What are Pudgy Penguins?

Bottom Line: Pudgy Penguins are a collection of 8,888 unique digital penguin avatars that exist as NFTs on the Ethereum blockchain. The project gained popularity during the animal-themed PFP project bull run in 2021 and has seen a recent resurgence in value following a change in leadership and a focus on rebranding efforts.

What are Pudgy Penguin NFTs?

Pudgy Penguin NFTs are a collection of 8,888 unique penguin avatars with proof of ownership stored on the Ethereum blockchain. They were launched in July 2021 and sold out in less than 20 minutes. Each Pudgy Penguin avatar is chubby and flightless, donning different accessories like baseball caps and fishing rods.

The project has become one of the most successful NFT projects, generating over 133,000 ETH in sales on NFT marketplace OpenSea, equivalent to approximately $214 million in today's ETH prices.

Pudgy Penguins

What is the Pudgy Penguin Floor Price?

The Pudgy Penguin floor price is currently at 5.25 ETH from their initial price of 0.025 ETH back in July of 2021. At the current floor price and with a collection size of 8,888 NFTs, the current market capitalization for Pudgy Penguins is 20,000 ETH or $32 million.

Pudgy Penguin Floor

What happened to Pudgy Penguins?

The popular Pudgy Penguins NFT project ousted its founders in January 2022 after accusations of mismanagement and drained funds. The project has since received buyout offers as high as 750 ETH from various prominent figures in the NFT market, while some members of the community have floated the idea of migrating to a new project called Wrapped Penguins, which would sever all ties with the original founders and be governed using a decentralized autonomous organization framework.

The struggle for control over Pudgy Penguins raises questions about NFT governance and what happens when founders fail to deliver on their promises or communities experience internal conflicts.

Are Pudgy Penguins a Good Buy?

Pudgy Penguins represent an interesting investment opportunity within the NFT sector because of their deep and interesting lore within the crypto community. Additionally, their recent resurgence under new leadership and the potential for continued growth make them an attractive option for collectors and investors alike. However, as with any investment, it is important to conduct thorough research and carefully consider factors such as market trends and volatility before making a purchase decision.

The Bottom Line

In conclusion, Pudgy Penguins have become a popular and successful NFT project with a unique and engaging theme. Although the project faced some challenges with its original founders and governance, it has since been restructured under new leadership and has seen a recent resurgence in value.

While they may be an attractive investment opportunity, it is important to conduct research and consider market trends and volatility before making a purchase decision. Nevertheless, Pudgy Penguins remain an interesting and exciting addition to the world of NFTs.

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