The Pudgy Penguins ($PUDGYPENGS.NFT) project is now under new leadership after closing its successful 750 ETH ($2.5 million) sale. A group led by Pudgy Penguins holder and Los Angeles-based entrepreneur Luca Netz will helm the new leadership by purchasing the whole project, as well as the royalty rights from its four co-founders. By controlling the project, the buyers’ group will be able to launch a token and send airdrops to other NFT holders, among other rights.
The new sale might breathe some life into Pudgy Penguins NFT, whose story is full of drama and tragedy. It made headlines last summer due to its unique collection of 8,888 chubby Antarctic creatures with different types of crowns, hats, and bow ties. Soon the project became one of the most successful NFT collections, raking in over 45,400 ETH in sales on OpenSea, which is approximately equal to about $136 million at today’s $ETH.X prices.
However, it was not a long-lasting success. Due to dissatisfaction among Pudgy Penguins holders, the cartoon creatures, which were trading for $11 million a day by August, collapsed in September. NFT holders were unhappy with the way the founders developed the project, so a virtual community voted in January 2022 to expel the founders and put up the project for sale.
Now Pudgy Penguins have new owners, including social influencer Luca Netz and LDR Ventures’ Drew Koven, hoping to revive the NFT project. The development has led to an 87% increase in Pudgy Penguins’ floor price in the past week, according to DappRadar.
However, it won’t be a cakewalk for sure. A number of NFT projects have popped up in recent months, bringing new products to Web 3 and much more. Bored Ape Yacht Club ($BAYC.NFT), the largest NFT collection, is planning a land sale on the metaverse and has already launched its native token. If we compare the current floor price, the $PUDGYPENGS.NFT is worth $6,330, while $BAYC.NFT is trading at $333,000.
If Pudgy Penguins wants to stay in the race, it must work on a number of things, including artwork, publicity of the collection, perks to holders, celebrity support, etc.
Whether or not Pudgy Penguins succeeds this year will be interesting to observe.