Pudgy Penguins: The NFT Collection Taking NFTfi by Storm
March 28, 2023 ・ 4 min read
They huddle hard, they play hard and they GIF hard. Who are they?
The one and only Pudgy Penguins, of course! These adorable igloo-dwellers are unstoppable since the community grabbed the reins and entrusted the charismatic Luca Netz as their leader in an already iconic 2022 takeover.
Netz has a simple goal: “to build one of the biggest IP companies the world has ever seen, and do it in Web3.” So far? So good. While many just dream of mass adoption, the igloo is a thriving hive of activity with a line of IRL Pudgy toys set to drop any day now in partnership with Retail Monster.
In the meantime, Pudgy Penguin GIFs have passed 3 billion views on Giphy and that’s not the only major milestone they’ve just smashed…
Pudgy Penguins surpass $2M in total loan volume on NFTfi
The huddle has reached a significant all-time high in their NFTfi journey - crossing the $2M mark and breaking into the top 20 blue chip collections. Clearly, Pudgys are masters at maximizing liquidity!
March 2023 has been a record-smashing month for these ice-cool customers, with over $750k+ in loan volume. Seeing these stats, you might be wondering if you’ve missed the boat? Quite the opposite!
Borrowing USDC, ETH and DAI has actually never been cheaper, as the APR (annual percentage rate) on Pudgy loans in March was 41.62%, the lowest figure to date. APR is an annualized number, but the average loan duration is 27 days, so the true cost of borrowing is much lower.
As the chart below shows, the average loan amount is currently $4.9k but it has been steadily increasing and hit $6.8k this month. Meanwhile, the top 5 borrowers have each crossed $100k in personal loan volume and the record for the largest single loan on a Pudgy Penguin stands at $24,000. With the Penguins’ floor price stronger than ever this year, this makes them ideal collateral to lend against.
Inside the world of Pudgy Penguins and NFT lending on NFTfi: We infiltrated the igloo to learn more! 🐧
First up, we heard from proud penguin Larry David:
"Pudgy Penguins are one of the more liquid NFTs in the market today - the floor is supported by thousands of bids supporting the Floor Price. For this reason, the market to take a loan out on Pudgy Penguins is very competitive - with ample access to capital at fair interest rates. NFTfi has done a great job in providing a simple UI to onboard lenders and borrowers alike, contributing to overall liquidity in the market."
We also chatted to long-term lender grumpykitty about why they’re bullish on the huddle:
“I look for the strongest collections to lend against in order to minimize risk to my capital, so Pudgy Penguins are a clear choice. I prefer to lend on NFTfi because it has the most listings and gives me total flexibility in setting the terms.”
Finally, on the borrower side, Greti filled us in on how the psychological aspects of borrowing help his broader strategy:
“Loans enable me the liquidity I need to make moves in the market while still holding my favorite NFTs. I also like borrowing because I have a responsibility to pay the loans back, meaning I realize profits quickly in order to make the repayments!”
What’s next? NFTfi welcomes Lil Pudgys & Pudgy Rods to the party 😎
As of March 2023, you can now lend and borrow against all three collections in the Pudgy Penguin ecosystem. Own multiple and want to maximize your liquidity? Consider using NFTfi’s new bundle mechanism, enabling you to group multiple NFTs into one, gas-efficient, re-usable, bundle! For more details, check out our detailed guide.
Start Lending and Borrowing on NFTfi ⤵️
To get started, you can check out these beginner-friendly guides to both Lending and Borrowing on NFTfi, stay up to date by following our Twitter and chat with experienced users by joining our thriving Discord community.
For Pudgy Penguins updates and vibes, we recommend joining the huddle on Discord and Twitter, and exploring their website.
This article is for educational and informational purposes only and should not be considered financial advice. Conduct your own research and due diligence before making any investment or financial decisions, such as when considering novel products including NFT loans.
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