The proposed exchange-traded fund would hold up to 15% of its assets in Pudgy Penguin NFTs alongside PENGU tokens.

PENGU is down 18% in the past two days despite the project burning unclaimed airdrop tokens after project head Luca Netz cut short the claim period last week.

Two of the NFT market’s leading collections have suffered sharp price drops over the last week, leading to outstanding bad debt on lending protocols.

Legacy NFT collections are beginning token rollouts after Pudgy Penguin’s successful PENGU drop.

The highly anticipated PENGU token launch resulted in high volatility for both the token and Pudgy Penguins NFTs.

Both Pudgy Penguins and Lil Pudgies NFTs have enjoyed triple-digit price gains in less than two weeks following news of the PENGU airdrop.

The popular NFT collection is set to expand its ecosystem with a Solana-based token, driving a 383% sales spike and a 17% floor price increase within 24 hours.

The NFT-inspired physical toys continue to expand in retailers across the country.

The new chain, dubbed Abstract, will leverage zero-knowledge technology and EigenDA.

Cuban has already sold 14 NFTs for $38,500 in the past two days.