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Penguins can’t fly. But Pudgy Penguins is defying all odds and is well on its way to the moon after a tough start to the year.
The NFT project launched in June 2021, selling out the first batch of fluffy bird NFTs in 20 minutes and peaking at roughly US$3,500. But the price then crashed to about US$650 in January this year after the project ousted its controversial founder, Cole Villemain (aka ColeThereum).
Pudgy Penguins was later bought for US$2.5 million by 24-year-old angel investor Luca Schnetzler, who eventually turned the project around.
At the time of writing, the NFTs are trading at an average of US$4,500. If you look at the charts, the project has been on a steady ascent since the start of the crypto winter in May. And now with sound business fundamentals and a steady captain at the helm, the trend may just continue.
Paraphrasing the words of a certain Disney princess, perhaps the cold never bothered them anyway.
– Shihan
THE BIG STORY
Pudgy Penguins breezes through the crypto winter
Image credit: Timmy Loen
The story of Pudgy Penguins is a timely reminder of why PFP projects – cute as they may be – should be built upon sound business fundamentals. It seems Pudgy Penguin NFTs aren’t bothered by the crypto freeze at all – read on to find out why.
⭐ TO THE STARS
A look at what’s pushing Web3 forward
1️⃣ NFTs are now considered property in Singapore
The Singapore High Court has ruled that NFTs can be classified as property. The breakthrough ruling is the first of its kind in Asia, paving the way for the legal acknowledgment and protection of digital assets.
🌙 TO THE MOON
🌏 BACK TO EARTH
STILL A PONZI SCHEME
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