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Leading Ethereum NFT collections like Pudgy Penguins and CryptoPunks all climbed over the past 24 hours as the broader crypto market rose, and as rumors of a “JPEG reserve” circulated.
At one point Pudgy Penguins were up as much as 11.72% while Punks gained 8.64%, pushing their floor prices, or the lowest priced asset on a marketplace, as high as $23,120 and $82,211 respectively. Those prices have since retraced as markets have retreated with the pair up 5.87% and 4.9%, respectively.
Other notable collections like Yuga Labs’ Bored Ape Yacht Club and Lil Pudgys have risen at least 5% as well.
The gains were buoyed by a widespread crypto rebound on the back of comments from President Donald Trump about which assets, like Bitcoin and Ethereum, would be included in a strategic crypto reserve.
In addition to Trump’s comments, Pudgy Penguins leader Luca Netz sparked speculation and optimism in the NFTs’ world when he commented on a post about a “strategic JPEG reserve,” telling followers “I’ve been working on something for our JPEGs,” while suggesting more information would be coming soon.
I’ve been working on something for our JPEGs.
🔜 https://t.co/HXMwJOnBcR
— Luca Netz 🐧✳️ (@LucaNetz) March 2, 2025
Netz’ comments add to a January post from the Pudgy Penguins parent company, Igloo Inc., in which it says it is “committed to pushing the boundaries of what the institutional and commercial adoption of crypto looks like,” with specific mentions of PENGU–the project’s Solana culture token and Pudgy Penguins NFTs.
However, a more detailed breakdown of what that might mean has yet to come. Decrypt reached out to a representative for Igloo Inc. and Pudgy Penguins for comment.
While the last day saw a spike in prices and trading volumes in the last 24 hours, NFTs have not been the focus of major trading activity in the last month. According to data from CryptoSlam, trading volumes for NFT collections on Ethereum and Solana are down 44% and 46% respectively in the last 30 days.
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