The Pudgy Penguins NFT collection has sold for 750 ETH (US$2.6 million), separating its inherent cuteness from its controversial roots. LA-based entrepreneur Luca Netz, of Netz Capital, is now leading the project and plans to use it to “spread love across the Meta”:
Pudgy Penguins Eye the Future
Netz has purchased full control of the collection – totalling 8,888 Pudgy Penguins – from the four original co-founders, alongside future royalties. Full ownership of the project means that Pudgy Penguins can now release its own token, $PENGU, and investigate the option of potential airdrops to existing penguin holders:
This follows the ousting of the founders via a January Discord vote over their failure to meet project goals. Co-founder ColeThereum had promised a game, an educational book, and a token, all of which the project failed to deliver. With turmoil behind the scenes and threats issued regarding the project, controversy had been rife within the community.
The sale of Pudgy Penguins will offer a fresh start for the collection. While the originators will no longer be a part of the project, they acknowledge that Netz has the connections and experience to level up the collection in the future.
NFT Controversies and Acquisitions
Pudgy Penguins isn’t the only collection with a controversial history. In February, YouTube ‘Internet Detective’ CoffeeZilla helped to expose a US$20 million crypto scam. Thanks to the joint efforts of CoffeeZilla and the NFT community, the ‘Squiggles’ project was foiled before it came to pass.
In other big acquisition news, last month the creators behind Bored Ape Yacht Club (BAYC) purchased CryptoPunks – another highly successful NFT collection. Yuga Labs now owns the IP and commercial rights to BAYC, and the company’s first move after doing so was to give full commercial rights to NFT holders.
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