Crypto Fall Brings Chaos To The Popular NFT Land Of Chubby Penguins

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A flock of digital penguin or ‘penguin’ avatars from the popular Pudgy Penguins non-fungible token community would like to redeem its founders amid a crypto flash crash.

Pudgy Penguins is an NFT subcategory of cryptocurrencies that represents the ownership of a single asset, a collection of 8,888 Penguins on the ethereum ETH blockchain that launched in July of last year.

The collection of 8,888 chubby, flightless Antarctic creatures – wearing accessories such as baseball caps and fishing rods – was available on show last July for 0.03 ETH, the native currency of the Ethereum blockchain. , and sold out in less than 20 minutes.

NFT’s global daily sales peaked in late August, at $ 411.5 million, according to data tracker NonFungible. Daily sales have since fallen to around $ 57 million, with the crypto market losing around 40% of its market value since reaching an all-time high in early November.

Ether, the world’s second largest cryptocurrency, hit its lowest level since October. Most NFTs are bought and sold with ether.

The average daily price of an NFT Pudgy Penguin was around $ 4,251.47 on Tuesday at the time of going to press, up from $ 26,055 in August, according to NonFungible.

Purchasing community NFTs like Pudgy Penguins usually entitles users to certain benefits, including membership in a shared Discord server or access to a private Telegram channel, where you can chat with other owners.

Pudgy Penguins co-founder Clayton Patterson described the community as follows: “There are all these ways of telling everyone that you are rich. But a lot of these things can actually be faked. And with an NFT, you can’t pretend, ”in an interview with the New York Times in August of last year.

The drama and riot in the community was caused by multiple factors, including unfulfilled promises and a lack of transparency at the top.

According to Twitter user and owner of Pudgy Penguins @ 9x9x9eth, Pudgy Penguins co-founder Cole Thereum “promised a game, a token, an educational book on NFTs and more” to the community last September.

Last week, the project received takeover bids of up to ETH 750 ($ 2.3 million) from prominent figures in the NFT market, Reuters reported.

The anonymous owner of Pudgy Penguins 9x9x9, who owns 242 chubby penguins, had posted that he had had talks to buy the project, and declined.

Pudgy Penguins “could be the first purely decentralized PFP project of all time,” 9x9x9 told CoinDesk.

Requests for comment on the ownership status of Pudgy Penguins went unanswered at the time of going to press.

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