Original title: (With Pudgy Penguins launching tokens soon, 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, news was revealed that the Pudgy Penguins project token PENGU may launch within 48 hours; at the same time, as the token launch approaches, the floor price of Pudgy Penguins NFTs has been rising sharply, reaching 33.7 ETH before this article's submission, valued at nearly $140,000, with only a $10,000 difference from the floor price of CryptoPunks. Meanwhile, the parent company of Pudgy Penguins, Igloo, announced that its L2 network Abstract Chain will officially launch its mainnet in January next year, and there are also market expectations for a separate token launch; OpenSea has also recently been exposed to news about registering the OpenSea Foundation in the Cayman Islands.
Thus, through the issuance of tokens by Pudgy Penguins, whether the three projects PENGU, Abstract, and OpenSea can achieve 'one fish, three eats' has become a market focus. Odaily Planet Daily will summarize the latest developments of related projects in this article for readers' reference.
Pudgy Penguins token issuance: likely to become the engine for NFT market recovery
As this year's 'final dance of blue-chip NFT token issuance', Pudgy Penguins has again played a set of combination punches as usual. We previously conducted a systematic analysis of Pudgy Penguins' business landscape in the article (Acquisition of Frame, Creating Abstract Chain, Disrupting Base, Can Pudgy Penguins Carry the Flag of Consumer Economy?), and now entering the token issuance phase, Pudgy Penguins' approach also carries deep meaning.
PENGU: The First Stop for Pudgy Penguins Token Issuance
Rewind to December 6, when the Pudgy Penguins team announced that they would launch the PENGU token in 2024, with a total supply of 88,888,888,888 tokens to be launched on Solana. According to the images released by the official, the Pudgy community will hold 25.9% of the tokens, while other communities will receive 24.12% of the tokens.
We also made early predictions on the market expectations for the valuation of the PENGU token 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 rose by as much as 16% in a day, but the floor price was only 17.75 ETH, about 50% of the current value.
Information related to PENGU token economics
Subsequently, the parent company of Pudgy Penguins, Igloo, announced that the PENGU plan will adopt multi-chain releases and will also launch 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 related NFTs, and there will be 88 days to apply for the tokens. Due to this news, Pudgy Penguins NFTs gained continuous upward momentum.
On December 8, the floor price of Pudgy Penguins officially surpassed that of the former 'NFT synonym' BAYC Bored Ape.
On the other hand, another piece of the 'business empire' of Pudgy Penguins has stepped onto the stage.
Abstract: L2 Chain for Separate Token Issuance
On December 15, according to official news, the parent company of Pudgy Penguins, Igloo, announced that its L2 network Abstract Chain 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. At that time, there were also expectations for the airdrop of the FRAME token. After the acquisition by Pudgy Penguins' parent company, Abstract is not only designed as an L2 network for on-chain culture and community but is also a project with expectations for the PENGU and network-native token airdrop.
As Luca Netz said 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, Teaching You How to Ambush the 'Penguin Chain') which includes tasks like testnets, early bird badges, Discord community roles, etc.
OpenSea: Supporting Pudgy Penguins with platform power
On December 13, as the 'big brother of the NFT market', OpenSea also fueled the Pudgy Penguins token issuance by changing the official account avatar on X platform to Pudgy Penguins NFT-related images. With the viral effect of this meme attribute, many NFT users and crypto players have raised their expectations for the wealth creation effect of the PENGU token. (Odaily Planet Daily Note: Currently, OpenSea's official avatar has been changed back to the original.)
OpenSea official changes avatar
Considering the previous revelation by Mike Dudas, founder of 6th Man Ventures and former founder of The Block, that 'OpenSea is suspected of having registered the OpenSea Foundation in the Cayman Islands on August 20 this year,' along with the news that OpenSea's latest version may be launching this month, the airdrop of OpenSea tokens may also be on the way.
Furthermore, according to the Dune data panel provided by the well-known on-chain data monitoring organization Sealaunch, whether OpenSea will advance the token launch may be related to factors such as the number of user transactions. 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 a recovery in the NFT market, and the wealth creation effect remains 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 leading 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%.
In addition, due to the unclear snapshot timing and airdrop conditions, in recent days, aside from the rising floor price of Pudgy Penguins, its historical transaction high prices have also seen large whale purchases: 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 relies on the performance of the Pudgy Penguins project token PENGU at launch. It is no exaggeration to say that at this moment in the current cycle, Pudgy Penguins has become the 'hope of the whole village' leading the NFT track to carve out a new path—if PENGU rises, NFTs thrive; if PENGU falls, the winter of NFTs will continue.
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