NFT Data Report: Pudgy Penguins Accounts for Over 50% of Ethereum NFT Trading Volume, Mad Lads Floor Price Exceeds 60 SOL
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NFT Data Report: Pudgy Penguins Accounts for Over 50% of Ethereum NFT Trading Volume, Mad Lads Floor Price Exceeds 60 SOL
Expectations for token airdrops from PENGU, ANIME, and Opensea have driven the total market cap of NFTs close to $11 billion.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Editorial comment from the team:
NFTs sparked a frenzy in 2021, but the market quickly cooled down afterward, triggering widespread controversy and reflection. After featuring Bored Ape on its cover, Rolling Stone even published an article bluntly stating that NFTs have no value.
However, surprisingly, certain segments of the NFT market remain active. Data shows that as of December 16, the combined market cap of the top 10 NFT projects has increased by $2.5 billion over the past 30 days, indicating new shifts underway in the market.
Recently, NFT market activity has surged—holders of Pudgy Penguins and Lil Pudgys have earned approximately $58,000 and $6,000 respectively from the PENGU project. The PENGU project is now valued at $2.7 billion. Meanwhile, Miladys has launched its ecosystem token, and Azukis are widely expected to roll out a similar token rewards mechanism soon.
With ongoing experimentation and exploration around ecosystem tokens, now is an ideal time to revisit on-chain data in this space—one that many had already abandoned. Let’s dive deeper.
NFTs
Pudgy Penguins | Mad Lads | CryptoPunks
Anticipation for PENGU, ANIME, and Opensea token airdrops pushes total NFT market cap close to $11 billion
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Driven by speculation surrounding the PENGU and ANIME tokens, the NFT market has seen significant growth. Over the past 30 days, Igloo Company's collection floor prices surged into triple digits—Pudgy Penguins rose 345% ahead of the PENGU airdrop. Meanwhile, Chiru Labs’ Azukis gained 170%. These increases reflect strong market anticipation for token reward mechanisms, a strategy proven effective in boosting user engagement. Additionally, rumors about an upcoming Opensea token airdrop have further lifted market sentiment.
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The brand rankings on NFT Price Floor reveal dynamic market movements. Among the top four brands, Igloo Co.’s market cap grew 377% over the past 30 days, while Chiru Labs saw an 188% increase. In contrast, Yuga Labs and Art Blocks showed more modest growth but were still positively impacted by market trends.
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A similar trend is evident among the top trades over the past seven days. Of the top 12 transactions, six were Pudgy Penguins and two were Azukis, with sale prices ranging from approximately $500,000 to $175,000. This indicates rapidly rising attention and demand for collections from Igloo Company and Chiru Labs.
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Trading Focus: The NFT market is also riding the wave of meme culture. This year, meme NFT collections such as Sproto Gremlins, Milady, and Project Aeon have performed strongly, while the high-end meme NFT segment remains dominated by the Pepe series. Against this backdrop, Nakamoto Cards have become the ultimate target for collectors. Notably, increasing numbers of investors are stockpiling these cards—for example, in a recent transaction, one wallet purchased two Nakamoto Cards within just five days. This signals rising demand for premium collectibles.
Pudgy Penguins
Pudgy Penguin floor price surpasses 30 ETH before dropping to 16 ETH post-airdrop
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Following the announcement of the PENGU token, the Pudgy Penguin floor price briefly exceeded 30 ETH—more than triple its early November level and over half of its all-time high set in February 2024. However, after today’s airdrop, the floor price dropped to 16 ETH. Meanwhile, trading volume spiked significantly, peaking at 8,200 ETH today. As of December 17, each Pudgy received PENGU tokens worth approximately $58,000. Despite the airdrop being underway, the number of buyers continues to grow.
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Compared to other Ethereum NFT collections, Pudgy Penguins have recently attracted significant attention. Since early December 2024, their trading volume has accounted for over one-third of total Ethereum NFT volume—a share more than double that of other blue-chip NFTs like CryptoPunks and Bored Apes. On the day of the PENGU airdrop, Pudgy Penguins alone made up over 50% of all Ethereum NFT trading volume.
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At current floor prices, two-thirds of Pudgy Penguin holders have doubled their investment value, with half seeing gains exceeding 10x. Nevertheless, only 5% of holders have sold so far, while over 19% have actively increased their holdings during the floor price correction.
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Trading Focus: PENGU is the official token of Pudgy Penguins, officially launched on December 17 via this transaction, with a total supply of 88,888,888,888 tokens now listed on major centralized exchanges. To date, over 20% of the tokens have been claimed. Based on current prices, each Pudgy received an airdrop worth approximately $58,000, while each Lil Pudgy received around $6,000 (at time of writing).
Mad Lads
Mad Lads gain 10% market share, now representing ~15% of Solana NFT market, with floor price at 66 SOL (~$15,000)
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In the past month, the Solana NFT market has regained momentum, with Mad Lads standing out particularly. The collection has grown its market share by 10%, currently accounting for 15% of the Solana NFT market. With a current floor price of 66 SOL (approximately $15,000), Mad Lads continues to solidify its status as a flagship project, reflecting renewed activity and interest across the entire ecosystem.
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Solana NFT trading volume has surged over the past month, reaching an average daily volume of 16,000 SOL—an increase of 100% compared to prior levels. Flagship collections including Mad Lads now account for over 20% of the market share, signaling renewed investor interest and engagement in the Solana NFT ecosystem.
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New buyer activity for Mad Lads has significantly increased, with first-time purchasing accounts rising 20% over the past week. These new buyers now make up over 50% of daily purchasers, indicating growing interest and successful attraction of new users to the collection.
CryptoPunks
Diego Cabral | Website | Dashboard
65% Loyalty: CryptoPunks holders坚守 for over two years through the NFT bear market
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As the first iconic NFT collection, CryptoPunks—built on 10,000 pixel-art characters—pioneered the PFP (profile picture) movement. Despite having declined in ETH-denominated price since 2021, CryptoPunks remain a cultural symbol and maintain high retention among holders. Data shows that approximately 65% of holders have kept their NFTs for over two years, and 59.3% have never sold. This suggests that CryptoPunks holders are more akin to collectors or long-term investors rather than short-term speculators who trade frequently for profit.
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Data also reveals high holder loyalty. For instance, 12 wallets have held 20 or more CryptoPunks for over 600 days, and another 5 wallets have held theirs for over 1,000 days without making any sales. This reflects confidence in a future price rebound, a preference for long-term holding, and recognition of CryptoPunks' cultural value.
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Since May 2022, the CryptoPunks floor price has dropped from 65 ETH to 27 ETH. In comparison, the aggregate floor price of the top 100 Ethereum NFT collections fell from 591 ETH to 61 ETH. Amid broader market cooling, CryptoPunks have demonstrated stronger resilience, suggesting their holders place greater emphasis on long-term value rather than short-term speculation.
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Trading Focus: The largest transaction in CryptoPunks history occurred on February 12, 2022, when Punk #5822 was sold for 8,000 ETH (worth over $23 million at the time and over $31 million today). The second-largest sale happened two years later in March 2024, when Punk #7804 was sold for 4,850 ETH. While the current bull market has reignited interest in NFTs, it remains to be seen whether demand will soon surpass the record set by Punk #5822—about 65% higher than the second-largest sale earlier this year.
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