Pudgy Penguins and its sub-collection are an array of NFT projects having 8,888 cartoon Penguins and other NFTs from the arctic region of the metaverse. This blockchain project comprised of Pudgy Penguins and Lil Pudgeys has been through major ups and downs ever since its launch on 23 July 2021.
These cute characters of Pudgy Penguins NFTs are minted using Ethereum blockchain technology. Lil Pudgy is the sub-collection of Pudgy Penguins and was launched on 19 December 2021. There are 150 hand-drawn traits of these Antarctic creatures that distinguish them from each other in the Arctic continent.
Many prominent individuals have weighted different financial opinions on these cartoonish Penguins. Thereby, the market prices of the ETH blockchain cartoon Penguins have increased and decreased at various intervals.
Cole Thereum is one of the leading founding members of the Pudgy Penguins team. The Pudgy Penguins co-founder Cole Thereum and other anonymous Pudgy Penguins owners have worked collectively for combined market share and have raised the stakes from the early take-off.
The founders had a great start after the launch of the project Pudgy. However, things turned out to be sloppy when the Penguin community took a firm stand against the leadership of these Penguin avatar projects. Though there was a downfall period, the founders have beautifully portrayed these chubby penguins using 150 different hand-drawn traits.
The founders are also credited as creators of royalties for the project. Royalty is the term used in buzzy projects as a means of earning a profit on every trading transaction of common Penguins. The founders, including Cole, earned from the royalty incomes as long as there was trading volume of the Pudgy Penguins.
The content management blockchain Ethereum that hosted the Pudgy Penguins has caused ripples in the crypto market and the Twitter spaces. But it could not save the leadership. In a twist of fate, according to the biggest news alerts, the founders were dethroned by the Penguin community due to poor leadership and development skills.
According to the creative news coming from the arctic region of the metaverse, many big names, including Elon Musk, have given a hint about the success of Pudgy Penguins. These Penguins shot to fame when the Reddit co-founder Alexis Ohanian became a proud owner of a banana Penguin.
Moreover, the best visualization of the collection’s concept to penguin owners is that it is more like Dogecoin instead of Bitcoin and Ethereum. Like Doge, the Pudgies have had success, even making it to the current market trends in the New York Times. Kevin Roose must be credited for raising the stakes for Pudgy Penguins holders by writing a detailed research article regarding these arctic creatures.
A Canadian artist, real-name Clayton Patterson, also purchased the non-fungible tokens of Pudgy Penguins. This likely took place on OpenSea, rather than the Binance NFT marketplace.
The Pudgy Penguins have 150 distinctive traits that are separated by unique design patterns. The costume of the Penguins is the major aspect of the artwork. You may see a ghost costume or a shark costume on Penguins. Following is the list of materials taken as traits of these Pudgy Penguins:
These are some of the traits of Pudgy Penguins. A combination of traits of Penguins will result in a uniquely cute penguin profile picture. There are numerous other collectibles, too, as airdrops to Penguin owners.
There was a critical fall in the market for the Pudgy Penguins after co-founder Cole Thereum was accused of poor leadership. The community members alleged that the founders were not complying with the promises they had made to the community.
The members had voiced concerns after the all-time average price of a Penguin NFT hit a record low. Moreover, the Pudgy Penguins started losing ground in the currency market.
The community members said that they were promised a colorful children’s educational book and a book on NFTs, but the leadership fell short of their promises every time. No educational material was provided related to the community discussions and decisions for development. They also accused the founders of illegal access to the royalty stream from where the funds were taken out.
The significant decrease in sales volumes and floor price further worsened the situation. Keeping in view the withdrawal of funds by funders, the Penguin community members started saving their smart contract NFTs in personal wallets rather than in a community wallet.
The Pudgy Penguins Discord sprung into action, and the founders were ousted through a consensus vote of the Discord community. The Pudgy Penguins were sold to Los Angeles-based entrepreneur Luca Netz for a price of 750 ETH, equivalent to $2.5 million.
The new leadership of the Pudgy Penguins has promised to roll back the lost glory of these NFT collectibles. Moreover, the new owner also has an Axie Infinity type NFT game for the token holders.
Pudgy Penguins have performed exceptionally excellently since the very beginning on 23 July 2021. All the 8,888 Penguins were sold in less than 20 minutes at an average floor price of 0.03 ETH.
The most expensive digital collectible of Pudgy Penguins was sold for $469,000. In a short period, the average price of these NFTs soared to 2 ETH. However, the sales volume was reduced significantly during the community revolt and leadership crises.
The average sale price saw a downfall, and the owners were perplexed by the worsening situation. The daily price and the 7-day average price were also on a downward trend after the NFT news regarding the conduct of founders surfaced. After these horrific incidents, the new investors did not prefer to trade Pudgy Penguins.
Consequently, the 24-hour volume of sales decreased sharply, prompting the community members to revolt against the incompetent leadership of the Pudgy Penguins. After the new leadership has taken over, the current prices have improved from the worst low of 0.5 ETH.
The current price floor stands at 1.74 ETH, and the trading volume is at 53.8K ETH and is also increasing steadily. That is a good omen for the NFT holders of Pudgy Penguins.
Pudgy Penguins have been through thick and thin of the crypto market and the NFT metaverse. However, these digital collectibles have seen a significant improvement ever since the leadership changed. Therefore, the future course is brighter.
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