Pudgy Penguins are a creation of creators, thinkers, builders, and operators. Launched on July 22, 2021, the collection was priced at 0.03 ETH each and was sold in just 20 minutes.
What is Pudgy Penguins NFT?
The project is a collection of 8,888 cute, tiny, colorful, and chubby penguins based on the Ethereum blockchain. What makes these penguins different from other collections are traits that range from caps to basketball hats, helmets, and various other features.
Alexis Ohanian also bought a Penguin and posted about it on Twitter, which helped the project further.
so it begins pic.twitter.com/KH34H7z13c— AlexisOhanian7️⃣7️⃣6️⃣ (@alexisohanian) August 10, 2021
New York Times has also covered the project’s story, followed by Yahoo Finance, Business Insider, and CNBC featuring the collection.
Have you recently come across adorable, chubby pudgy penguins on social media?@PavitraParekh1 explains what’s going on!#NFT @Pudgy_Penguins #PudgyPenguin #PudgyPenguins #communitynft #digitalasset pic.twitter.com/QcYyARqHbD— CNBC-TV18 (@CNBCTV18News) September 17, 2021
Pudgy Penguins help drive weekly NFT sales to more than $400 million. These were the 5 best-selling digital collections. https://t.co/umq3irEVdQ— Markets Insider (@MktsInsider) April 6, 2022
Pudgy Penguins Utility
Owners of Genesis Pudgy Penguins have enjoyed benefits like event access, NFT airdrops, and merchandise. Each owner was allowed to claim both a Lil Pudgys NFT and a Pudgy Rod. Also, a few owners joined the F1 Yacht Party in Miami.
Pudgy Penguins Roadmap
Quest Map 🗺 pic.twitter.com/G8r7FkIoJw— Pudgy Penguins (@pudgypenguins) April 21, 2022
Moving further, the team will keep its education platform active to connect with projects as well as people not only inside the NFT world but beyond it.
Introducing the Pudgy Penguins Children’s Book, featuring penguin characters licensed straight from the community!— Pudgy Penguins (@pudgypenguins) August 26, 2022
We’ve partnered with Green Kids Club to pioneer Web3 IP functionality and bring your penguin to life through storytelling. pic.twitter.com/2OwSBDdTOt
Pudgy Penguins & controversy
Pudgy Penguins gained attention and praise immediately after launch; however, the hype fizzled when the community voted out the founders in January 2022.
Cole Thereum, the founder, initially promised a token, a game, an NFTs-based educational book, and more but fulfilled none. However, what he eventually did was empty the treasury of funds. Later it was found that he was a part of various scams, which dropped the floor prices.
@9x9x9, an NFT owner of about several Penguins shared on Twitter that he was offered IP rights for 888 ETH. Things turned even ugly as NFT owners weren’t notified about anything.
After the controversy, people lost hope from the project; however, things got better when Luca Schnetzler purchased the collection at a price of 750 ETH.
Schnetzler announced his fondness for the artwork and the idea on which Pudgy Penguins is based, which convinced him to purchase it.
The new team shared their plan of turning Pudgy Penguins into a Web3 brand through events, merchandise, and new experiences, which shot up the floor prices.
Introducing the Pudgy Penguins Advisory Board!— Pudgy Penguins (@pudgypenguins) August 21, 2022
Coming from diverse backgrounds in Web2 and Web3, our board will assist in our pursuit to innovate through multiple industries.
We’re excited to build alongside these strategic advisors to push our brand to new heights. pic.twitter.com/1s0hx5pzB6
Pudgy Penguins announced the release of Pudgy Toys that are physical stuffed toy merchandise designed by PMI.
Owners will share the IP license to receive a stuffed toy of their NFT. Luca gave the first reveal himself, which caused a significant interest in the collection among the NFT enthusiasts.
Introducing our Pudgy Toys Lineup, licensed directly from the community.
This is the first of many instances where the Pudgy Penguins IP will allow Web2 to meet Web3.
Congratulations to the Penguins who were selected. More is coming, just look… pic.twitter.com/82iblNKCa3
— Pudgy Penguins (@pudgypenguins) August 11, 2022
The NFT could be a profitable asset as the team has announced that it will increase the royalties from 3% to 5%.
The team behind Pudgy Penguins belongs to reputed companies like Nansen, Meta, and Saks Fifth Avenue. Furthermore, the project has its own NFT trading platform, Pudgy Marketplace, and its own token, $penguPins.
The current floor price is 3.15 ETH with a 7-day average price of 4.68 ETH.
They are a collection of 8,888 NFTs that are stored on the Ethereum blockchain.
Firstly, you must fund your wallet with a cryptocurrency, after which you need to search the NFT on OpenSea. Transfer the cryptocurrency to a Web3-based wallet, and that’s how you can get the Pudgy Penguins NFT.
ERC20-compliant tokens are a prerequisite to creating a Pudgy Penguin. After having the tokens, a unique NFT creation tool is used to make an NFT that displays ownership of the tokens. After this, the Penguin is stored on the blockchain in a trustworthy wallet to allow anyone with the required permissions to access it.