The world of NFTs is full of stories of incredible debuts and tragic downfalls, but no collection has fallen so low and risen like a phoenix like this one.
That NFT collection is Pudgy Penguins.
From public outrage and the ouster of the original founder to a comeback unlike any other we've seen before, Pudgy Penguins currently sits as one of the most coveted NFT collectibles in the world. Who are Pudgy Penguins, how did they make a comeback, and what does the future hold?
Here's your complete guide to stubby penguins in 2024
What is a stubby penguin?
Pudgy Penguins is a collection of 8,888 penguin NFTs on Ethereum. Each NFT combines over 150 hand-drawn features, including hairstyles, clothing, accessories, and more, to create a diverse variety of friendly characters.
This collection was created by four college students: Cole Vilmain (@ColeThereum), Clayton Patterson (@mrtubby), Mickey J, and Jonah. Our initial goals were threefold: create an educational children's book about NFTs, video games, and ecosystem tokens.
When Luca Netz acquired Pudsey Penguins in April 2022, its goal shifted to “spreading positivity and joy to as many people as possible,” transforming the core Pudsey character into a global collectibles brand. I placed it at the center of the
Holders, known as Hudlers, will receive full commercial rights to their Pudgy NFTs, as well as exclusive access to events, merchandise, ecosystem products, and more.
History of the stubby penguin
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 intense trading on the secondary market, and the reserve price for Pudgy's quickly rose to nearly 100 times the mint price. Some rare Pudgy NFTs have gone even further, fetching amounts in excess of $750,000.
However, after its release, activity slowed down. Despite the minting of Partner Collection Lil Pudgys in December 2021, the planned promises regarding books, games, and tokens did not materialize and the founders misappropriated the funds raised in the first mint. Suspicions began to surface.
As frustration grew, the founders began receiving offers to sell control 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 unlocking the hidden potential within the Pudgy brand.
Luca's first move was to refresh the Pudgy Penguins brand, give it a fresh coat of paint and strengthen its social media presence with engaging content that appealed to a mainstream audience.
Next, Luca began achieving the project's original goals. In August 2022, the Promised Educational NFT Book was created in partnership with Green Kids Club, completing the first of three stated goals.
Full commercial rights will be granted to each Pudgy holder in December 2022, and in February 2023, a partnership with Hologram Labs will allow collectors to become their own Pudgy using VR filters on TikTok, Twitch, and more. It has become.
By this point, Pudgy Penguins had gone from selling for less than 1 ETH to trading for more than 5 ETH each, and this was just the beginning.
In February 2023, we partnered with Retail Monster to sell Pudgy products. This led to the May 2023 announcement of Pudgy Toys and Pudgy World. This is the debut line of Pudgy stuffed animals and an online platform where you can scan and interact with them.
These toys exploded in popularity. By September 2023, Pudgy Toys will be in 2,000 Walmart stores across the United States. Pudgy Toys are currently available nationwide through Walmart, Walgreens and Target, in the UK through Selfridges and Argos, and through many other retailers around the world.
The success of these toys, an explosive social presence, and a flagship moment with streaming personality Kai Senato allowed Pudgy Penguins to continue its rise.
In December 2023, Pudgy World was relaunched. It currently serves as a metaverse platform for Pudgy owners to interact, play games, and explore the Pudgy universe. In November 2024, Pudgy Party and Pudgy Life were announced, two upcoming games that accomplish the second of the original three goals.
Only one goal remains. It's an ecosystem token. At the time of writing, Igloo Inc., the parent company of Pudgy Penguins, has not disclosed any plans for the token. This is despite many other top collections (Bored Ape Yacht Club, Azuki, etc.) pursuing their own tokens.
Currently, the lowest price for Pudgy Penguins is over 13 ETH, making it the third most valuable NFT collection in the world.
What's next for the Puggy Penguins?
With a hugely successful toy line, a growing social media presence, and a world-class NFT collection, the future is bright for the Pudgy Penguins brand.
Looking forward to 2025, we're looking forward to the full release of Pudgy World. Pudgy NFT collectors and fans of the character are coming together in a whole new way.
Igloo Inc. continues its partnership with Mythical Games developing Pudgy World, Playember working on Pudgy Life, and Unstoppable Domains recently debuting a .PUDGY domain available for community use.
The story of a stubby penguin like no other. From a high-profile debut to a devastating decline to a comeback no one could have predicted, all eyes are on the Pudgy brand to see what happens next.
The Pudgy Penguins are poised for continued success. And with the support of Luca, its investors, and fans around the world, 2025 is sure to be the most exciting year yet for the Pudgy ecosystem.
