Original title: (As Pudgy Penguins' token issuance approaches, can PENGU, Abstract, and OpenSea achieve 'one fish, three eats'?)

Original authors: 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 issuance approaches, the floor price of Pudgy Penguins NFTs has also risen significantly, reporting at 33.7 ETH, nearly 140,000 USD, with just a 10,000 USD difference from the CryptoPunks floor price. Additionally, Pudgy Penguins' parent company Igloo's L2 network Abstract Chain also officially announced the mainnet will launch in January next year, with market expectations for separate token issuance; OpenSea has also recently been reported to have registered the OpenSea Foundation in the Cayman Islands.


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


Pudgy Penguins' token issuance: potentially the engine for NFT market recovery.


As a final dance of blue-chip NFT issuance this year, Pudgy Penguins, as usual, has delivered a combination punch. We previously conducted a systematic review of Pudgy Penguins' business landscape in the article (Acquisition of Frame, Creating Abstract Chain, Overthrowing Base, Can Pudgy Penguins Hold High the Banner of Consumer Economy?), and as we enter the token issuance phase, Pudgy Penguins' thoughts are similarly profound:


PENGU: The first stop for Pudgy Penguins' token issuance.


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


We also made a preemptive prediction regarding the market expectations for the PENGU token's market value in the article (Pudgy Penguins' token issuance, community predicts airdrop earnings exceeding 30,000 USD). At that time, influenced by the token issuance expectations, the floor price of Pudgy Penguins NFTs rose 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 the economics of the PENGU token.


Subsequently, Pudgy Penguins' parent company Igloo announced that the PENGU plan will 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 goes live, it will be allocated to the related NFTs, and there will be a 88-day window to apply for the tokens. Influenced by this news, Pudgy Penguins NFTs gained momentum for continuous price increases.


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' has also stepped into the spotlight.


Abstract: An 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 the mainnet will launch in January next year. The project was formerly known as the on-chain creator economy platform Frame, which had previously planned to develop NFT market-related infrastructure without permission. At that time, there was also an expectation for the FRAME token to launch airdrops. After the acquisition by Pudgy Penguins' parent company, Abstract is not only an L2 network designed for on-chain culture and communities 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 a distribution of PENGU tokens." Currently, for more information on the airdrop interactions regarding Abstract, please refer to the article (Pudgy Penguins' token issuance ignites Abstract, teaching you to ambush 'Penguin Chain'), which includes tasks such as testnet participation, early bird badges, and Discord community roles.


OpenSea: The platform power supporting Pudgy Penguins.


On December 13, as the 'big brother of the NFT market', OpenSea also added fuel to the Pudgy Penguins token issuance by changing the official account avatar on the X platform to related images of Pudgy Penguins NFTs. With a strong meme attribute, this 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 has changed its avatar back to the original.)


OpenSea official changes avatar.


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


Additionally, based on a Dune data panel provided by the well-known on-chain data monitoring organization Sealaunch, if OpenSea advances the token launch, it may be related to user transaction operation counts 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.


Summary: Pudgy Penguins' token issuance drives the NFT market recovery, the wealth 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 top NFT collections across the network has risen above 10 billion USD, currently reaching 10,450,232,468 USD, with a 24-hour increase of 10.2%; in the past 24 hours, the trading volume of NFT collections across the network reached 71,146,166 USD, an increase of 87.5%.


Additionally, due to unclear snapshot timing and airdrop conditions, in recent days, aside from the Pudgy Penguins floor price rising sharply, there has also been a wave of large whale transactions on historical high prices: 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 depends on the performance of the Pudgy Penguins project token PENGU once it goes live. It is not an exaggeration to say that at this current moment in the cycle, Pudgy Penguins has become 'the hope of the whole village' leading the NFT track to carve out a new path—when PENGU rises, NFTs thrive; when PENGU falls, NFTs will continue to face winter.


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