On Monday, a Pudgy Penguin non-fungible token (NFT) sold for 400 ETH – around $625,000 at the time of writing. NFT #6873 is ranked #1 in rarity out of the 8,888-piece collection.
The Ethereum-based NFT collection often referred to as “Pudgy” has been pumping recently, spiking 83% in the past two weeks according to NFTPriceFloor. And according to data from GoinGecko, the collection has surged by nearly 400 percent since August 18th.
The surge in price comes just a few months after the project was turned over to new leadership which has been working hard to add tech-heavyweights to its advisory board, create Pudgy Penguin toys and a children’s book, and establish strong IP rights for Pudgy holders.
Pudgy Penguins is a PFP project that launched during the 2021 NFT market bull run. Its cute pudgy penguin avatars sold out at launch, and the project was initially very popular. In September 2021, a collector paid 225 ETH for a Pudgy Penguin NFT, worth nearly $1 million at the time.
However, in late 2021 community members discovered that the project’s founding team had emptied the project’s funds. ColeThereum, the project’s creator, had been caught in the past participating in scam-adjacent behavior, only making holders more suspicious.
In April 2022, the Pudgy Penguins were sold to entrepreneurs and longtime fan of the project Luca Scnetzler for 750 ETH or roughly $2.5 million. Now some people in the community are calling it a great comeback story as new management has revitalized people’s spirits with new projects and utilities.
NFT Projects Are Building in the Bear Market
The Pudgy Penguins aren’t the only NFT collection building in the bear market. At Rarity Sniper, we’ve covered several stories about blue-chip NFT collections making moves over the past several months. Here are a few examples.
The blue-chip NFT collection Cool Cats recently partners with The Hundreds, a popular California streetwear brand, for an exclusive merchandise drop. The sale lasted 72 hours and gave Cool Cats, Cool Pets, and Adam Bomb Squad NFT holders the first crack at purchasing.
Another busy collection has been Bored Ape Yacht Club and its creators Yuga Labs. The ambitious studio recently raised $300 million from Otherside Land NFTs. Then teased its metaverse to over 4,000 users on July 16th, calling it the “First Trip.” Yuga Labs has also spent time hiring new staff, extending IP rights to CryptoPunks and Meebits holders, and releasing its cryptocurrency ApeCoin.
Lastly, DeGods NFTs, a Solana-based collection, recently bought a basketball team in Ice Cube’s BIG3 3X3 basketball league. By purchasing a “Fire-tier NFT,” the DeGods will influence its team’s direction. They will also be putting the DeGods logo on the team’s 2022 jerseys.
Only time will tell if the Pudgy Penguins NFT collection will continue to rise in value or what value new projects will bring to members. But the recent sale of the rarest Pudgy Penguins NFT should be uplifting to some holders who stuck with the collection through its darker days.