Since its debut in July 2021, the NFT project Pudgy Penguins, which features round and positively-shaped birds, has experienced its share of highs and lows. The founders failed to adhere to their initial vision and were accused of squandering funds, which infuriated the Huddle, a group of Pudgy Penguin owners. However, a turn of events took place in April 2022 when Luca Netz, an entrepreneur and member of the Huddle, acquired the brand for 750 ETH, aiming to revitalize it and improve communication. With new investments, the introduction of real-life toys, and a resurgence in NFT sales, the project regained its positive vibe and reached new price heights.
Under the leadership of Netz and the new team, the focus shifted towards building the project's intellectual property and leading the way in onboarding people from Web2 to Web3. They made significant progress by announcing the creation of penguin NFT-based toys and a children's book. Additionally, they introduced Pudgy World, a platform that seamlessly connects real-life toy purchases with the digital world, facilitating an effortless transition into Web3. This integration helps forge a stronger connection between NFT holders and their digital assets while simplifying the process of setting up a crypto wallet.
In a recent update, Pudgy Penguins secured $9 million in funding and successfully launched the long-awaited toys, resulting in the sale of 20,000 units within days. As a result, the project's floor price surged to 6.12 ETH in May 2023, defying the overall downtrend in the NFT market. These recent developments showcase the promising steps taken by Pudgy Penguins amidst market uncertainty, indicating a potential turnaround for the project.
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