The NFT industry is full of incredible rises and calamitous falls – but no collection has ventured into the valleys, only to rocket to sky-high successes like this one.
That NFT collection is Pudgy Penguins.
From community outrage and the ousting of the original founders, to a revival and rebirth unlike any other we’ve seen so far, Pudgy Penguins now sits as one of the most desirable, well-respected and well-known NFT collections around. What is Pudgy Penguins, how did they rise from the ashes, and what lies ahead in their future?
Master the topic, as we explain the past, present and future of Pudgy Penguins in 2024.
What is Pudgy Penguins?
Pudgy Penguins is a series of 8,888 NFT penguin avatars on the Ethereum blockchain. Each NFT features a combination of over 150 hand-drawn attributes, including hairstyles, clothing, accessories and more, resulting in a diverse array of colourful characters.
Created by four college students – Cole Villemain (@ColeThereum), Clayton Patterson (@mrtubby), MickyJ and Jonah – the initial goals of the collection were to create an educational NFT book, a video game, and an ecosystem token.
Once Luca Netz acquired the collection in April 2022, its goals shifted to “spreading positivity and joy to as many people as possible”, with the Pudgy character at the core of a global collectibles brand.
Holders – known as Huddlers – are given full commercial rights to their Pudgy, as well as exclusive access to events, merch drops, in-development products and much more.
The history of Pudgy Penguins
Pudgy Penguins were minted on July 22, 2021, priced at 0.03 ETH, with the entire 8,888-piece NFT collection selling out in just 20 minutes.
This blink-and-you-miss-it debut spurred furious trading on secondary markets. The floor price of Pudgy’s quickly rose to almost 100x their mint price, with some rare Pudgy NFTs fetching sums of over $750,000 USD.
Post-launch however, productivity slowed. Although partner collection Lil Pudgys was minted in December 2021, planned promises around the book, game and token failed to materialise, and allegations began to surface that the original founders had misappropriated the funds raised.
With frustration growing, the founders began taking offers to sell the management of the collection. In April 2022, entrepreneur Luca Netz led a group of investors in acquiring Pudgy Penguins for 750 ETH, with the stated goal of rebuilding trust, increasing transparency and fulfilling the potential of the Pudgy brand.
Luca’s first move was to solidify the Pudgy Penguins brand, overhauling its image and shoring up its social media presence through the production of engaging, mainstream-appealing content.
Next, Luca wanted to begin fulfilling the original goals of the project. August 2022 saw the announcement of a partnership with Green Kids Club to create the promised educational book, striking the first of the three goals off the board.
December 2022 saw full commercial rights be given to each Pudgy holder, and a February 2023 partnership with Hologram Labs allowed collectors to become their Pudgy through VR filters on TikTok, Twitch and more.
By this point, Pudgy Penguins NFTs had gone from a sub-1 ETH price pre-takeover to regularly trading above 5 ETH each – but more was yet to come.
February 2023 also saw a partnership with Retail Monster on distribution for their upcoming Pudgy toy line. This led to the May 2023 reveal of Pudgy Toys and Pudgy World – the inaugural line of Pudgy plushies, and an online platform with which they could be used.
The popularity of these toys cannot be understated – so much so that September 2023 saw Pudgy Toys enter 2,000 Walmart stores across the United States. Today, Pudgy Toys are available in U.S. stores nationwide via Walmart, Walgreens and Target, in the UK via Selfridges and Argos, and via many other retail outlets around the world.
The success of these toys, their exploding social media presence, and a chance moment with huge streaming personality Kai Cenat helped Pudgy Penguins rise even further – and spurned them to fulfil those remaining original goals.
December 2023 saw the re-announcement of Pudgy World – but this time as a metaverse platform that allows Pudgy holders to interact, play games, and explore the Pudgy universe. This was followed up with the announcement of titles Pudgy Party and Pudgy Life in November 2024, striking the second goal from the list.
One goal remains: the token. As of writing, Igloo Inc., the now parent company of Pudgy Penguins, have yet to reveal plans for a token – at a time when may of their contemporaries (Bored Ape Yacht Club, Azuki and more) are aggressively pushing a token-led future.
Today, Pudgy Penguins sit at a floor price above 10 ETH, making them the third most valuable NFT collection in the world.
What’s next for Pudgy Penguins?
With a massively-popular toy line, an ever-growing social media presence, a strong NFT collection and more, the future looks bright for Pudgy Penguins.
As we look ahead to 2025, we have the anticipated full release of Pudgy World – which should bring Pudgy collectors and fans together in all-new ways.
Partnerships continue to be struck, with Mythical Games working on Pudgy World, Playember developing sim title Pudgy Life, and Unstoppable Domains recently creating the .PUDGY domain for the wider community.
The story of Pudgy Penguins to date is unlike any other in the NFT space. From an explosive beginning and a heartbreaking downfall to a comeback and incredible success nobody could have predicted, all eyes are on Pudgy to see what they will do next.
Pudgy Penguins have set up a terrific platform for future success – and with the support of Luca, their investors and their growing legion of fans around the world, 2025 looks set to be the most exciting year for the Pudgy ecosystem yet.
Riding crypto waves since 2012, bridging digital and physical worlds through prose.