NFT Shower Thoughts (12/5/22)
Anybody else been dealing with the flu bug going around?
Hopefully not. But if are, grab some sleepy time tea and continue reading.
So.... if you were in the NFT space a year and a half ago you remember the deal with the NFT collection called "Pudgy Penguins". They are an NFT collection that was released in July 0f 2021, so relatively early compared to most projects.
At first it seemed like most things were going well for them. Strong community, happy investors, floor price steadily but naturally rising. Shiiii, one even sold for 400 ETH.
Then one article from NY Times started the downfall. You might be thinking that the publicity is great right?
In theory, yes, but the way it was executed was not. The team eventually got called out for paying the NY times employee a generous amount of crypto to write the article and make it seem like pudgy penguins team had no involvement whatsoever.
That doesnt seem terrible, right?
True, after all what press isn't paid for nowadays?
What ultimately caused the downfall of Pudgy Penguins was when the public found out who the founder, "ColeThereum", was.
I wont get into specific details here out of respect since there's 2 sides to every story, but bottom line is he was linked to previous rug pulls & scams.
Anyways, people started offloading their NFTs causing supply to far exceed the new demand. Pudgy Penguins volume fell by almost 90% and floor price was lower than ever (.5 ETH)
In April of 2022, the Pudgy Penguins team closed a sale, and handed off leadership of the project. The buyer? Luca Schnetzler — who picked up the collection for 750 ETH, or roughly 2.5 million in U.S. dollars after being a longtime fan of the project and its community. Luca expressed his love for the project,
“Pudgy Penguins was my first PFP NFT and I knew when I first bought it that Pudgy Penguins had the highest upside when it came to brand potential,”
The reason I wrote about them today?
They're tearing up OpenSea having the 3rd most volume traded with a new floor of 4.45 ETH and only 4% listed. Gotta give respect where its due, and its time to give it to Luca for how he turned around this project.
I guess some things are meant to work out after all.