpenSea was recently reported to have registered the OpenSea Foundation in the Cayman Islands.


Thus, through Pudgy Penguins' token issuance, whether the three projects 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 relevant projects in this article for readers' reference.


Pudgy Penguins Token Issuance: Potential Engine for NFT Market Recovery


As this year's event regarded as the 'last dance of blue-chip NFT issuance', Pudgy Penguins has once again unleashed a combination of tactics as usual. We previously conducted a systematic review of Pudgy Penguins' business landscape in the article (Acquisition of Frame, Building Abstract Chain, Disrupting Base, Can Pudgy Penguins Carry the Flag of Consumer Economy?). Now, as we approach the token issuance phase, Pudgy Penguins' strategy also carries deep implications:


PENGU: The First Stop for Pudgy Penguins Token Issuance


Rewind to December 6, when Pudgy Penguins officially announced that it would launch the PENGU token in 2024, with a total supply of 88,888,888,888 tokens, and it will be launched on Solana. According to the images released by the official, the Pudgy community will hold 25.9% of the tokens, and other communities will receive 24.12% of the tokens.


We also previously made a preliminary prediction about the market expectations for the PENGU token's market capitalization in the article ('Pudgy Penguins' Token Issuance, Community Predicts Airdrop Earnings Exceeding $30,000). At that time, influenced by the token issuance expectations, the floor price of Pudgy Penguins NFTs saw an intraday increase of up to 16%, 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 the PENGU token plans to adopt multi-chain release and will also be enabled on Ethereum and Abstract Chain. Pudgy Penguins CEO Luca Netz later stated that in order to provide the Pudgy Penguins community with a clearer understanding of the PENGU token situation, he reminded that there will be no snapshot for the PENGU token. Once the token goes live, it will be allocated to the relevant NFTs, and there will be 88 days to apply for the token. This news has provided the motive for the continuous rise in Pudgy Penguins NFT.


On December 8, the floor price of Pudgy Penguins officially surpassed the previous 'NFT synonym' BAYC bored apes.


On the other hand, another piece of the 'business empire' puzzle of Pudgy Penguins has also stepped into the spotlight.


Abstract: L2 Chain with Separate Token Release


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. The project was previously known as the on-chain creator economy platform Frame, which had planned to develop NFT market-related infrastructure without permission. At that time, there were also expectations for the airdrop of the FRAME token. After Pudgy Penguins' parent company completed the acquisition, Abstract is not only an L2 network designed for on-chain culture and community but also a project with expectations for the PENGU and network-native token airdrop.


As Luca Netz mentioned in response to the community: 'All Elite roles on Abstract Discord will receive PENGU token allocations.' Currently, for the airdrop interaction operations regarding Abstract, you can refer to the article (Pudgy Penguins' Token Issuance Ignites Abstract, A Step-by-Step Guide to Ambushing the 'Penguin Chain'), which includes tasks like testnet, early bird badges, Discord community roles, etc.


OpenSea: The Platform Power Supporting Pudgy Penguins


On December 13, as the 'big brother of the NFT market', OpenSea also fueled Pudgy Penguins' token issuance by changing the official account avatar on X platform to images related to Pudgy Penguins NFT. With this somewhat meme-like propagation effect, it has raised the expectations of many NFT users and crypto players for the wealth effect of the PENGU token. (Note from Odaily Planet Daily: Currently, OpenSea's official avatar has been changed back to its original state.)


OpenSea Official Avatar Change


Considering the earlier revelation by Mike Dudas, founder of 6th Man Ventures and former founder of The Block, that 'OpenSea seems to have registered the OpenSea Foundation in the Cayman Islands on August 20 this year' and the news that OpenSea's latest version may go live this month, the OpenSea 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 the token launch, it may be related to user transaction numbers and other factors. The OpenSea user ranking in this Dune data panel may serve as a reference for airdrop expectations.


OpenSea User Ranking Query Interface, for reference only


Summary: Pudgy Penguins' token issuance drives the NFT market to warm up, and the wealth effect remains to be verified.


As the launch of PENGU approaches, the NFT market has also finally welcomed a recovery: According to earlier data 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 trading volume of NFT series across the network reached $71,146,166, an increase of 87.5%.


Moreover, due to the unclear snapshot time and airdrop conditions, in recent days, besides the Pudgy Penguins floor price rising sharply, its historical transaction high price also welcomed a wave of major whale transactions: The 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 'one fish, three eats', it still largely depends on the performance of the Pudgy Penguins project token PENGU upon its launch. It is no exaggeration to say that at this moment in the current cycle, Pudgy Penguins has become 'the hope of the entire village' leading the NFT track out of a new path — if PENGU rises, NFTs thrive; if PENGU falls, the winter of NFTs will continue.


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