Pudgy Penguins collection sold out at Sotheby’s

The new Pudgy Penguins NFT collection, “Snowed In: A Rare Pudgy Penguins Sale”, was sold out at a famous Sotheby’s art auction for nearly $129K.

Ten penguins of the collection, including rare perks such as golden skin and additional egg, cost a new owner an average of $12.9K, way higher than the floor price on the marketplace. It’s essential to add that on OpenSea, the average floor price per Pudgy Penguin is around $1.3K.

Despite the depressing volumes of NFT sales and overall market turmoil this year, Sotheby’s sales head Davis Brown remains committed to NFTs. He says:

Sotheby’s consistently seen strong participation across our NFT sales in recent months, irrespective of market conditions. An auction setting is truly the best test of the market since it is an open and fair assessment of collector interest and sets new benchmarks in terms of value.

Pudgy Penguins were excited about first-ever participation at Sotheby’s:

In addition, the remainder of proceeds from the auction will go to Oceanites as part of the first Pudgy Penguins charitable contribution, which supports science-based efforts to conserve the penguin population in Antarctica.

Sotheby’s started exploring NFT space in 2021 with artist Pak’s release of The Fungible Collection in collaboration with Nifty Gateway NFT marketplace. The sale yielded $16.8M between Apr 12 and Apr 14.

Then, a luxury auction sold a World Wide Web code, which British computer scientist Sir Tim Berners-Lee developed in 1989, as an NFT for $5.4M; a rare CryptoPunk Alien #7523 for $11.8M, and a collection of 101 Bored Ape Yacht Club NFTs for $24.4M among others prominent sales make $100M of revenue for the luxury auction house Sotheby’s.