Pudgy Penguins made one of the greatest comebacks!
Cut to 2022, however, the Pudgy Penguin NFT project took a turn for the worst amid rug pull accusations against its founder. This was followed by a new leadership taking over the project in a $2.5 million deal. Admittedly, while some wrote off the project as a rugpull, others questioned its future. Yet, in what is perhaps “the greatest comeback story”, Pudgy Penguins’ new leadership turned its future around. Despite the bear market, the project’s sales shot up in August 2022. One NFT even sold for 400 ETH (about $600,000 at the time).
So, how did things go wrong with the Pudgy Penguins NFT project? More importantly, how did the project make a phenomenal comeback?
This is the story of the Pudgy Penguins NFT project: The Good, the Bad and the Ugly.
Currently, the project has raked in over 64,000 ETH or roughly $81 million in sales (at the time of writing). Besides, its floor price is 2.34 ETH.
Later the next month, NFT influencer, 9x9x9 alleged that the Pudgy Penguin founders were trying to sell the project after taking all the money from the project. Additionally, they claimed to have rejected an offer to buy the project for 888 ETH. Disappointed, many of the Pudgy Penguin holders cancelled the project’s founders.
The new leadership made massive improvements.
Despite the controversies, some community members came forward to rescue the project. In April, a group led by Pudgy Penguins holder and Los Angeles-based entrepreneur, Luca Schnetzler bought the project for a whopping 750 ETH (around $2.5 million). This in itself led to an increase in NFT sales from the collection. In fact, its floor price rose to 2.5 ETH after dropping as low as 0.7 ETH weeks before.
For the most part, Schnetzler’s vision for Pudgy Penguins NFT is bearing fruit. Months after the acquisition, things are looking up in the penguin world—or “The Huddle”, as they call it. For example, in July, the project dropped its first soulbound token for plush physical collectibles. It has since released a range of other soulbound tokens.
The Pudgy Penguin merch is a hit!
“These collectibles, alongside our Pudgy Plushies, are only a sneak peek of the diverse line of toys included in our collection,” Pudgy Penguins tweeted at the time. “As we continue to bring the Pudgy Penguins to life, we are ecstatic to be at the forefront of IP utilization in Web3.”
Besides, the project’s recent activations include the Pudgy Penguins Meme Maker—an easy way for anyone to give a Pudgy Penguin twist to popular memes. Additionally, Pudgy Penguins will be present at the upcoming Art Basel Miami on December 1. More recently, the project announced the Pengu Princess soulbound token to honour its sub-communities focusing on Web3 female empowerment.
With a focus on innovation, initiatives to connect the Web2 and Web3 worlds, and community-building, Pudgy Penguins NFT has certainly risen from the ashes. After a tough few months, the future looks bright for these adorable cartoon avatars. All things considered, Pudgy Penguins offers a hopeful lesson for NFT projects struggling to succeed in the space.
