The nft landscape is awash with stories of incredible debuts and disastrous falls, but no collection has fallen as low and then risen like a phoenix like this one.
That nft collection is Chubby penguins.
From popular outrage and the overthrow of the original founders, to a resurgence unlike any we've seen to date, Pudgy Penguins now ranks as one of the most coveted nft collections in the world. What are Pudgy Penguins, how did they make their comeback and what does the future hold for them?
Here is our complete 2024 guide for <a target="_blank" href="https://x.com/pudgypenguins” target=”_blank” rel=”noopener”>Chubby penguins
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What are chubby penguins?
Pudgy Penguins is a collection of 8,888 penguin nfts on ethereum. Each nft combines more than 150 hand-drawn traits, including hairstyles, clothing, accessories, and more, creating a diverse array of friendly characters.
The collection was created by four university students: Cole Villemain (<a target="_blank" href="https://x.com/ColeThereum” target=”_blank” rel=”noopener”>@ColeThereum), Clayton Patterson (@mrtubby), MickyJ and Jonah, with three initial goals: to create an educational book for children about nft, a video game and an ecosystem token.
When <a target="_blank" href="https://x.com/LucaNetz” target=”_blank” rel=”noopener”>Lucas Netz acquired Pudgy Penguins in April 2022, its goals changed to “spread positivity and joy to as many people as possible,” with the main Pudgy character at the center of a global collectible brand.
Holders, known as Huddlers, receive all commercial rights to their Pudgy nft, as well as exclusive access to events, merchandise, ecosystem products, and more.
The story of the chubby penguins.
The Pudgy Penguins collection was minted on July 22, 2021, priced at 0.03 eth each, and the 8,888-piece nft collection sold out in just 20 minutes.
This high-profile debut generated furious trading on secondary markets, with Pudgy's floor price quickly rising to nearly 100 times its mint price. Some rare Pudgy nfts went even further, reaching sums of over $750,000.
However, after the launch, activity slowed down. Despite the minting of the Lil Pudgys Partner Collection in December 2021, planned promises around the book, game, and token were not fulfilled, and accusations began to surface that the founders had misappropriated funds. collected in the initial minting.
As frustration grew, the founders began accepting offers to sell management of the collection. In April 2022, entrepreneur Luca Netz led a group of investors to acquire Pudgy Penguins for 750 eth, with the goal of rebuilding trust and realizing the potential of the Pudgy brand.
Luca's first step was to renew the Pudgy Penguins brand, giving it a new coat of paint and reinforcing its presence on social networks with attractive content that would attract the general public.
Luca then began to fulfill the original objectives of the project. A partnership with Green Kids Club to create the promised educational nft book occurred in August 2022, achieving the first of three stated goals.
In December 2022 all commercial rights were granted to each Pudgy holder, with a partnership in February 2023 with <a target="_blank" href="https://x.com/HologramLabs” target=”_blank” rel=”noopener”>Hologram laboratories allowing collectors to become their Pudgy by using virtual reality filters on TikTok, Twitch and more.
At this point, Pudgy Penguins had gone from an eth price below 1 to trading above 5 eth each, but this was just the beginning.
February 2023 also saw a partnership with Retail Monster to distribute Pudgy products. This led to the May 2023 reveal of Pudgy Toys and Pudgy World, the first line of Pudgy plushies and an online platform with which they could be scanned and interacted with.
These toys skyrocketed in popularity. As of September 2023, Pudgy Toys was in 2,000 Walmart stores across the US and today, Pudgy Toys is available across the US through <a target="_blank" href="https://x.com/Walmart” target=”_blank” rel=”noopener”>Walmart, <a target="_blank" href="https://x.com/Walgreens” target=”_blank” rel=”noopener”>Walgreens and <a target="_blank" href="https://x.com/Target” target=”_blank” rel=”noopener”>Aimin the UK via <a target="_blank" href="https://x.com/Selfridges” target=”_blank” rel=”noopener”>Selfridges and <a target="_blank" href="https://x.com/Argos_Online” target=”_blank” rel=”noopener”>Argus, and through many other retailers around the world.
The success of these toys, their explosive social presence and an emblematic moment with streaming personality. <a target="_blank" href="https://x.com/KaiCenat” target=”_blank” rel=”noopener”>Kai Cenat helped Pudgy Penguins continue to rise.
In December 2023, Pudgy World was announced again, now as a metaverse platform for Pudgy owners to interact, play, and explore the Pudgy universe. In November 2024, Pudgy Party and Pudgy Life were announced, two upcoming games that will fulfill the second of the three original objectives.
There is only one goal left: the ecosystem token. As of this writing, Igloo Inc., the parent company of Pudgy Penguins, has not revealed any plans for a token, even though many other major collections (Bored Ape Yacht Club, Azuki, and more) have pursued their own tokens. .
Today, the minimum price of Pudgy Penguins sits above 13 eth, making it the third most valuable nft collection in the world.
What's next for the chubby penguins?
With a highly successful toy line, a social media presence that continues to grow, one of the largest nft collections in the world, and more, the future looks bright for the Pudgy Penguins brand.
Looking ahead to 2025, we look forward to the full launch of Pudgy World, which will bring together Pudgy nft collectors and fans of the character in entirely new ways.
Igloo Inc. continues to forge partnerships, with <a target="_blank" href="https://x.com/playmythical” target=”_blank” rel=”noopener”>mythical games developing the plump world, <a target="_blank" href="https://x.com/play_ember” target=”_blank” rel=”noopener”>player working at Pudgy Life, and <a target="_blank" href="https://x.com/unstoppableweb” target=”_blank” rel=”noopener”>Unstoppable domains The .PUDGY domain recently debuted for community use.
The story of Pudgy Penguins truly like no other. From its high-profile debut and crushing decline, to a comeback no one could have predicted, all eyes are on the Pudgy brand to see what's next.
Pudgy Penguins is all set to continue its success and, with the support of Luca, its investors and its fans around the world, 2025 is sure to be the most exciting year for the Pudgy ecosystem to date.
