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In the non-fungible tokens (NFTs) market, CryptoPunks and Pudgy Penguins, Ethereum (ETH)-based NFT collectibles, have emerged as leaders in sales over the past 24 hours.
CryptoPunks and Pudgy Penguinsâ recent performance significantly outpaces Bitcoin Ordinals. These NFTs in Bitcoinâs blockchain appear to be losing momentum.
CryptoSlam data highlights CryptoPunksâ sales at $1.25 million. This figure is a remarkable 811.95% increase in the last 24 hours.
The sale of CryptoPunks #741 largely drove this surge. The latest data shows that CryptoPunks #741 is valued at $792,046.
Pudgy Penguins also saw a substantial rise. Its sales reached $476,857, marking a 356.46% gain over the same period. Interestingly, Pudgy Penguinsâ achievements extend beyond the digital space.
Read more: What are CryptoPunks? The Complete Guide
NFT Collection Rankings by Sales Volume. Source: CryptoSlam
Recently, Luca Netz, Pudgy Penguins CEO, announced that over 1 million Pudgy Toys, the plushies version of Pudgy Penguins, have been sold in the last 12 months. This milestone comes as the NFT project continues to expand worldwide.
âWho wouldâve thought that the Consumer Crypto revolution was going to be led by fat, flightless birds,â Luca Netz wrote on his X (Twitter).
Pudgy Penguinsâ retail strategy shows a successful digital-to-physical market crossover. Their launch in US stores like Target is part of this strategy. It also aims to increase its consumer base substantially.
The toys at Target come from the community Penguins collection. The licensing for these toys leverages their NFT platform, OverpassIP.
Each toy includes âa birth certificateâ with a QR code. This code connects to Pudgy World, thus enhancing buyer interaction.
On the other hand, Bitcoin Ordinals are seeing a decline in interest. As Ethereumâs blockchain recorded a 46.71% increase in NFT sales, reaching $5.95 million, Bitcoinâs Ordinals saw sales dip by 20% to $5.07 million.
This development is particularly noteworthy given that in the previous month, Bitcoin NFTs outperformed Ethereum NFTs. A report from DappRadar shows that Runestone, one of the largest Bitcoin Ordinals inscriptions, gained significant popularity during the month.
Runestone became the NFT collection with the most trading volume in April. It also surpassed Bored Ape Yacht Club (BAYC), a popular Ethereum-based NFT collectible, for the first time.
Behind the success are Runesâ mechanisms that leverage Bitcoinâs existing UTXO model to minimize data added to the blockchain. Such a mechanism enables Runes to potentially reduce transaction fees compared to Ordinals.
Read more:Â Top 5 BRC-20 Platforms To Trade Ordinals in 2024
Numbers of Transactions in the Bitcoin blockchain by Type. Source: Dune Analytics
However, the Runes hype cooled down shortly after the Bitcoin halving happened. Dune Analytics data shows a significant fall in Runes transactions. They dropped by almost 4,590%, from 753,814 on April 24 to 16,066 by May 13.
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