The NFTs that survived crypto winter
Most NFT collections have fizzled out over the past 18 months. However, one has not only survived but thrived.
April normally brings warm weather, but to those in cryptocurrency circles last year’s fourth month is known as the onset of Crypto Winter. It was when rising interest rates caused sharp plunges in all things crypto, especially NFTs.
So it’s appropriate that among the apes, birds and other nonfungible critters that have been buffeted by the season’s blizzardous winds, one animal is doing just fine: the Pudgy Penguin.
Most NFT collections have fizzled out over the past 18 months, and those that have survived have seen their values drop by 50% to 90%. The Bored Ape Yacht Club, the most famous NFT collection, serves as a useful benchmark: They're now selling for about $85000, down from their height of half a million apiece. Bitcoin and ether, the two biggest cryptocurrencies, have fallen 45% and 55% from their respective record highs.
But Pudgy Penguins is near its peak. They can’t be bought cheaper than 5 ether ($14300), compared to the 1 ether ($2850) they were selling for last March.
