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Deepti Sri · · 7 min readPudgy Penguins’ comeback story in a volatile NFT bear market
“It was sports cars and designer bags earlier – today, a rich person’s plaything is probably trading pictures of cartoon penguins in their spare time,” an anonymous crypto investor tells Tech in Asia.
A set of 8,888 penguins has become a crowd favorite in the Southeast Asia’s crypto community after the NFT collection surged 400% to join the “blue-chip” class.
Image credit: Pudgy Penguins
Around US$38.9 million worth of Pudgy Penguins – now popularly used as profile picture NFTs – have changed hands since July 2021, according to data from crypto analysis firm Nansen, which filters out wash trading.
But it has true believers: 11 owners of the NFT told Tech in Asia that they preferred holding the asset over flipping it to earn returns.
The collection is popular among crypto operators in Southeast Asia and beyond, with holders hailing from Polygon, Coinbase, Kraken, CoinGecko, Voyage, Mintable, Nansen, and more.
It’s quite a turnaround for a project that was left for dead after its founder stepped down under the cloud of controversy.
Photo credit: A member of the Pudgy Penguins community who goes by the name Defisushi
Welcome to club pengu!
Pudgy Penguins features a series of penguins with different hats, clothes, glasses, and color schemes. Created by Antoine Mingo, the collection has been described by NFT holders as cute, friendly, and approachable, with a “universal appeal” for all ages, genders, and ethnicities.
Photo credit: Pudgy Penguins
“The graphics, aesthetics, and personality of Pudgy Penguins is mild and optimistic and also sets the right tone for builders in the community,” says Sharon Lourdes Paul, co-founder of Headquarters, a Web3-focused finance platform.
Owners of the NFT collection view their purchase as a membership to a virtual social club rather than an investment opportunity.
Pudgy Penguins is “a very positive, helpful, welcoming place, and there are many skilled [crypto] operators in the community. I think people also see that appeal,” says Alex Svanevik, CEO of blockchain analytics firm Nansen. He is also part of the advisory board at Pudgy Penguins.
A troubled start
The comeback story
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The NFT collection is on the ascent after beating market odds and management issues.
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