The current bear market in the cryptocurrency industry has been challenging for many decentralized projects, including NFTs. However, there are exceptions to this trend, and one notable success story is Pudgy Penguins NFTs.
Pudgy Penguins is a collection of 8,888 collectible NFTs that were created on the Ethereum network in July 2021. The project was co-founded by Cole Villemain, Clayton Patterson, and two pseudonymous members. These NFTs are considered classic PFP (Profile Picture) NFTs and offer exclusive perks to their holders, such as access to events, experiences, and IP licensing opportunities.
During its launch, the Pudgy Penguin NFTs were quickly sold out within 20 minutes, leaving enthusiasts to seek them on secondary marketplaces. After the launch, the average floor price of these NFTs surged from 0.04 ETH in July to 3.49 ETH in August 2021. However, their floor price declined from September to December 2021, dropping to 0.88 ETH. This decline was associated with allegations against the founders and a deviation from the project’s roadmap.
In response to these allegations, some Pudgy Penguin holders wrapped their NFTs into a new collection on METADROP, stopping them from paying royalties to the accused founders. The founders, Villemain and Patterson, were subsequently expelled from the company in January 2022 after a Discord vote. Several buyout offers were made to the project, and it was eventually sold to Luca Schnetzler (Netz) for 750 ETH in April 2022.
Despite the bearish market, Netz and his team managed to navigate the Pudgy Penguins project to a favorable course. They reactivated the project’s initial goals and reestablished its commitment to creating a children’s educational book on NFTs, a virtual game for the ecosystem, and a custom token. Netz also secured the project’s social media accounts and established partnerships with Green Kids Club, Hologram Labs, and Retail Monster.
Additionally, Pudgy Penguins organized physical meetups for its community members and expanded its brand beyond the NFT space by applying for trademarks in various categories. The project also unveiled Pudgy Toys and Pudgy World, which connected newbies to the decentralized space and introduced physical collectibles. The launch of the toys was instrumental in surging the average floor price of Pudgy Penguin NFTs.
The Pudgy Bridge was introduced to allow users to transfer their NFTs across multiple networks and interact with different ecosystems. The project also raised $9 million in seed funding, attracting investments from various reputable brands.
Netz and his team continue to unveil new projects and initiatives to maintain the relevance and growth of Pudgy Penguins. These include Soulbound Tokens, Pudgy Clans, high-end collectibles, and a rumored Pudgy Penguin Metaverse.
Overall, Pudgy Penguins NFTs have defied the bear market and thrived due to strategic decision-making, reestablishing the project’s goals, forming partnerships, expanding the brand, and delivering on their promises to the community.