Pudgy Penguins is one of the most well-known NFT collections worldwide, and the floor price recently surpassed the $100,000 level as optimism builds for the launch of the $PENGU token. The takeover of the company and collection by Luca Netz in 2022 will go down as one of the biggest NFT storylines of all time.
Here's a look back at the mint of Pudgy Penguins and how much you could have made investing $1,000 in the collection, and a look at what the future holds.
Pudgy Penguins History: Pudgy Penguins is a collection of 8,888 NFTs offering "good vibes" and "positivity for everyone." The collection was minted on July 22, 2021, at a price of 0.03 Ethereum ETH/USD each.
The collection sold out quickly and saw the floor price rise and draw attention from the New York Times and other outlets as one of the faces of the rapid rise of NFT popularity in 2021.
Two subsequent collections also launched with free claims for holders.
Pudgy Rods, originally misspelled as Pudgy Rogs, were unveiled as what was hiding inside Pudgy Eggs, which were a free-to-claim NFT. The unveiling of the fishing rods and the misspelling upset the community and, for many, marked a turning point in the history of Pudgy Penguins.
Lil Pudgys is a collection of 22,222 NFTs, initially offered as a free claim for Pudgy Penguins holders, with the remaining NFTs made available for purchase through a mint. The collection debuted in December 2021.
The discontent within the community caused a decline in the Pudgy Penguins floor price. Frustrated by the project’s lackluster direction, the community voted to remove the founders from control.
In April 2022, entrepreneur Luca Netz bought Pudgy Penguins assets, the brand, company and more for 750 Ethereum, or around $2.5 million at the time.
The floor price jumped from a range of 0.7 ETH to 1.4 ETH to 2.5 ETH and beyond after Netz made the purchase. Optimism quickly spread, and the project appeared resurrected and brought back to life.
Since taking over, Netz has pushed Pudgy Penguins further and evolved the brand into Igloo Inc, which includes several other projects. He has also pushed the company into consumer products, a strategy that has benefitted holders who can collect licensing royalties.
Pudgy Penguins products have been found in stores like Walmart WMT, Target TGT, Five Below FIVE, Walgreens WBA and online through Amazon.com AMZN. With distribution in over 10,000 stores, the brand has sold millions of items.
The company has generated over 50 billion views on social media and has over 34 billion GIF views.
Netz was a speaker at Benzinga's Future of Digital Assets events in 2022 and 2023, where he shared more about the future of the company.
Pudgy Penguins recently announced the launch of the $PENGU token, which has led to a spike in the floor price, as holders will receive a portion of the new token.
Read Also: Pudgy Penguins Walmart Debut Marks ‘Huge Step Forward’ For Web3, NFTs
Investing $1,000 in Pudgy Penguins: The rapid rise of NFTs in mid-2021 saw many who had experience in the cryptocurrency sector or who had built up familiarity with NFTs and the blockchain through NBA Top Shot, buy up new NFTs from collections, including Bored Ape Yacht Club.
Pudgy Penguins, launching on July 22, 2021, came right during the increased attention for the NFT sector and also when fees to mint NFTs were high.
Ethereum traded between $1,954.30 and $2,044.12 on July 22, 2021. This means the 0.03 ETH price was around $58 to $61. When factoring in gas fees, minting a Pudgy Penguin is estimated at around $90.
A $1,000 investment at the time could have purchased around 11 Pudgy Penguins. Since the mint, that would have also turned into 11 Lil Pudgys and 11 Pudgy Rods.
Here are the current floor prices of the three assets:
- Pudgy Penguins: 27.4 ETH, $106,783.83
- Lil Pudgy: 3.477 ETH, $13,614.09
- Pudgy Rods: 1.7949 ETH, $6,995.12
Here is a look at what the $1,000 investment and owning 11 Pudgy Penguins would be worth at the time of writing:
- 11 Pudgy Penguins: $1,174,622.13
- 11 Lil Pudgys: $149,754.99
- 11 Pudgy Rods: $76,946.32
- Total: $1,401,323.44
That's right, a $1,000 investment in cute Penguin NFTs would now be worth more than $1.4 million three and a half years later.
Compare that to a $1,000 investment in Ethereum at the time, which would be worth $1,908.06 today, based on a price of $3,900.87 at the time of writing and the high price back on July 22, 2021.
The same $1,000 invested in the SPDR S&P 500 ETF Trust, which tracks the S&P 500 stock index, would be worth $1,389.68 today.
What's Next: The launch of the $PENGU token will be a major catalyst for Pudgy Penguins and Igloo Inc that the cryptocurrency and NFT communities will be closely following.
Igloo Inc raised $11 million in July, led by Peter Thiel's Founders Fund. The investment was said to help accelerate the development of Abstract, a blockchain designed to power consumer apps and drive mass adoption of cryptocurrency.
Pudgy Penguins is also building out Pudgy World and continues to lead the way in consumer products from NFT brands. At a previous Benzinga event, Netz shared that Pudgy Penguins had plans for books and could launch a movie or TV show in the future.
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Photo: IHERPHOTO2/Shutterstock.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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