Topics NFT
Bybit Learn
Bybit Learn
Intermediate
Sep 16, 2022

How Pudgy Penguins NFTs Are Waddling Back With Web 3.0

NFTs, an acronym for “non-fungible tokens,” are a subcategory of cryptocurrencies that represents ownership of a unique asset. They’ve taken the investing world by storm because they represent a new and unique class of asset. Since Pudgy Penguin NFTs appear in the news often, we aren’t surprised the adorable birds have piqued the interest of anyone remotely interested in this currency type. 

If you’re curious as to why these Antarctic avian dwellers are attracting the attention of NFT enthusiasts, read on. From a change in the project’s leadership to celebrities adopting them, we’ll address everything you need to know about Pudgy Penguins, and how they’re planning to shake up Web 3.0.

What Is a Pudgy Penguin NFT?

Pudgy Penguin NFTs embody empathy, meaningfulness and compassion as their theme. The Pudgy Penguin NFT collection includes 8,888 individual NFTs. Like other popular NFT projects, Pudgy Penguins are hosted on the Ethereum blockchain.

The Pudgy Penguin NFT group flocked onto the scene in the summer of 2021. It quickly became one of the most popular NFT projects. Sales rocketed partly because of the individualized, exclusive niche the Pudgy Penguin NFT occupied in the NFT space and how involved the community seemed to be in the future of the project.

Pudgy Penguin NFT Founder Drama

The original founders of the Pudgy Penguin NFT project were college students — one being Cole Villemain, also known as ColeTherium. The original creators made big promises regarding the project's future, including the development of their own token launch, a children’s book, a metaverse game and more. When these promises failed to materialize, the Pudgy Penguin NFT project fell into disfavor. Furthermore, Cole Villemain himself was outed for running paid promotions of NFT projects without disclosing that he’d received remuneration for them. He was also found to have siphoned off funds from the Pudgy Penguin NFT project's treasury.

In late 2021, the Pudgy Penguin NFT community ousted the original founders of the project. After months of turmoil, a bidding war broke out in January 2022 for the Pudgy Penguin NFT collection. Main suitors included Luca Schnetzler a.k.a. Luca Netz of Netz Capital, Mintable.app founder Zach Burks and NFT influencer BeanieMaxi.

The Pudgy Penguin NFT group was sold in April 2022 to Los Angeles–based Netz Capital for 750 ETH, or roughly $2.5 million. Netz, the former German footballer turned e-commerce entrepreneur and investor, is now leading the project. He’ll receive royalties on all future secondary sales of Pudgy Penguin NFTs. Drew Koven, the co-managing director of LDR Ventures, an L.A. investment firm, is also involved in the Pudgy Penguin NFT venture. According to Villemain, the original team wished to see their creation move on to the next level, and felt the new leadership has the ability and connections to see it through.

Why Are Pudgy Penguin NFTs So Popular?

One reason the Pudgy Penguin NFT is such a hit is that it represents the glue that holds a particular NFT community together. NFT communities attract many people because they bring together like-minded individuals who not only share common interests, but who also collaborate and have fun.

The Pudgy Penguin NFT community has its own vibe and terminology. For example, penguins are called “pengus.” Pudgy Penguin owners are “huddlers.” “Tufts” refers to a rare and valuable type of penguin with no head covering. “Floors” are more common, less costly penguins. In part, the special parlance makes for a close-knit community. It also adds to the NFT intrigue, creates a buzz, and attracts others to the community — which can propel prices higher.

The first NFT community was CryptoPunks, which formed around a collection of 10,000 pixel-themed tokens that came to market in 2017. Launched by Larva Labs, CryptoPunks feature somewhat scruffy-looking humans, as well as zombies, apes and aliens. CryptoPunks quickly rose to luxury status, with individual NFTs selling for millions of dollars. They catalyzed the creation of other NFT communities, including the Bored Ape Yacht Club, a collection of 10,000 cartoon primates that now fetch upward of $45,000 each.

Another reason why Pudgy Penguin NFTs are in vogue is because of their profit potential. NFT holders and speculators typically hope to sell them at a higher price than they originally paid. After the Pudgy Penguin price drop on OpenSea in Fall 2021, investors saw the potential for major gains, given that other NFTs had become so expensive.

The Unique Charm of Pudgy Penguin NFTs

Only 8,888 Pudgy Penguins are available on the Ethereum blockchain. Each one is unique, and although all are scarce, some are more rare than others and bring higher prices. For example, only 58 Pudgy Penguins have a crown. The rarest one is left-facing, unlike the other right-facing birds. The characteristics that make for rare penguins can be researched on Pudgy Penguins’ OpenSea page, or with a third-party NFT tracker tool such as rarity.tools.

Celebrity Ownership

Another aspect of the increasing popularity of the Pudgy Penguin NFT is the number of celebrity owners who have dived into the community. Notable among them are star NBA player Steph Curry and the Canadian rapper Tory Lanez. Celebrities often have a fair amount of money to spend, and their presence adds to the mystique of Pudgy Penguin NFTs. Celebrities also add value to NFTs because of their buying capabilities, which can drive up prices.

All About Cutesy Aesthetics

One important aspect of the overall appeal of the Pudgy Penguin NFT is the squeaky-clean image of the lovable, iconic penguin. The design embodies warmth, positivity and empathy — uncommon characteristics in some other NFT communities. For example, the Bored Ape Yacht Club and CryptoPunk communities focus on darker-themed NFTs.

Pudgy NFT Breakdown

As of Sept. 5, 2022, 4,546 NFT holders own the 8,888 Pudgy Penguin NFTs. Collectively, the Pudgy Penguin NFT collection has a total market cap of $47,082,185, according to CoinGecko.

As of mid-August 2022, Pudgy Penguins had amassed a total sales volume of $155 million, according to NFT ranking group CryptoSlam!. Sales were quite robust from the project's inception through July 21 in 2021, with single-day sales topping out at over 12,500 NFTs. The average price paid per Pudgy Penguin ranged as high as $11,583 during August and September 2021.

After a period of relative quiescence during the ownership drama, sales have picked up again. For example, on April 5, 2022, secondary daily sales of Pudgy Penguin NFTs surged to $2.95 million. The floor price rocketed again in August 2022, partly in response to the public introduction of a nine-member advisory board, created to preserve the integrity of the Pudgy Penguin NFT project.

The highest price ever paid for a Pudgy Penguin NFT took place in late August 2022, according to Lucky Trader. Pudgy Penguin #6873, the rarest of the series, which features the left-facing bird against a green background, sold for 400 ETH on Pudgy Penguins OpenSea. Coming in second is Pudgy Penguin #7365 and was sold for 69 ETH. With such extravagant prices, Pudgy Penguins slowly captured more attention from speculators as it began to 

Pudgy Penguins Ecosystem

Just like other popular NFT-related ecosystems, Pudgy Penguins presents a healthy ecosystem with a great degree of diversity. Here are the members of the Pudgy Penguins ecosystem.

Pudgy Toys

Pudgy Toys represent a tangible addition of Pudgy Penguins in the physical world. In August 2022, the Pudgy Toys lineup was introduced and can be licensed directly from the community. The initial announcement caused prices for Pudgy Penguin NFTs to surge as speculators anticipated future Web 2.0 and 3.0 collaborations that could bring Pudgy Penguins more attention.

Pudgy Penguins Children’s Book

Building upon its brand of positive vibes, the Pudgy Penguins team has partnered with Green Kids Club to publish a children’s book series. By featuring Pudgy Penguin and Lil Pudgy NFT characters, licensed with the community’s approval, the series acts as yet another marketing push to reach a broader audience and strengthen its brand. As a bonus, the team pledges to donate a portion of all book sales to penguin conservation programs.

Pudgy Penguin Merchandise and Apparel

A variety of apparel is another physical part of the Pudgy Penguin NFT experience. Short- and long-sleeved shirts, hoodies and hats, which reflect the fan base’s undying love for their feathered friends, are available for purchase. You can also get custom-printed T-shirts, sweatshirts, mugs and more, outfitted with your own Pudgy Penguin.

Lil Pudgys

Lil Pudgys, a collection of 22,222 unique NFTs, are companions of Pudgy Penguins. The first 8,000 were reserved for existing Pudgy Penguin NFT holders. Lil Pudgys are available on the Ethereum blockchain. Because they’re considerably less expensive than Pudgy Penguins, they provide an opportunity to individuals with less capital to spend on NFTs.

Pudgy Rods

Pudgy Rods is another collection of NFTs based on the Pudgy Penguins ecosystem. On August 30, 2021, Pudgy Presents — to be unwrapped on Christmas Day — were air-dropped to Pudgy Penguin holders. While it was a pleasant surprise for loyal pengus and huddlers, it turned to dismay as the Pudgy Rods drew harsh criticism and were spelled “rogs” instead of “rods.”

However, despite Pudgy Rods’ rocky start, the community still holds strong to the value of these fishing rods. In hope of their becoming useful assets in a future Pudgy Penguins–related game, only time will tell whether the ambitious plans will be fully rolled out. 

truePengu

On July 22, 2022, the one-year anniversary of the Pudgy Penguin NFT launch, truePengu was introduced. As an example of a Soulbound token, truePengu is a non-tradable token that categorizes each member of the community into a specific coveted class.

Three truePengu tokens were created: The Ice truePengu, the Iridescent truePengu and the Gold truePengu. Ice truePengu was designed for owners of Pudgy Penguin, Lil Pudgy and Pudgy Rod NFTs. Iridescent truePengu was created for holders of Pudgy Penguin NFT and Lil Pudgy NFT. Gold truePengu is reserved for those who hold Pudgy Penguin NFTs. Pudgy Penguin owners received their unique Soulbound tokens via airdrop.

How Much Is a Pudgy Penguin NFT?

Pudgy Penguin NFTs are bought and sold at a variety of prices, depending on the rarity of the bird and the prices being paid in the overall NFT market. As with any asset, the lowest price that any Pudgy Penguin NFT commands at a given time is called the floor price, which varies in real time. Rarer birds fetch prices much higher than the floor price. Remember, Lil Pudgys can be purchased for a considerably lower cost.

Current price information, along with a host of other penguin attributes, can be found on Pudgy Penguins OpenSea. As of early September 2022, the floor price for the Pudgy Penguin NFT collection was 3.45 ETH, equivalent to $5,738.

Where to Buy Pudgy Penguin NFTs

Buying a Pudgy Penguin NFT is simple. First, you create a web wallet that supports NFTs, such as MetaMask. Once your wallet is funded with the required amount of ETH, you can search for Pudgy Penguin NFTs on such digital marketplaces as OpenSea and LooksRare. After making the purchase, you’ll find your Pudgy Penguin NFT in your wallet.

Are Pudgy Penguin NFTs a Good Investment?

The characteristics of a good investment are different for different people. If you’re in the market for a potentially lucrative NFT investment in the realm of NFT PFPs, then Pudgy Penguins may be for you. Clearly, the collection has achieved a major turn in fortune with the new leadership in place. The solid fan base, support from celebrities, community loyalty, positive brand image and new ownership bode well for ongoing success.

As with all investments, due diligence and an examination of one's financial situation and investment goals are critical parts of the decision.

Final Words

The Pudgy Penguin NFT collection has been on a wild ride since its initial launch. Thanks to the collective strength of the Pudgy Penguins community, the Pudgy Penguin NFT project is now operating under new and stable ownership. With all the momentum and catalysts in mind, we’re confident that the Pudgy Penguins project can become a huge player in the NFT space after re-emerging as a popular and positive movement.