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Pudgy Penguins NFT Sold to Luca Netz for $2.5M

UTC by Ibukun Ogundare · 3 min read
Pudgy Penguins NFT Sold to Luca Netz for $2.5M
Photo: Pudgy Penguins / Twitter

As the Pudgy Penguins NFT project is now under new leadership, the buyers’ group will be able to launch a token.

The Pudgy Penguins NFT project, which boasts 8,888 ETH NFTs, is now sold to Netz Capital’s Luca Netz. Luca Netz bought the NFT collection from Pudgy Penguins for 750 ETH, which equals about $2.5 million. The sale came after the Pudgy Penguins community voted out its founders over failure to deliver goals. At the time, the community also alleged that the founders drained the treasury of funds.

People familiar with the matter added that a group led by Pudgy Penguins holder and Los Angeles-based entrepreneur Luca Netz will now buy control of the project with its royalties. In other words, Luca Netz will take over the leadership of the Pudgy Penguins from its four co-founders. After the acquisition, Luca Netz said it looks forward to “spreading love across the Meta.”

Pudgy Penguins Under New Leadership After Sales to Luca Netz

As the Pudgy Penguins NFT project is now under new leadership, the buyers’ group will be able to launch a token. Also, the new project control will enable the group to conduct airdrops to other persons who hold the NFTs series and other rights too.

As April started, trading of Pudgy Penguin surged on popular NFT marketplace OpenSea as the acquisition news flew around. The floor price of one Pudgy Penguin grew to 2.5 ETH. Meanwhile, the NFT traded between 0.7 and 0.14 ETH in the past weeks. At the time of writing, the floor price of a Pudgy Penguin is 2.98 ETH.

Since its launch in July 2021, Pudgy Penguins has more than 49,000 ether in trading volume on OpenSea. Also, the NFT project was in a New York Time column last summer as a feature. A lot of high-profile celebrities such as rapper Tony Lanez and NBA star Steph Curry are some of its holders.

Last week, Netz had the plan to officially announce the close of the acquisition. Luca Netz stated that the deal was not an April Fool’s prank, claiming that it was 100% real. Speaking to CoinDesk, the team said all plans are “aligned to make this one of the most prevalent projects of all time.”

Speaking further, Luca Netz revealed that Pudgy Penguins was its first NFT purchase. According to the entrepreneur, the digital penguins emit joy, and they drew his attention. He claimed that “it’s an interesting emotion to feel when looking at an NFT project.

The Pudgy Penguins NFT collection has a troubling record. In December last year, a former community moderator ColdPizza exited the project. ColdPizza left after he was promoted to the position of a community manager.

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