The Pudgy Penguins NFT collection shows its blue-chip potential after its floor price soared 400% amidst one of the worst bear markets ever.
Despite one of the worst bear markets ever that has seen many companies shut down, the Pudgy Penguins NFT collection shows its strength and underscores its blue-chip potential. According to data from the largest NFT marketplace, OpenSea, the NFT collection’s floor prices increased roughly 400% over the past 24 hours.
A tweet from DoubleQ, founder of NFT project launchpad Double Studio, calls the soaring floor of Pudgy Penguins “the greatest comeback story.”
The Pudgy Penguins NFT Collection’s Decline
The Pudgy Penguins NFT collection is considered an OG project, purported to be a blue-chip collection in the early days of picture for proof, or PFP, NFTs. It was launched in June 2021, and barely a year since its release, it has already seen its share of ups and downs.
Controversies beset the NFT project, and in particular, one of its founders, Cole Villemain, was placed at the center of them all. Apparently, Villemain had a history of abusing customers and mishandling projects. Problems with Villemain, coupled with poor executions and dramas between top holders, marred the Pudgy Penguins NFT project, slowly losing its market share and declining.
Barely seven months since its launch, Pudgy Penguins NFT holders ousted their founders in January 2022 for failing to deliver on goals and exhausting the treasury funds.
Turning Things Around for the Penguins
In April 2022, Luca Netz, an entrepreneur from Los Angeles and a Pudgy Penguins NFT holder, acquired the project for Ξ 750 or roughly $2.5 million at the time. Netz is a genius in the direct-to-customer (DTC) e-commerce space and knows how to grow a business.
His firm, Netz Capital, has a long experience investing in a wide range of DTC brands, software as a service (Saas), and technology start-ups. Netz had the experience, knowledge, and resources to pull off a complete turnaround for the Penguins.
After the acquisition, things started to look up for the Pudgy Penguins NFT collection. Netz and his team revamped the project and worked on its roadmap from the ground up. Since then, the collection has seen its floor price steadying.
The Pudgy Penguins NFT collection’s current price is relatively stable, more or less around Ξ 1. It shows the strength of the collection’s community and how it could withstand all the fear, uncertainty, and doubt.
Since Netz acquired it, the Pudgy team has not stopped working. In only four months, they started Pudgy Media, a hub for all things related to the Pudgy Penguins NFT collection. They also worked on its continuous social media growth, especially on Instagram, where the project has over 100,000 followers.
The project has undergone a complete rebranding. For instance, there was a Pudgy Yacht Party in Miami in time for the F1 Miami Grand Prix. There is the Pudgy Toys lineup that is licensed directly from the community. The Penguins also have a marketplace, a clothing line, GIFs, and truePengu and penguPins (Soulbound tokens).
Better Days for the Pudgy Penguins NFT Project
Data from Dune Analytics show a bleak NFT market at its all-time low and OpenSea trading the lowest volume in the last 12 months.
Still, the Pudgy Penguins NFT collection is seemingly extracting most of its liquidity and showing the most strength despite the current market. Per data from OpenSea and Nansen, it has traded over Ξ 851, or around $1,335,800 at current prices, over the last 24 hours. It comes in second after the Bored Ape Yacht Club NFT collection.
At its highest, the Pudgy Penguins NFT collection reached the median price of Ξ 3.58 yesterday, August 21. Its current price sits slightly lower than its all-time high of Ξ 4.0733 but is still higher than its price yesterday.
Experts are attributing the increase in volume to the collection’s announcement of its “I am Penguin” apparel and the Pudgy Toys Lineup, where selected NFTs from the collection will be made into physical toy collectibles.
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