Clearly, the NFT market is moving on to another stage of its short development. Because the explosive euphoria of last year seems to be replacing more strategic operations. Especially in the case of some popular collections, whose community and “leaders” are trying to rethink the internal dynamics in order to approach the current consolidation phase. Because the challenge is to survive, once the descent has begun with investors who are sometimes close to overdosing. And it is currently the turn of the Pudgy Penguins to initiate an important moult towards new horizons.
The speculative bubble that sent everything related to NFTs soaring in 2021 seems to be deflated at the start of the year. The opportunity for the associated projects to pause for a few moments in order to go through the essential stage of the “assessment and prospects.” » A sometimes painful operation, as in the case of the play to earn game Axie Infinity (AXS and SLP). The latter is currently stuck between a crisis in its tokenomics in the face of the market drop and a historic attack on its Ronin network at the end of last week.
But things look somewhat different in the case of NFT collections with multiple and random rarities. Especially since the redesign of the Bored Ape Yacht Club project, against the backdrop of the very oversold launch of its native cryptocurrency (APE). Along with all of this, the unexpected takeover of the iconic collection of CryptoPunks and the more questionable Meebits, both produced by the Larva Labs studio. And obviously, this unprecedented initiative has given ideas to other investors.
Pudgy Penguins – Between Success and Community Crisis
In the small list of collections of NFTs that are resisting the current market decline are the Pudgy Penguins. A horde of penguins with random and improbable rarities, if we linger two seconds on the subject. But also one of the main symbols of the frenzy that gripped this sector last year. And this by offering its detractors the possibility of placing as an example one of these inhabitants of the ice floes, to criticize their blind speculative madness.
But at the same time, the Pudgy Penguins project has offered handsome returns to its first-time investors. And especially to those who had the good idea to buy a few copies during its mint last July at 0.03 ETH per unit. Because they are still showing a floor price close to 3 ETH at the time of writing this article. And an overall transaction volume on the Opensea platform that exceeds 50,000 ETH (over $176 million). But with an average price still closer to 1 ETH since the beginning of the year.
However, all was not rosy on the pack ice. Because the community behind this collection simply thanked its founding team, following a controversial vote carried out in January. An icy putsch carried out on his official Discord account. The main reason given was the total lack of respect for the promises made when the project was launched. Namely: a children’s book with its characters as heroes, but above all a native cryptocurrency and a dedicated metaverse. But it could all become real again, following its recent takeover.
Pudgy Penguins – Acquisition of the collection for $2.5M
Because obviously the period is for mergers, but above all acquisitions in the NFTs sector. With an operation underway for several months already for the Pudgy Penguins project. The latter mainly initiated by the lack of a leadership structure at the head of this sinking iceberg, since the revolt of its 8888 waterfowl. But “this agreement took much longer than expected,” according to Luca Netz, the originator of this initiative. And it was, still according to him, better not to announce it around January 1, so as not to pass for “April fools. » Because its investment structure has officially just acquired the management of this collection, for the sum of 750 ETH (about $2.5 million).
The goal displayed by Luca Netz is to making Pudgy Penguins “a household name both inside and outside the NFT world. » That is to say on the same model as the Bored Ape Yacht Club (BAYC) a few weeks ago. But obviously, without benefiting from the same striking force. All this carried by an assumed marketing dynamic, fueled by the collection of royalties affiliated with the promotion of this horde of “Huddle. » As, for example, with the establishment of a series of toys with the effigy of these penguins. A new strategy that the owners of copies of this collection hope will benefit the project.
Pudgy Penguins – A Native Cryptocurrency?
But not everyone is necessarily of this opinion. And some members of the community believe that this operation is ultimately onlya way out of the project legally offered to its controversial founders. Or, according to the Twitter account 9x9x9, “a painkiller given to treat cancer. Because for the moment, no real roadmap has been announced as part of this takeover. And even if everyone is waiting for a cryptocurrency as the solution to all these problems, Luca Netz explains that “it’s not something he wants to discuss now. “Even if he affirms at the same time that this will be done, “in compliance with the law. »
Will this takeover be a good thing for the Pudgy Penguin project? It will at least revitalize a development strategy that has been abandoned for months. But the marketing ambitions of Luca Netz should not materialize to the detriment of the community of his collectors. Because they claim to be numerous to consider leaving this ice floe in the event of new disappointments. A case to follow…
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NFT – Storm on the ice floe: The Pudgy Penguins change the leader of the penguins – CryptoActu
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