The value of the ascendant Ethereum NFT project Pudgy Penguins has recently increased, putting the once-dominant Bored Ape Yacht Club (BAYC) in serious competition with its floor pricing. The likelihood of Pudgy Penguins outwitting Bored Apes suggests a possible change in the balance of power in the NFT sector.

Price War: Bored Ape Yacht Club vs. Pudgy Penguins

The lowest price for a Pudgy Penguins NFT was 21.5 ETH, or more than $54,850, on a recent Sunday afternoon. By contrast, Bored Ape NFTs were going for at least 22.8 ETH, which is a little over $58,000. The NFT market has seen a noteworthy development in the near vicinity of floor pricing, even though the gap has slightly grown since then.

Pudgy Penguins Returns with a Vengeance from Crypto Winter

Pudgy Penguins, which debuted in 2021, encountered difficulties during the crypto winter that struck the NFT sector in the spring of that same year. However, deliberate efforts to raise the brand’s intellectual property value through social media presence and partnerships, particularly ones with sizable retailers like Walmart, have fueled Pudgy Penguins’ recent success. It was selected as the 2023 NFT project of the year by Decrypt.

The decline of Bored Ape Yacht Club since the 2021 NFT boom

Once a symbol of the 2021 NFT boom, the Bored Ape Yacht Club has declined since May 2022, when the crypto winter began. Since April 2022, when 152 ETH, or around $429,000, was its highest floor price, BAYC has lost more than 82% of its ETH value. Even after raising a whopping $450 million in 2022 and being valued at $4 billion, Bored Apes has not been able to stop their continual decline.

Bored Ape Yacht Club vs. Pudgy Penguins: A Fundraising Contrast

Following an IP relaunch, Pudgy Penguins raised $9 million in seed money last year, demonstrating their faith in the project’s future. On the other hand, Yuga Labs, the company behind Bored Ape, managed to raise an incredible $450 million in 2022, demonstrating the cartoon monkey brand’s continued appeal in spite of its falling floor price.

CryptoPunks Continues to Rule Supremely

Although the values of Pudgy Penguins and Bored Ape Yacht Club are comparable, the floor price of the legendary CryptoPunks still eludes both collections. A CryptoPunks NFT now starts at roughly $146,000, or 58.7 ETH. Despite the changing circumstances, Yuga Labs has been able to preserve the value of the CryptoPunks project IP over the last year, having bought it from Larva Labs in 2022.

The NFT Realm’s Changing Terrain

The near-equal valuation of Bored Ape Yacht Club and Pudgy Penguins is a turning point in the changing NFT market. The outcome of this price battle may change how the NFT industry views value and influence as these projects continue to navigate market movements and investor feelings.