Can the rising interest in Pudgy Penguins save the NFT sector?

Journalist

Posted: December 11, 2023

• Pudgy Penguins witnessed a surge in interest as they were deployed on zkSync.
• Interest in Yuga Labs NFTs also surged, however, APE’s price fell.

The NFT market went through some hard times at the beginning of the year. However, as the crypto sector recovered, interest in NFTs also grew.

Feeling Pudgy

Pudgy Penguins recently revealed plans to unveil Pudgy World Alpha, utilizing zkSync technology in early 2024. Over the last 24 hours, Pudgy Penguins NFTs experienced a notable surge, escalating by over 9% and reaching 11.7 ETH, marking consecutive record highs.

The upcoming launch will introduce new characters, Pudgy and Peaches, with a special limited edition Pudgy & Peaches collectible currently up for auction. This development signals an exciting phase for the Pudgy Penguins community and the broader NFT market.

Pudgy World Alpha, powered by @zksync, releasing Q1 of 2024.

The beginning of a new era of blockchain-backed experiences, with the goal of onboarding millions, brought to you by Pudgy Penguins. pic.twitter.com/ZvCRRGSUSH

— Pudgy Penguins (@pudgypenguins) December 10, 2023

The introduction of Pudgy World Alpha powered by zkSync in early 2024 is poised to have a positive impact on the NFT market.

The utilization of zkSync technology enhances scalability and efficiency, addressing common challenges such as high gas fees and slow transaction processing on the Ethereum network.

This improvement is likely to attract more participants to the NFT space, fostering increased engagement and trading activity. As Pudgy Penguins NFTs experience a surge in value, the broader NFT market may witness heightened interest and investment.

Additionally, zkSync, being at the core of the pudgy penguin development, stands to gain recognition and adoption, solidifying its position as a promising scaling solution for NFT platforms and potentially influencing its widespread application across the blockchain ecosystem.

This could help gain the L2 network cover more ground in its sector.

More NFT interest

Yuga Labs NFTs also saw a surge in interest. Recent data showed that BAYC, a popular yuga Labs collection observed a spike of 6.41% in terms of average price.

Source: NFTGO

However, ApeCoin[APE], the token associated with Yuga Labs fell by 2.34% in the last 24 hours and was trading at $1.7838.

Read ApeCoin’s [APE] Price Prediction 2023-24

Moreover, the network growth of APE also fell. This meant that the number of new addresses holding APE had fallen.

The velocity around APE also declined. This suggested that the number of addresses trading APE has decreased.