NFT Quick Hits - June 2023

June was a down month for NFT prices overall. The Coinbase NFT Index was down -19.40% and other large NFT collections such as Bored Ape Yacht Club and Azukis saw drawdowns of -34.88% and -58.93% respectively. 

Pudgy Penguins

Pudgy Penguins recently sold out $500,000 worth of their “Phygital'' Toy Collection on Amazon. These toys were the #1 selling items in the “Toys and Games” on Amazon.com during the sale. Pudgy Penguins also expanded their presence in retail stores in Asia for a separate childrens’ toy line as they continue to pioneer the coupling of their digital brand with physical IP.

https://decrypt.co/140825/pudgy-penguins-phygital-toys-amazon-sales

Milady

Miladys continues to see a growth in “derivatives” - a distinct, organically developed NFT project that pays homage to an established NFT brand by putting a new spin on the art. The success of these derivative projects has historically been a positive indicator for the original project. Organic demand for derivatives can also serve as a proxy metric for interest in the original project. Miladys is currently the only project with an organic derivative as a top 100 derivative by market capitalization. Additionally, Elon Musk recently tweeted a meme featuring a Milady to his 140+ million followers. 

https://decrypt.co/139593/elon-musk-tweets-miladys-nft-meme-price-predictably-pumps