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Pudgy Penguins, the Hot-and-Then-Not NFTs, Attempt a Comeback

  • Virtual community has new owners with a ‘new roadmap’
  • Penguin owners hope for success like Bored Apes Yacht Club
Pudgy Penguins for sale on OpeanSea

Pudgy Penguins for sale on OpeanSea

Source: OpenSea

Pudgy Penguins, a once hugely successful NFT project that got blown off course by drama that included the ousting of its founders, is attempting a comeback. Hopes are high in the newly energized community -- but in today’s crowded, up-and-down market for nonfungible tokens, it will take more than that to ensure a revival. 

The cherubic collection of NFTs sporting crowns, hats and bow ties was red-hot when released last summer, with $13.6 million worth of the cartoon creatures trading per day by mid-August as popularity soared, according to NonFungible. Then prices and demand collapsed in the fall as Pudgy Penguins holders grew dissatisfied with the way the founding team was developing the project. The virtual community eventually voted to expel the founders, leading them to put the project up for sale.