Founding Team Ousted, Pudgy Penguins NFT Collection Sold for 750 $ETH

By Chung YeeNFT

The Pudge Penguins NFT Collection opens a new chapter under new leadership.

NFT Community Votes

The Pudgy Penguins community, who voted out its founding members in January after failing to meet promises, finally opened a new chapter with new leadership. 

Pudgy Penguins holders, who collectively refer to themselves as ‘The Huddle,’ opened a new chapter after a 750 $ETH deal was sealed with Luca Netz, a Los Angelas based entrepreneur. This came after the community was left hanging with an uncertain future following the ouster of the founders. Luca Netz first made the public offer on his Twitter post in January.

The project is now looking at rebuilding its team with a new roadmap. In a pinned tweet on Pudgy Penguins’ official Twitter page, the beloved flightless bird announced:  

‘The blizzard has passed, and the snow is settling. The Huddle has shown its resilience. It’s time to waddle to the promised land.’

Source: The Pudgy Penguins community will be starting to plan ahead under the leadership of Luca Netz.

Turmoil Within

The Pudgy Penguins Non-Fungible Token (NFT) Collection was launched in July last year. It has since turned out 51.6k $ETH in total trading volume, making it one of the most successful NFT collections. 

Source: The floor price for the Pudgy Penguins NFT Collection staged a strong recovery after dipping significantly. 

The founding team was ousted through a community vote on discord. The community has lost its confidence in the previous leadership after the project failed to deliver on its promises. There was a further revelation by a member of its community identified by the pseudonym @9x9x9eth on Twitter.

A private conversation between him and the founding members was disclosed. The conversation revealed a plan to unload the project. The initial asking price was 4000 $ETH for a 20% equity before the price was slashed to only 888 $ETH for the empty company. 


$PENGU Token?

The community is now optimistic that the worst is over. The project also has hinted that there might be an airdrop in the near future and even the possibility of a $PENGU token. The Pudgy Penguins community could follow the footsteps of Yuga Labs’ $APECOIN.   

Source: ‘I am my penguin & my penguin is me’ is the collection’s rallying cry that brought the community together. 

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