Market Reactions to the Pudgy Penguins Sale
The sale of the Pudgy Penguins sparked a wave of trading activity on OpenSea. Prior to the announcement, the floor price fluctuated between 0.7 and 1.4 ETH, but it climbed to 2.5 ETH after the news broke. As of today, the cheapest Pudgy Penguin is listed at 2.9 ETH. Speculation about a potential Pudgy Penguins token, akin to the Bored Ape Yacht Club’s ApeCoin, further fueled market excitement.
Will this collection sustain its momentum and reach a 10 ETH floor price, or will its popularity fade? Time will tell.
Why Was Pudgy Penguins Sold?
The sale comes after months of turmoil within the Pudgy Penguins community. In January 2022, the original founders faced backlash for attempting to sell the project while allegedly mismanaging funds from NFT sales. Disillusionment grew as promised initiatives—such as a token, a children’s book, and a Metaverse game—failed to materialize.
Following the community’s decision to oust the founders, Mintable’s Zach Burks offered 750 ETH to acquire the project. However, Luca Netz and his team ultimately secured the deal, cementing a new chapter for Pudgy Penguins.
What Is the Pudgy Penguins NFT Collection?
Launched in July 2021 by its original four co-founders, Pudgy Penguins is a collection of 8,888 unique NFT profile pictures (PFPs). Each penguin features distinctive accessories like scarves, jackets, and baseball caps, with ownership verified through the Ethereum blockchain. These ERC-721 tokens are among the most recognizable in the NFT space, driving widespread adoption, particularly on platforms like Twitter.
Despite initial success, the project’s growth stalled, leading to a drop in daily transaction volume and floor prices. The recent sale is a bid to revive the collection’s fortunes under new management.
What’s Next for Pudgy Penguins?
Under Netz’s leadership, Pudgy Penguins aims to regain its footing by launching a token and conducting airdrops for existing NFT holders. Netz’s business acumen and vision for inclusivity and compassion could help steer the project toward sustained success.
