What are Pudgy Penguins
Pudgy Penguins is a collection of 8,888 penguin-styled NFTs launched on June 12th, 2021. To put things into perspective, that’s about a month and a half after Bored Ape Yacht Club launched. Pudgy Penguins has done around 60,750 ETH in trading volume on OpenSea, which comes out to around $102,060,000 at the time of writing. Holding this NFT grants access to events, experiences, and more associated with the Pudgy Penguins project.
Before Pudgy Penguin’s most recent run-up to a floor price all-time high of about 4.3 ETH, it felt like the broader NFT market had forgotten about them as most active traders were busy chasing the hottest new project. However, over the past two weeks, the team at Pudgy Penguins has shown that they have been hard at work, regardless of whether they are in the spotlight.
On August 11th, the Pudgy Penguins team announced on Twitter their latest venture, Pudgy Toys, the
A week before the announcement, Pudgy Penguins held a floor of about 1.5 ETH. However, as we got closer to the announcement date, Pudgy Penguins saw a steady increase to around an average price of 2.3 ETH just before the announcement hit the public. As the news hit, a massive influx of sales propelled the project to an average high of about 3 ETH, but then shortly after, profit takers came in and dropped the floor to a low of about 2 ETH.
At first, the broader NFT market had mixed opinions on the toy announcement. Especially since the success rate for projects that venture into physical items is so low, let alone toys. However, the matter was heavily swayed into a positive direction once the CEO of Pudgy Penguins, Luca Netz, released a sneak peek on August 18th of the “First run” of the upcoming Pudgy Toys.
This first sneak peek was taken in a highly positive manner as it likely blew away the expectations of those who had heard the Web2 meets Web3 sales pitch before. Before the sneak peek, Pudgy Penguins held a floor price of around 2.4 ETH before finally breaking the 3 ETH wall leading up to their arguably most important announcement yet.
Pudgy Penguins Advisory Board
On August 21st, Pudgy Penguins announced the Pudgy Penguins Advisory Board. The following is what they had to say regarding the new additions to the team:
“Coming from diverse backgrounds in Web2 and Web3, our board will assist in our pursuit to innovate through multiple industries. We’re excited to build alongside these strategic advisors to push our brand to new heights.”
The following are the members brought onto the board along with their current line work. Some real heavy hitters:
- Alex Svanevik – CEO of Nansen
- Sanjay Raghavan – Head of Web3 at Roofstock
- RJ Cilley – COO of SAKS Fifth Ave
- Jordan Sterlin – Partnerships at META
- Chet Kuchinad – CPO at Save The Children, Previously at Nike & Starbucks
- Bee Ngyuyen – General Partner Limited Ventures
- Jess Richardson – Head of Licensing at Hasbro
- Paolo Moreno – Adviser at SFX Ent & Fashion Nova
- Pentoshi – King of the Penguins
Having big-time names attached to your project is a massive plus for the Pudgy Penguins. In this space, connections can often make or break how outsiders look at a project’s potential. That said, judging off this lineup of names, I imagine they are in good hands in that department.
Pudgy Penguin 400 ETH Sale
To top it off, at the peak of the hype, on August 22nd, @KinkyBedBugs on Twitter bought Pudgy Penguin #6873 for 400 ETH, which at the time of writing is $632,312.