Fat Penguin's coin issuance drives the recovery of NFT. How do PENGU, Abstract, and OpenSea kill three birds with one stone?
Original title: "Fat Penguin is about to issue a coin. Can PENGU, Abstract and OpenSea kill three birds with one stone?"
Original author: Wenser, Odaily Planet Daily
This morning at around 8 o'clock, according to the information disclosed by researcher Waleswoosh, the Pudgy Penguins project token PENGU may be launched within 48 hours; at the same time, as the coin issuance approaches, the floor price of Pudgy Penguins NFT has also been rising. As of the time of writing, it is temporarily reported at 33.7 ETH, worth nearly 140,000 US dollars, which is only 10,000 US dollars away from the floor price of CryptoPunks. At the same time, Pudgy Penguins' parent company Igloo's L2 network Abstract Chain also officially announced that it will launch the mainnet in January next year, and there is also market expectation of issuing coins separately; OpenSea was also recently reported to register the OpenSea Foundation in the Cayman Islands.
Thus, through the issue of Fat Penguin's coin, whether the three projects of PENGU, Abstract, and OpenSea can achieve "one fish, three meals" has become the focus of market attention. Odaily Planet Daily will sort out and summarize the latest developments of related projects in this article for readers' reference.
Fat Penguin Coin Issuance: Or It Will Become the Engine for the Recovery of the NFT Market
As this year's "last dance of blue-chip NFT coin issuance", Fat Penguin still played a set of combined punches as usual. We have previously "Acquired Frame, built Abstract Chain, and subverted Base. Can Fat Penguin carry the banner of consumer economy? 》 systematically combed through the business landscape of Fat Penguin, and when it comes to the token issuance, Fat Penguin's ideas also have deep meanings:
PENGU: Fat Penguin's first stop for issuing coins
Turn back the time to December 6, when Pudgy Penguins officially announced that PENGU tokens will be launched in 2024, with a total supply of 88, 888, 888, 888, and will be launched on Solana. According to the official release of the picture, the Pudgy community will own 25.9% of the tokens, and other communities will receive 24.12% of the tokens.
We also made a preemptive prediction of the market's expected market value of PENGU tokens and other information in the article "Fat Penguin Issues Coins, Community Predicts Airdrop Income Exceeds US$30,000". At that time, affected by the expectation of coin issuance, the floor price of Pudgy Penguins NFT once rose by as much as 16% within a day, but the floor price was only 17.75 ETH, which is about 50% of the current price.
PENGU Token Economics Related Information
Subsequently, Pudgy Penguins' parent company Igloo issued a statement saying that PENGU plans to be released on multiple chains and will also be enabled on Ethereum and Abstract Chain. Fat Penguin CEO Luca Netz subsequently issued a statement saying that in order to give the Pudgy Penguins community a clearer understanding of the PENGU token situation, remind that there is no snapshot of the PENGU token. Once the token is launched, it will be assigned to the relevant NFT, and there will be 88 days to apply for the token. Influenced by this news, Pudgy Penguins NFT has the motivation to continue to rise.
On December 8, Pudgy Penguins' floor price officially surpassed the former "NFT synonym" BAYC Bored Ape.
On the other hand, another piece of the puzzle of Fat Penguin's "business empire" also came to the center of the stage.
Abstract: L2 chain with separate token issuance
On December 15, according to official news, Abstract Chain, an L2 network under Igloo, the parent company of Pudgy Penguins, announced that it will launch the mainnet in January next year. The project was formerly known as the on-chain creator economic platform Frame. It had previously planned to develop infrastructure related to the creation of NFT markets without permission. At that time, it also had the expectation of airdropping the launch of FRAME tokens. After the acquisition by Fat Penguin's parent company, Abstract is not only an L2 network designed for on-chain culture and community, but also a project with airdrop expectations for PENGU and network native tokens.
As Luca Netz said in his reply to the community: "All Elite roles on the Abstract Discord will receive PENGU tokens." For the current interactive operations of Abstract's airdrop, please refer to the article "Fat Penguin's Coin Launches Popular Abstract, Teach You How to Ambush the "Penguin Chain"", which includes tasks such as testnet, early bird badges, and Discord community roles.
OpenSea: Platform power to support Pudgy Penguins
On December 13, OpenSea, as the "big brother of the NFT market", also added fuel to the issuance of Pudgy Penguins' tokens by changing the profile picture of the official account of the X platform to a Pudgy Penguins NFT-related picture. Under the dissemination effect with a strong meme attribute, the expectations of crypto players, including many NFT users, for the wealth-creating effect of PENGU tokens have reached a new level. (Note from Odaily Planet Daily: Currently, OpenSea has officially changed its avatar back to its original state)
OpenSea Official Changes Avatar
Combined with the previous revelation by Mike Dudas, founder of 6th Man Ventures and former founder of The Block, that "OpenSea is suspected to have registered the OpenSea Foundation in the Cayman Islands on August 20 this year" and the news that the latest version of OpenSea may be launched this month, OpenSea's token airdrop may also be on the way.
In addition, according to the Dune data panel issued by Sealaunch, a well-known on-chain data monitoring organization, if OpenSea promotes token launch, it may be related to factors such as the number of user transaction operations. The OpenSea user rankings in the Dune data panel may be used as a reference for airdrop expectations.
OpenSea user ranking query interface, for reference only
Summary: Fat Penguin's coin issuance has driven the NFT market to recover, and the wealth-creating effect remains to be verified
With the launch of PENGU approaching, the NFT market has also ushered in a long-awaited recovery: according to data from earlier today, the total market value of the top NFT series on the entire network has risen above US$10 billion, currently reaching US$10,450,232,468, a 24-hour increase of 10.2%; in the past 24 hours, the total NFT series transaction volume on the entire network reached US$71,146,166, an increase of 87.5%.
In addition, due to the unclear snapshot time and airdrop conditions, in recent days, in addition to the rising floor price of Pudgy Penguins, its historical high transaction price has also ushered in a wave of whales: Pudgy Penguin #8441, ranked 14th in rarity, was sold at a price of 100.5025 ETH; Pudgy Penguin #2447 was sold at a price of 150 WETH.
As for whether many NFT users and Pudgy Penguins holders can realize the dream of "three meals from one fish", at present, they still hope for the online performance of Pudgy Penguins project token PENGU. It is no exaggeration to say that at the current moment of this cycle, Fat Penguin has become the "hope of the whole village" to lead the NFT track out of a new path - if PENGU rises, NFT will prosper; if PENGU falls, the winter of NFT will continue.
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