One of the most recognizable NFT collections of the last year are Pudgy Penguins. A transaction in April 2022 saw ownership of Pudgy Penguins change hands, with entrepreneur Luca Schnetzler (aka Luca Netz) taking control of the project.
Netz will be speaking at Benzinga’s Future of Crypto event on Dec. 7 at Pier 60 in New York City to share his story on building Pudgy Penguins into one of today's biggest NFT brands and his plans for future growth.
Intro To NFTs, Buying Pudgy Penguins: Netz told Benzinga that it was the recognition that NFTs represented a digital identity or how you represent yourself online that got him interested in the sector. That belief also got him interested in acquiring Pudgy Penguins.
“If that’s the narrative, then Pudgy Penguins has the most universal and inclusive identity of them all,” Netz said.
Netz said Pudgy Penguins could be the best NFT to represent every age range, ethnic group and gender role.
“I just started to fall in love with penguins, always made me smile.”
Netz credits the strong community built around Pudgy Penguins and the content they were making as a reason he got connected and bought in.
When asked what his favorite Pudgy Penguin trait is, Netz told Benzinga it’s Wizard Hats.
Taking Over Pudgy Penguins: Netz bought Pudgy Penguins in April for 750 Ethereum ETH/USD, or around $2.5 million at the time.
“The first couple of days were pretty discouraging because of the negative nancys,” Netz said.
Netz said there was also a huge narrative that he should turn the project over to DAO control and not worry about the huge investment he made.
“I personally didn’t believe DAOs are in a place that they work for this type of business. I think they work for certain types of businesses.”
Netz told Benzinga that NFT projects need a person to push things forward. Netz said he lets the community and members stay involved in decisions, but sometimes he has to make decisions on his own.
“I’m not here to run a dictatorship. I’m the muscles and brains behind Pudgy Penguins.”
Netz said in the end, the negative nancys stopped and the people who really cared about Pudgy Penguins stuck around, which has kept him "more motivated."
"I was just like we’re going to the moon baby, I’m gonna take this thing with all that I’ve got."
What’s Next For NFTs: Netz said NFTs can solve several issues going forward, including the supply chain side of business. NFTs can help with authenticity and logistics.
“The next great wave isn’t going to be a wave we’re going to see,” Netz told Benzinga. “Could be B2B model that takes over. The underlying tech solves logistical problems.”
Netz said he thinks that era is upon us, and we will see it soon.
Future of Crypto Event: Netz will be speaking at the Benzinga Future of Crypto event as part of a panel titled “Using NFTs to Foster Community and Build On-Ramps Into Web3.”
He said it's important to have events in the cryptocurrency and Web3 space to give opportunities for people to learn new things.
When asked who he is most excited to hear speak at Future of Crypto, Netz mentioned the Bored Ape Yacht Club guys. Yuga Labs co-founder Greg Solano will be speaking along with several prominent Bored Ape holders.
Another speaker mentioned by Netz is Kevin O’Leary.
“Kevin O’Leary, been a fan of Shark Tank, which is a huge reason why I wanted to be an entrepreneur and think I’ve watched every episode since season 1.”
Get your tickets now for Future of Crypto here and enjoy 20% off.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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