What caused Price rise of Pudgy Penguin NFT ?
What is Pudgy Penguin NFT?
Firstly, the Pudgy Penguin NFT are a set of cartoon penguins sold as NFT or non-fungible tokens. Additionally, the penguins are cute too.
And then , they are immensely valuable. Further , this collection of hand drawn Penguins has seen a three -figure increase in its floor price.
Besides, the last few months. Pudgy Penguin NFT project has managed to buck the trend of NFT market fall in 2022.
What is the Pudgy Penguin NFT collection?
Firstly, launched in July 2021, Pudgy Penguins is an Ethereum-based NFT collection. Moreover, it consist of 8,888 hand-drawn penguins.
Secondly , the project came into existence at a time when animal-inspired profile picture (PFP) projects , like Bored Ape Yacht Club , had just shot up.
Eventually , therefore, Pudgy Penguins was an instant hit. As well as, all its NFT selling out .Shortly after they were released.
Pudgy Penguins NFT Market ?
However, the community interest was strong. And investors began pursuing the collection on the secondary market.
Secondly , in Sep. 2021, one investor is even reported to have paid 225 ETH. Additionally, for piece from the collection.
As well as, at the time 225 ETH was worth nearly $1 million. However, the project failed to sustain this momentum. And began a steep downward spiral.
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The fall of Pudgy Penguin NFT project ?
Firstly , towards the end of 2021 , Pudgy Penguins NFT project was plagued. Besides, several internal controversies.
Additionally, there were rumours that the project ‘s co-founders had siphoned off funds from Pudgy Penguin NFT treasury.
Furthermore, one of the co-founders ,Cole Villemain ,was also suspected of carrying out undisclosed paid promotions for the project.
Project Offer –
However the final nail in the coffin was when crypto influencer 9x9x9 announced that Pudgy Penguins NFT project founders had offered him to sell him.
Firstly , the project for 888 ETH an offer he turned down. Furthermore, this revelation sparked fears of a rug pull.
And then , a massive sell-off ensured causing the floor price of the collection to tank.
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What caused the astronomical rise of Pudgy Penguins NFT project?
Firstly , the project was sold to Luca Schnetzler for just 750 ETH.
It was roughly $2.5 million at the time. Schnetzler is a well-known entrepreneur .
Secondly , with several growth stories under his belt.
Moreover, he was also a fan of the Pudgy Penguin NFT project. And then , he made his to turn out collection around.
Development of the Pudgy Penguins NFT Project
Shortly after taking the reins, Schnetzler introduced several initiatives . Besides, to boost the value of the collection.
To begin with, he delivered Pudgy Media, a hub for all things Pudgy.
He also created the Pudgy Yacht Party in Miami with a popular rap artist., Tory Lanez.
As well as, the project also introduced its range of toys and clothing. Shortly after the Pudgy Penguins also had its own marketplace and Soulbound token.
All these development caused the collection’s floor price to increase by 400%. As well as ,between Jan and August 2022.
Besides touching a high of 1 ETH. This is at a when most other projects registered dips. Of 50 -90%.
Moreover , the project continued to gain momentum over the next few months.
Pudgy Penguin NFT Price
First , the current price floor of Pudgy Penguins NFT collection today. Is $8,288.42 .
Second , with a 24 hour sales volume of 16.83 ETH. Thirdly as of today there is a total of 8888 NFTs minted. Eventually , held by 4527 unique owners.
As well as of having a total market cap of $73,667,495.56.
Consequently, Pudgy Penguins NFTs were sold 507 times in the last 7 days.
The total sales volume for Pudgy Penguins was $4.12M. Besides, average price of one Pudgy Penguins NFT was $8.1k.
There are 4,521 Pudgy Penguins owners, owning a total supply of 8,888 tokens.
Web3 Innovation – Pudgy Penguins is a collection of 8,888 NFT’s, accelerating Web3 innovation through IP utilization and community empowerment.
Embodying love, empathy, & compassion, the Pudgy Penguins are a beacon of good vibes & positivity for everyone.
Each holder receives exclusive access to experiences, events, IP licensing opportunities and more. Let’s break through the boundaries of Web3 together.
Pudgy Collections: Lil Pudgys | Pudgy Rods
Firstly, the last year and a half have been a rollercoaster ride for the Pudgy Penguins project as well as , its investors. Secondly, the collection went from the brink of collapse to being one of the top NFT collections of 2022.
And then , even eclipsing blue-chip NFTs like BAYC . Further , it goes to show that strong community support is enough to fight bear runs and FUD.
Moreover, , it also proves that good leadership and vision can affect amazing turnarounds . No matter the situation. These are learnings the rest of the crypto market could use right now.
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What happened to Pudgy Penguins NFT collection?
Firstly, in April, of 2022, the Pudgy Penguins team closed a sale . And then , handed off leadership of the project. The buyer? Luca Schnetzler (roughly $2.5 million).
Essentially, having been a longtime fan of the project and its community.
Where can You buy Pudgy Penguin NFT collection?
You can buy it on their official marketplace or Opensea.
How can you invest in Pudgy Penguins NFT collection?
Firstly, buying a Pudgy Penguin NFT is simple . Further , you create a web wallet that supports NFT such as Metamask.
Secondly, once your wallet is funded with the required amount of ETH , you can search for Pudgy Penguin NFTs. Further, such digital marketplaces as Open Sea and Looks rare.
What are Penguins in crypto?
First, launched in July 2022 , Pudgy Penguins is an Ethereum -based NFT collection. Further , it consists of 8,888 hand-drawn penguins.
Additionally, the project came into existence at the time when animal-inspired profile picture (PFP) projects were famous.
What is Meta Penguin?
Essentially, Meta Penguin Island is an exciting ,interactive NFT experience. Additionally, it is built around a passionate community .
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