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NFT Lab Report: Pudgy Penguins are Waddling Strong
The recent resurgence of Pudgy Penguins explained
Daryl Labs
August 25, 2022
If you have been following any NFT news recently, you probably would've seen cute penguin JPEGs waddling around NFT Twitter and other channels.
Their resurgence is one to behold. Here's sharing some events that are driving their recent success.
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Who are these Penguins?
First, some backstory.
Pudgy Penguins is a collection of 8,888 Penguins released on the Ethereum blockchain. They have been seeking to spread positivity in the space, as seen by their Twitter bio "Spreading good vibes across the meta".
After the project minted out, there was soon a fall from grace. The team failed to deliver on promises, and community members found that the found that the founding team had emptied out the project's funds.
Upon the ensuing conflict and community unhappiness, the project was bought over by Luca Netz, an experienced entrepreneur, for 750 ETH in April 2022.
So why are they pumping now?
Luca and team have been building strong.
The NFT community seemed to have turned bullish towards the project, from several promising developments recently announced.
Some recent developments include the release of Pudgy Media, PudgyShop (a Penguins merchandise shop), a Pudgy Marketplace (marketplace aggregating all Pudgy Penguins-related collections) and more.
While these developments are a testament to the team's work over the months, the most significant factors that led to this pump are likely:
(1) the announcement of their advisory board, and (2) the release of Pudgy Toys
Their advisory board is stacked with all-star names from well known companies, including Alex Svanevik (CEO of Nansen), and advisors from Meta, Hasbro and more.
These advisors point to Pudgy Penguins making its foray into the Web2 space via entertainment, retail and other different avenues.
Introducing the Pudgy Penguins Advisory Board!
Coming from diverse backgrounds in Web2 and Web3, our board will assist in our pursuit to innovate through multiple industries.
We’re excited to build alongside these strategic advisors to push our brand to new heights.
— Pudgy Penguins (@pudgypenguins)
9:58 PM • Aug 21, 2022
The release of Pudgy Toys also represents a way for build awareness about Pudgy Penguins among mainstream audiences, and to bridge Web3 with Web2 via Pudgy Penguins' IP.
Introducing our Pudgy Toys Lineup, licensed directly from the community.
This is the first of many instances where the Pudgy Penguins IP will allow Web2 to meet Web3.
Congratulations to the Penguins who were selected. More is coming, just look…
— Pudgy Penguins (@pudgypenguins)
3:52 PM • Aug 11, 2022
What's next?
There project certainly seems to be moving in a positive direction.
Given the cute nature of the JPEGs, building a strong brand in both Web3 and Web2 while making strategies towards retail audiences make complete sense.
Whether this is a mere short-lived pump remains to be seen.
But given the strong team of advisors and assembled and the Web2 partnerships one can expect, there are reasons to be cautiously optimistic.
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