Despite the challenging crypto bear market, Pudgy Penguins NFTs have managed to flourish and maintain their relevance. Pudgy Penguins is a collection of 8,888 NFTs created on the Ethereum network in July 2021. The project experienced a successful launch, selling out within 20 minutes of release, and its floor price saw significant fluctuations in the months following.
However, allegations against the founders and a perceived deviation from the project’s initial goals led to a decline in the project’s floor price from late 2021 to early 2022. This led to the emergence of a new collection on METADROP, where some Pengus (Pudgy Penguin holders) wrapped their NFTs to avoid paying royalties to the original founders.
In January 2022, co-founders Cole Villemain and Clayton Patterson were expelled from the project following a Discord vote. The project was then sold to Luca Schnetzler (Netz) for 750 ETH in April 2022, marking a significant change in leadership.
Under Netz’s leadership, Pudgy Penguins underwent a rebranding and refocusing on its initial goals. The project achieved several milestones, including securing official social media accounts, establishing branding, and reaffirming its mission statement. Netz also initiated partnerships, including one with Green Kids Club to create a Penguin-themed children’s book.
Additionally, Pudgy Penguins granted IP rights to NFT owners, allowing them to use their NFTs for commercial purposes and potentially earn up to $500,000 annually. The project also partnered with Hologram Labs to incorporate 3D models into Pudgy Penguins, opening up new possibilities for content creation and interaction with NFTs.
Despite the challenging market conditions, Pudgy Penguins has managed to revitalize the project, grow its community, and achieve significant milestones. It serves as an example of how adaptability, strong leadership, and a commitment to initial goals can lead to success in the NFT space, even during a bear market.
