Pudgy Penguins was among the first PFP avatar-style collections to launch after the BAYC hype of last summer, and it quickly generated hype. Unfortunately, the project went through not one or two challenges in the past couple of months. This includes the removal of co-founder ColeThereum. Still, the future is bright for the Penguin huddle. During the weekend, entrepreneur Luca Netz purchased control and management rights over the collection for $2.5 million.
Summary
- Pudgy Penguins NFT collection floor price up 38% in 24 hours
- Entrepreneur Luca Netz now owns the project
- New team, new goals
- The collection is ready to battle for prominence amidst leading NFT projects
The recent acquisition had an immediate effect on the collection’s floor price. In the past 24 hours alone, Pudgy Penguins saw a floor price spike of more than 38%. This brings the value of the cheapest penguin NFT on secondary markets to $10,340.
Notably, the collection’s market cap also spiked to over $90 million, while the average sale price for a penguin NFT skyrocketed 18% to over $11,000.
Luca Netz purchased Pudgy Penguins for $2.5 million
Luca Netz, an entrepreneur and avid NFT collector, is one of Pudgy Penguins’ biggest fans. He purchased the whole project for a total of $2.5 million, taking control over the collection’s future. The transfer of ownership has already taken place, as Luca Netz’s wallet now holds 21 Pudgy Penguins, some of which were transferred by colethereum.eth yesterday.
The Pudgy Penguins community rejoiced as news of the purchase spread. The project went through a couple of months of unsatisfying results and a lack of clear goals for the future development of the collection. This led to ColeThereum being voted out of the project by the community. You can read all about this turbulent time here. A curious side note is that banished co-founder ColeThereum now owns only 2 penguin NFTs purchased in the past 24 hours.
New team, new goals?
Luca Netz has promised to “spread love across the Meta”, and he also held an hour and a half Twitter Space chat with the new team. During the conversation, he introduced Peter Lobanov as the new creative lead for the project.
Aside from introducing the new team, Luca Netz teased collaborations with Pudgy Penguins spin-off projects and many exciting plans for the upcoming Pudgyverse, and a possible DAO. To learn more about the team’s goals, check out the whole Twitter Spaces recording here.
DappRadar will continue monitoring the Pudgy Penguins project as fresh ideas, and new management takes on the task of reviving interest in these NFTs. Judging by the latest sales data, just the news of the ownership transfer has had a positive effect. If you want to keep a close eye on Pudgy Penguins, check out their official dapp page. Additionally, if you own any penguins yourself, the NFT Financial View tool allows you to track your investments and monitor the value shifts in your NFT portfolio.
