In the world of in the vast world of NFTs as well as crypto it's important to remember that volatility isn't just about volatilitySometimes, sudden surges within the price of an asset can indicate a long-term and sustainable growth. This could be the situation with the recent nearly 400-percent increase Pudgy Penguins have been experiencing since August 18, according to information gathered from CoinGecko.
It's not even over On Monday the Pudgy Penguin sold for an astonishing 400 ETH, valued at $625,758 as of the time of writing in accordance with OpenSea.
The surge came just a few months after an all-cash sale that saw the project handed over to a new management team in the event that the trust with the original team waned. But what did happen to Pudgy Penguins that makes its recent redemption so significant and, perhaps, a sign of how larger NFT projects should be handled in the future?
What does it mean to bea Pudgy Penguin?
In the NFT market's bull run in 2021, an themed animal PFP venture quickly caused a stir in the NFT ecosystem after the huge popularity of Bored Ape Yacht Club. The project is Pudgy Penguins -- a collection of, as you can guess the name, pudgy penguins.
I would like an Pudgy Penguin avatar, too! But how can you buy one?
In the beginning, you must choose the location where you'd like to buy the coins first, and OpenSea has them prepared to go, which is the place you'll be able to buy the items. After that, you'll must create your account with Coinbase and Gemini and then fill up your account with cryptocurrency and voila- you're now ready to buy.
Are there any remaining for me? Do you know how many Pudgy Penguins are there?
There are 8,888 coins and the original mint has been sold out for a long time. However, there is a secondary market for the marketplace for NFT such as OpenSea is extremely active. The community's support was so high after its debut that one person even paid out 215 ETC to purchase a penguin in September 2021. That's around $1 million at the time.
While Pudgy Penguin's projects looked promising for a while after launch, things quickly went downhill.
A loss of grace
Perhaps the most serious error that can be committed in an NFT sector could be that of the "rug pull" or the situation where the project's founders are able to escape with funds that were donated by supporters in good faith towards the development of a project. The smallest of the slightest hint from the community behind a project that its founders could commit a crime of this sort could devalue the value of the project.
This is exactly what happened to that Pudgy Penguins community in late 2021 when they found out that the team who founded the project had gone through the funds of the project.
The sound of an Pudgy Penguin rug pull
A few members of the NFT community weren't shocked by this news However, ColeThereum (aka ColeThereum)who came up with Pudgy Penguins was previously accused of engaging in fraudulent conduct prior to the release of the PFP collection. The moment the community of the project was made aware that the creators had been involved in recentand previous behaviour, some people who are prominent in the community posted on social media to express their concerns regarding their future with the company. For instance, 9x9x9 who was said to own more than 200 Pudgy Penguin NFTs at the time of their January 2022 stream of tweets which slammed the treatment the founders have shown to its members and the desire to abandon the ship in this turbulent time.
After speculation about whether they'd take over from in the footsteps of the Pudgy Penguins founders in leading the initiative, 9x9x9 openly announced that they had turned down an proposal to buy the rights to the collection for an amount of 888 ETH. Thankfully, their desire to make amends for their fellow members of the Pudgy Penguins community did not go unnoticed as an additional member of the community decided to do it themselves to rectify the situation.
New leadership
In April 2022 in 2022, the Pudgy Penguins team closed a sale and transferred the leadership of the project. The buyer? Luca Schnetzler -- who purchased the collection for 750 euros which is roughly 2.5 million in U.S. dollars after being an avid fan of this project as well as its fan base. "Pudgy Penguins was my first PFP NFT and I knew when I first bought it that Pudgy Penguins had the highest upside when it came to brand potential," Schnetzler spoke to nft in the present. "When I witnessed other bidders who were bidding Pudgy Penguins I was convinced that I needed to join in. I've helped build several brands that have topped revenues of 9 figures over the past five years, and I was confident that my skills were most suitable for the task."
The result was what users of the NFT community have dubbed "the greatest comeback story" that's been witnessed so far in the NFT space. After four months have been since the acquisition of the project, the new leadership took a stance to establish that the Pudgy Penguins IP as a source of power to be reckoned with within the NFT space. In or out of media or selling merchandise or merchandising, their new leadership team has been working to provide the community new ways to show their love for the initiative -- and also developing ways to integrate new users to the growing community through a robust online presence.
In addition, Schnetzler showed a deep appreciation regarding the appeal Pudgy Penguins, calling it "a feel-good brand." In the spirit of the latter, Schnetzler has focused on redesigning the brand to make it more appealing to people. character's potential to "uplift people and make their day a little easier."
While the project continues to remain just a few steps away from the top of the OpenSea volume charts and the fans of troubled NFT projects might have fresh reasons to be hopeful for the return of their projects to normal. their projects that they support. We hope that in the future true "dead" projects become the only exception and not the norm after the fall. "I believe with the proper team and the right technology, "Pudgy Penguins' newfound successis a model that can be replicable. I'm hoping that when it's all done, everyone will be able to look back at what we achieved with Pudgy and let to flood gates for top-of-the-line web2 talent to start taking this field very seriously." Schnetzler said. Let's hope that he's on the mark.
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