Tag: Pudgy Penguins

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Crypto News Metaverse NFTs

Pudgy Penguin NFTs Pump After Announcing Physical Toys

Pudgy Penguins, one of the cutest of NFT collections, has announced on Twitter that it will be turning select penguins into physical collectibles to be known as Pudgy Toys:

Following the announcement, the collection registered a sales spike of 370 percent, representing a threefold increase over the previous day.

Pudgy Penguin Plushies?

Described by the PP creators as “the first of many instances where the Pudgy Penguins IP will allow Web2 to meet Web3”, this latest news seems to have renewed community interest.

According to OpenSea, the collection saw a transaction volume of 256 ETH post-announcement. Pudgy Penguins’ floor price rose to 2.73 ETH, up 18 percent on the previous day. Though the exact form these collectibles will take has yet to be revealed, it has been stated that the new line of Pudgy Toys will be directly licensed from the community:

This update coincides with the ongoing debate regarding licensing rights for NFT holders. It’s an issue recently highlighted by the Moonbirds collection, whose floor price tanked following the switch to a CC0 (creative commons) licence.

Netz Spreads the Pudgy Love

In April, the Pudgy Penguins NFT collection sold for a whopping 750 ETH (US$2.6 million), separating the 8,888 penguins from their allegedly controversial roots. Luca Netz, the LA-based entrepreneur of Netz Capital, now leads the project and intends to use it to “spread love across the meta”.

Netz’s complete project ownership means Pudgy Penguins now has its own token, $PENGU.

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Airdrop Metaverse NFTs Tokens

Controversial Pudgy Penguins NFT Collection Sold for 750 ETH

The Pudgy Penguins NFT collection has sold for 750 ETH (US$2.6 million), separating its inherent cuteness from its controversial roots. LA-based entrepreneur Luca Netz, of Netz Capital, is now leading the project and plans to use it to “spread love across the Meta”:  

Pudgy Penguins Eye the Future

Netz has purchased full control of the collection – totalling 8,888 Pudgy Penguins – from the four original co-founders, alongside future royalties. Full ownership of the project means that Pudgy Penguins can now release its own token, $PENGU, and investigate the option of potential airdrops to existing penguin holders:

This follows the ousting of the founders via a January Discord vote over their failure to meet project goals. Co-founder ColeThereum had promised a game, an educational book, and a token, all of which the project failed to deliver. With turmoil behind the scenes and threats issued regarding the project, controversy had been rife within the community.

The sale of Pudgy Penguins will offer a fresh start for the collection. While the originators will no longer be a part of the project, they acknowledge that Netz has the connections and experience to level up the collection in the future.

NFT Controversies and Acquisitions

Pudgy Penguins isn’t the only collection with a controversial history. In February, YouTube ‘Internet Detective’ CoffeeZilla helped to expose a US$20 million crypto scam. Thanks to the joint efforts of CoffeeZilla and the NFT community, the ‘Squiggles’ project was foiled before it came to pass.

In other big acquisition news, last month the creators behind Bored Ape Yacht Club (BAYC) purchased CryptoPunks – another highly successful NFT collection. Yuga Labs now owns the IP and commercial rights to BAYC, and the company’s first move after doing so was to give full commercial rights to NFT holders.