The NFT landscape is awash with tales of incredible debuts and disastrous falls – but no collection has stooped so low, only to rise like a phoenix quite like this one.
That NFT collection is Pudgy Penguins.
From popular outrage and the ousting of the original founders, to a revival unlike any other we’ve seen to date, Pudgy Penguins now sits as one of the most coveted NFT collections in the world. What is Pudgy Penguins, how did they achieve their comeback, and what may await them in future?
Here’s our complete 2024 guide to Pudgy Penguins
What is Pudgy Penguins?
Pudgy Penguins is a collection of 8,888 penguin NFTs on Ethereum. Each NFT combines of over 150 hand-drawn traits, including hairstyles, clothing, accessories and more, which creates a diverse assortment of friendly characters.
The collection was created by four college students – Cole Villemain (@ColeThereum), Clayton Patterson (@mrtubby), MickyJ and Jonah – with three initial goals: to create a educational kids book on NFTs, a video game, and an ecosystem token.
When Luca Netz acquired Pudgy Penguins in April 2022, its goals shifted to “spreading positivity and joy to as many people as possible”, with the core Pudgy character at the centre of a global collectibles brand.
Holders – known as Huddlers – are given full commercial rights to their Pudgy NFT, as well as exclusive access to events, merchandise, ecosystem products and much more.
The history of Pudgy Penguins
The Pudgy Penguins collection was minted on July 22, 2021, priced at 0.03 ETH each, with the 8,888-piece NFT collection selling out in just 20 minutes.
This high-profile debut created rabid trading on secondary markets, with the floor price of Pudgy’s quickly rising to almost 100x their mint price. Some rare Pudgy NFTs went even further, fetching sums of over $750,000 USD.
Post-launch however, activity slowed. Despite the minting of partner collection Lil Pudgys in December 2021, planned promises around the book, game and token failed to come together, and allegations began to surface that the founders had misappropriated the funds raised from the initial mint.
As frustration grew, the founders began taking offers to sell the management of the collection. April 2022 saw entrepreneur Luca Netz lead a group of investors in acquiring Pudgy Penguins for 750 ETH, with the goal of rebuilding trust and fulfilling the potential held within the Pudgy brand.
Luca’s first move was to refresh the Pudgy Penguins brand, giving it a fresh lick of paint and bolstering its social media presence with engaging content that appealed to mainstream audiences.
Next, Luca began fulfilling the original goals of the project. August 2022 saw a partnership with Green Kids Club to create the promised educational NFT book, chalking off the first of the three stated goals.
December 2022 saw full commercial rights be given to each Pudgy holder, with a February 2023 partnership with Hologram Labs allowing collectors to become their Pudgy through the use of VR filters on TikTok, Twitch and more.
By this point, Pudgy Penguins had gone from a sub-1 ETH price to trading above 5 ETH each – but this was just the start.
February 2023 also saw a partnership with Retail Monster to distribution Pudgy merchandise. This led to the May 2023 reveal of Pudgy Toys and Pudgy World – the debut line of Pudgy plushies, and an online platform with which they could be scanned and interacted with.
These toys exploded in popularity. By September 2023, Pudgy Toys were in 2,000 Walmart stores across the U.S. – and today, Pudgy Toys are available across the United States via Walmart, Walgreens and Target, in the UK via Selfridges and Argos, and via many other retailers around the world.
The success of these toys, their exploding social presence, and a flagship moment with streaming personality Kai Cenat helped Pudgy Penguins continue to rise.
December 2023 saw the re-announcement of Pudgy World – now as a metaverse platform for Pudgy holders to interact, play games, and explore the Pudgy universe. November 2024 saw the announcement of Pudgy Party and Pudgy Life, two upcoming games, which will fulfil the second of the three original goals.
Only one goal remains: the ecosystem token. As of writing, Igloo Inc., the parent company of Pudgy Penguins, have not revealed any plans for a token – even though many other top collections (Bored Ape Yacht Club, Azuki and more) have pursued their own tokens
Today, the floor price of Pudgy Penguins sits above 13 ETH, making them the third most valuable NFT collection in the world.
What’s next for Pudgy Penguins?
With a hugely-successful toy line, a social media presence that continues to grow, one of the top NFT collections in the world and more, the future looks bright for the Pudgy Penguins brand.
Looking ahead to 2025, we’re looking forward to the full release of Pudgy World – bringing Pudgy NFT collectors and fans of the character together in all-new ways.
Igloo Inc. continues to strike partnerships, with Mythical Games developing Pudgy World, Playember working on Pudgy Life, and Unstoppable Domains recently debuting the .PUDGY domain for use by the community.
The story of Pudgy Penguins truly like no other. From its high-profile debut and crushing decline, to a comeback that nobody could have predicted, all eyes are on the Pudgy brand to see what’s next.
Pudgy Penguins have everything lined up to continue its success – and with the support of Luca, their investors and their fans around the world, 2025 is sure to be the most exciting year for the Pudgy ecosystem to date.
