Pudgy Penguins has seen both negative and positive developments in the last few months. With unfulfilled promises including a token, children’s book, and metaverse game plus a plummeting floor price, their community, “the Huddle”, canceled the leadership in January.
But not all is doom and gloom. There is hope on the horizon with new leadership.
Pudgy Penguins launched in July 2021 and gained attention when they were profiled in the New York Times. The collection of 8,888 NFTs sold out at 0.03 ETH on OpenSea with a sales volume of over 49,000 ETH.
Some of the celebrity holders of Pudgy Penguins include Steph Curry and rapper, Tory Lanez.
After “the Huddle” ousted the founders in a Discord vote, there were several compelling offers for the leadership. These included offers from Mintable founder Zach Burks, NFT influencer BeanieMaxi, and the eventual victor, Los Angeles-based entrepreneur Luca Netz.
Netz acquired Pudgy Penguins at 750 ETH equivalent to $2.5 million. He bought his first Pudgy Penguin in the summer of last year for 0.1 ETH plus they were his first NFTs purchase.
Before the week of the sale, the floor price ranged between 0.7 ETH and 1.4 ETH. As the sale drew to the end, the floor price steadily rose to hit as high as 2.5 ETH. By April 4, 2022, the floor price had hit 2.98 ETH.
Besides the improving floor price, there are hints of awesome things ahead with expectations of a token ($PENGU), airdrops, toys, and a retail partnership. These are all part of Netz’s vision of making the NFT collection “a brand that’s known both in and outside of the NFT world.”
With the new leadership welcomed by an improving floor price, the future looks bright for this cute and cuddly NFT collection.