Why did the "fat penguin" NFT rise against the trend at the end of the year?
The "Fat Penguins" NFT series has made a splash in the crypto winter of 2022 and is making a big splash during the Christmas season.
After the floor price rose to a record high of 6 ETH on December 27, the floor price of NFT project "Fat Penguins" Pudgy Penguins surpassed 7 ETH on December 28 and reached 7.1 ETH, another record high for the currency denomination, with an increase of 30.28% in the past 24 hours, and its trading volume is close to 2200 ETH, an increase of 159.20%. In addition, the series of NFTs is currently trading at a total of $216.43 million, with market cap hitting $91.32 million. The increase also ends a year-long downturn for Pudgy Penguins, an NFT series that began in 2022 at a price trough but rebounded after a change in ownership and renewed focus on the brand.
The price of flooring broke 7, but why did the "fat penguins" NFT buck the trend at the end of the year?
The once-active community of fanzine culture was once hit
Launched in June 2021, the 8,888-piece Pudgy Penguins quickly became one of the most popular PFP NFT series in the cryptocurrency community, and despite its low market value, it is as well known as CryptoPunks and BAYC. The cute, wholesome penguin cartoons of "Fat Penguins" are more popular with the average investor than the rest of the NFT market, which is full of wacky art.
Unlike most NFT projects that are investment-only, the Pudgy Penguins project is more of a social engagement opportunity, with nearly 7,000 series holders, an unusually active Discord channel (even without the penguin NFT), and even Reddit co-founder Alexis Ohanian on board.
However, the co-founders of this promising project seem to have been overwhelmed by the success of the project and failed to build a team six months after the launch, even to the point that several project stakeholders (including NFT hedge funds StarryNightCapital and eGirlCapital) were unhappy and initiated a proposal to move the community to a new project called WrappedPenguins. In January 2022, the Pudgy Penguins community dismissed the project's founder for squandering the project's funds. Four months later, Luca Schnetzler (Netz), a serial entrepreneur, bought all the rights to Pudgy Penguins for 750 ETH (about $2.5 million), and the NFT project finally saw the light of day.
New Bosses to Keep 'Fat Penguins' Alive Through Winter
Luca Schnetzler (Netz) took over Pudgy Penguins and promised the community to "build the brand" and connect with everyday consumers, and made a series of sweeping changes, such as launching the Pengu licensing deal, a collector's market, and various social media campaigns, with the intention of turning the project into a true blue-chip NFT series.
At the end of April, Pudgy Penguins announced the launch of a new themed metaverse project with themed maps, followed by a new logo on social media, aiming for a "makeover" and a fresh start. In August, Pudgy Penguins added Nansen and Meta executives to its project advisory board, including Nansen CEO Alex Svanevik, Saks Fifth COO Avenue RJ Cilley, Hasbro licensing lead Jess Richardson, Meta partner team Jordan Sterling, and Luca Schnetzler (Netz) announced the launch of physical merchandise to expand the brand's reach, such as Pudgy Toys plush toys and children's reading materials, etc. In early December, Pudgy Penguins partnered with Sotheby's to launch "Snowed In: A Rare Pudgy Penguins Sale," where 10 NFTs were "snapped up" and generated nearly $129,000 in revenue, with the average price of each NFT reaching $12,900, well above the then-$1,300 mark. The average price of each NFT was $12,900, much higher than the floor price of about $1,300 at the time.