Pesky Penguins is a NFT project on the Solana blockchain. If you’ve ever seen “Noot noot” on social media and have wondered what it means, then you know the power of this community! It is emerging as a popular profile picture (PFP) NFT project on the Layer-1 blockchain.

The year 2021 saw several NFT projects emerge, but none captured the attention like PFP projects (CryptoPunks and Bored Ape Yacht Club).

While most of these projects were on Ethereum, other L1 chains like Solana have also started featuring some emerging NFT projects. One of these is the Pesky Penguins NFT project. 

It is based on the Solana blockchain and features a deflationary collection of NFTs. In this article, we’ll go over what the project is about, why its special and much more. Let’s dive in. 

What is the Pesky Penguins collection on Solana?

Pesky Penguins is a collection of 8607 NFTs on Solana – the emerging L1 that’s been gaining a whole lot of attention in 2021.

The collection is deflationary, as defined by the team. While each collectible is unique, the team has outlined that not “every Penguin is here to stay.”

There is an event called Snowball that removes some Pesky Penguins from the collection. This is usually done to the cheapest Penguins in the market – the process has been termed as “sweeping the floor.”

All the Penguins that are selling for the cheapest amount are hunted by the The Snowball that takes a small fee from all aftermarket transactions – and uses that to carry out the process. These Penguins are then burned, taking them out of circulation. 

As a result of this, the floor price of the collection is progressively raised, thereby increasing the overall value of the collectibles that are already in the wallets of the holders. 

How can I buy Pesky Penguins NFT? 

The Pesky Penguins NFT collection can be bought just like any other NFT collection. It can be found on several marketplaces. Some of them are listed below: 

Alpha Art 

Digital Eyes 

Magic Eden 

FTX 

The fact that the collection can also be found on currently one of the biggest exchanges, FTX is also a huge added bonus to the collection.

The trading volume has been seeing a steady increase since the project was launched – perhaps the availability of the collection on various secondary marketplaces adds to that. 

How is the Pesky Penguins NFT collection performing? 

The Pesky Penguins NFT collection has been performing really well over the past few weeks.

Thanks to the The Snowball effect, the floor price of the collection is currently 4.40 SOL (roughly $800). The number of collectibles listed on the marketplaces, though, have been reducing.

How is the Pesky Penguins NFT collection performing? 

The Pesky Penguins NFT collection has been performing really well over the past few weeks.

Thanks to the The Snowball effect, the floor price of the collection is currently 4.40 SOL (roughly $800). The number of collectibles listed on the marketplaces, though, have been reducing. 

The number of owners of the collectibles, on the other hand, have been seeing a steady increase since the past month. This is fueled by the deflationary process in play by the team.

This ensures that the price of the tokens keeps rising over time – making the collection a lucrative investment over a longer period. 

The circulating volume of the collection is also at a healthy 88889.75 SOL (which is roughly $1.6M). All these factors combined make the project show the rising interest in the collection.

A major bone of contention that most NFT collectors have with emerging projects like Pesky Penguins is the circulating volume.

If there isn’t enough liquidity within the market, then the collectors don’t feel comfortable in making the purchase because they fear the lack of liquidity can be damaging to their assets. 

But that isn’t the case with the Pesky Penguins collection. Thanks to their deflationary process, the intrinsic value of each NFT is said to increase. 

NFTs on Solana

The NFT wave on Solana has been fueled by the rising interest in the digital collectibles as a whole.

This is complemented by the fact that purchasing/selling NFTs on Ethereum often comes at a price that can be too much for everyday collectors. The rising gas costs are a factor that almost everyone blames. 

But with Solana, the wider NFT ecosystem is seeing a resurging boost as the lower gas costs are helping several new projects emerge within the market. At the moment, the top five collection on the network average a 30-day volume oof $8M.

While this number itself is dwarfed by the massive 30-day volume of the most popular NFT project, Axie Infinity (whose volume as of writing is $560M) we mustn’t forget that Solana is an emerging protocol with endless possibilities. And the NFT ecosystem has only recently started proliferating on the network. 

Most of this craze is driven by the incredibly strong community.

Several Ethereum-based NFT projects were quite popular in 2021. Some of them like the Bored Ape Yacht Club were able to amass an incredibly large community.

But as the craze around NFTs grew, the number of interesting projects couldn’t keep up. While several projects were launched during the period, not all of them were able to catch the same amount of attention. 

Add to that the fact that everyday traders (with considerably smaller portfolios) could not purchase the more popular collections because they were way beyond their reach.

Thus, these traders were either left with common not-so-exciting projects that did not promise lucrative returns and an inability to get in on the more popular ones. 

This gap was found by several artists who decided to create similar projects on alternative blockchains like Solana. And that is why we are seeing a massive growth of NFT collectibles on the network. 

Closing Thoughts 

Peksy Penguins is yet another PFP NFT collection that aims to capture the attention of several NFT collectors who are considering looking for alternative collections away from Ethereum.

The deflationary process ensures that the floor price does not go down – making it quite enticing for several collectors. 

While there is an observable wider market slowdown, there are some collections that are keeping the heat alive by offering different ways of ensuring that traders can still get in on the right price and make a profit.

The overall market sentiment, as we approach the holiday season, is one of liquidating investments. Several new traders entered the space in 2021.

And some of them have already made millions of some popular NFT collections.

Though it’s never certain what the market will do, next year will may be interesting for projects like Pesky Penguins, as one thing’s clear: they have definitely been buzzing on social media.

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