Recently, the entire collection of the Pudgy Penguins NFT project was sold to an investor for a significant sum; here’s why this collection sale matters
Pudgy Penguins: Leadership Change
More than once, we’ve witnessed NFT projects change ownership or leadership for one reason or another, and recently we witnessed the ownership swap of an exciting up-and-coming NFT project. If you’ve been following the Pudgy Penguins NFT project, you may be pleased or interested in the fact that this NFT project recently changed hands.
Pudgy Penguins is one of those projects that believes in community governance. As part of the perks of being a Pudgy Penguins holder, you get to participate in votes about the present and future of the NFT project.
In January 2022, the Pudgy Penguins NFT project had cause to vote about the project’s future, and in a strange turn of events, the Pudgy Penguins community exiled the project’s founding team in a contentious Discord vote that occurred earlier in the year.
Since the community voted to oust the founders, the founding team has been “working hard” and waiting for progress updates on what the future might hold for the NFT project. After months of back and forth, progress began to be made towards the end of March 2022. On April 1, Pudgy Penguins trading activity spiked on OpenSea as rumors of a finalized deal began to permeate the airways; this led to the floor price trading at 2.5 ETH.
Pudgy Penguins: A new beginning?
The Pudgy Penguins project debuted in July 2021 and has become one of the most sought-after NFT collections. It has registered more than 49,000 ether or $171 million in trading volume on the OpenSea marketplace alone.
Pudgy Penguin holders are known collectively as “Pengus” and “The Huddle.” Since the launch of the project, there has been a considerable amount of mishaps along the way, including “accidental” de-listings on OpenSea and unimpressive sales in 2022 so far.
Most Pudgy Penguins holders have yearned for “competent leadership” since the project gained fame. Luca Netz, a Pudgy Penguins holder and LA-based entrepreneur-led a group that will lead control of the project, and the trade will include royalties.
Luca Netz and his collection bought the Pudgy Penguins project for 750 ETH or $2.5 million after months of back and forth.
What does the future hold for the Pudgy Penguins?
In a comical turn of events, the deal closed on March 31, and Netz had to wait until April 2 before announcing it on social media because people might have thought it was an April fool’s prank. Before the end of the year, there’s a strong possibility that the $PENGU token might launch, and the expectation of tokenization is one of the factors that have driven Pudgy Penguins prices in the last few days.
Tokenization will help the Pudgy Penguins project as it gives a more realistic pathway for NFTs to become yield-bearing assets.