The floor price of Non-Fungible Token (NFT) collection Pudgy Penguins increased by more than 80% in the past two weeks (per NFTPriceFloor). The sudden surge can be attributed mainly to a couple of developments that sparked confidence in its loyal holders, as well as other newcomers in the space.
In the month of August 2022, the creators of popular NFT project Pudgy Penguins unveiled plans to license select NFTs to be made into toys, and also announced a new advisory board led by the CEO of blockchain analytics platform Nansen.
Let’s take a deeper look at the project’s latest updates.
On August 11, Pudgy Penguins introduced their Pudgy Toys Lineup. The idea is to license select penguins from the existing collection, and turn them into toys.
“Introducing our Pudgy Toys Lineup, licensed directly from the community,” the team stated, adding “This is the first of many instances where the Pudgy Penguins IP (Intellectual Property) will allow Web2 to meet Web3.”
On August 19, CEO Luca Shneztler (Luca Netz) shared updates on the project and also posted a sample of one of the toys.
“First run of Pudgy Toys are in. Refining and then pushing to production,” Netz tweeted.
New Advisory Board
The team announced on August 22, a new nine-member Advisory Board lead consisting of executives and tech industry professionals, led by Nansen CEO Alex Svanevik, Hasbro Head of Licensing Jess Rochardson, and Saks Fifth Avenue COO RJ Cilley.
A children’s book partnership, as well as an upcoming collaboration with Web3 entertainment studio Non-Fungible Films, is also in the works, according to Luca Netz.
Prior to the Pudgy Toys announcement, Pudgy Penguins was trading for as low as 2.2066 $ETH ($3,639.57) with a volume of 10.059 $ETH ($16,591.31) on August 11.
The asset rose to 2.7956 $ETH ($4,611.06) on August 13, and pulled back to 2.2055 $ETH ($3,637.75) on August 18. The announcement of the new advisory board was the primary catalyst for Pudgy Penguins’ pump to a price of 4.004 $ETH ($6,604.20), while registering a volume of 505.109 $ETH ($833,126.78), per NFTPriceFloor.
As of this writing, a Pudgy Penguin can be obtained for as low as 3.49 $ETH, and as high as 99,999,999,999,999 $ETH (per OpenSea).
About Pudgy Penguins
Pudgy Penguins are 8,888 randomly-generated (from more than 150 hand-drawn traits) penguin NFTs living on the Ethereum blockchain.
Basically, Pudgy Penguins is a Profile Picture (PFP) NFT project and it is one of the most popular collections in the industry boasting a total volume of 60.5k $ETH on NFT marketplace OpenSea.
Launched in July 2021, the project is now owned by a group led by entrepreneur Luca Schnetzler, a long time fan of the project. The turnover in leadership happened in early 2022 after the community voted out the project’s founders, who in turn sold the collection to Schnetzler for 750 $ETH (roughly $2.5 million).
Pudgy Penguin’s strong start in 2021 was followed by a string of problems that even culminated in a disastrous Christmas Day airdrop. However, the recent developments in the NFT project is a testament to the team’s newfound dedication in expanding the brand and providing more value to its holders.