What Bear Market? Pudgy Penguins NFT Sells for 400 ETH

Someone recently sold Pudgy Penguin #6873 NFT for more than half a million dollars. The NFT is one of 8,888 digital artworks in the  Pudgy Penguin NFT collection created by freelance artist Cole Thereum. The latest expensive sale marks the highest sale recorded by the collection amid the current crypto meltdown.

Pudgy Penguin #6873 Sold for 400 ETH

Pudgy Penguin #6873

Pudgy Penguin #6873 was sold on Monday for 400 ETH worth about $630,000. The buyer, dreesuschrist, purchased it from the seller, CoinUnited, who held the NFT for about a year. Note though that, CoinUnited had bought the NFT for 225 wrapped ETH, worth over $787,000 at the time.

Source: NFT Stats 

From the chart above, the project recorded a volume trade of over 977 ETH (approximately $1.5 million) around the time Pudgy Penguin #6873 was sold. The traded volume represents about a 56% increase from its sales over the weekend, which sat at 438 ETH (approx. $650,000).

It is noteworthy that Pudgy Penguins’ recent sale comes about four months after the project was acquired by Luca Netz for 750 ETH (worth $2.5 million at the time) from its creator, Cole Thereum.

Expensive NFT Secondary Sales – Not New

This is not the first time an NFT has been sold at an expensive price. Several NFT projects have recorded expensive NFT sales in the secondary market since the boom of the $66 billion valued NFT market in 2021. 

One example of such expensive sales is a three numeric Ethereum Name Service (ENS) dubbed 555.eth that was sold in April during a time of hype around ENS domains. The domain was purchased by a Chinese collector for 55.5 ETH, worth over $160,000 according to the trading price at the time.

Another noteworthy NFT sale was Jack Dorsey’s first-ever tweet sale, which was sold for $2.9 million to Sina Estavi, the CEO of blockchain firm Bridge Oracle. However, Estavi’s recent effort to resell the NFT tweet was unsuccessful as the highest bidder offered only $6,800.