Saturday, September 23, 2023

Pudgy Penguins Sold for $2.5M


After months of community upheaval and leadership changes, the Penguins are changing hands.

The Pudgy Penguins collection of 8,888 Ethereum NFTs auctioned for 750 ETH ($2.5 million) on EtherDelta. It sold to Luca Netz of Netz Capital, who is now in charge of the project and will earn all secondary sales royalties.

Sale after Controversy

NFTs, such as the Pudgy Penguins, are one-of-a-kind blockchain tokens that represent ownership of an asset—in this example, a penguin image. Netz stated that he is excited to spread love across the Metaverse as a result of the acquisition. On Saturday, the statement went public.

Moreover, the sale comes just a few months after the project’s controversial founder Cole Villemain was voted out. “ColeThereum” is his moniker.

“Make your move ColeThereum,” Netz wrote in January, announcing his offer of 750 ETH. ColeThereum and the other three founders confirmed that they were no longer working on the project.

The initial team, he added, wanted to see their creation progress to the next level. They believed Luca possessed the necessary contacts and skills to do this.

Troubled Past

While the transaction may appear to be good news for holders, it has sparked concerns among others. They argued that before the deal, Netz was not a well-known figure in the Penguins community.

The Pudgy Penguins have had a tumultuous history. ColdPizza, formerly known as 0xDarth, a former community moderator, publicly departed the project on December 11th. After elevation to community manager without agreeing on job terms, including remuneration, this happened.

In a Twitter Space with 3,000 listeners, ColdPizza publicly questioned ColeThereum’s leadership. Cole allegedly bribed him with 1 ETH ($3,500 at the time of publication), according to this claim. This is in exchange for not revealing any further details regarding the Pudgy Penguins initiative.

However, Cole responded to the accusation by stating that he has never bribed anyone and will never bribe anyone. He stated that he had let go of one of their employees. For being helpful to the initiative, he offered a 1 Ethereum bonus. It was taken out of context, resulting in the proliferation of false rumors.

Criticized Leadership

9x9x9, a well-known Pudgy Penguins whale, has previously chastised Cole’s leadership. In a lengthy Twitter conversation, he described the initiative as a sinking ship. They were hesitant to pay 888 ETH for the collection because the project’s wallet was empty.

Cole, they claim, is a reflection of the lack of trust and openness between the project’s creators and community. Cole’s removal is akin to taking a pain reliever when you have cancer.

The announcement of a new companion collection dubbed Pudgy Presents on Christmas day angered some Penguins fans. These mystery eggs hatch into fishing rods and originally referred to as rogs. It’s a pun on “rug” and “rugged” that many on Twitter have used to allude to being “rug pulled” or conned.

Some people familiar with the Penguins project believe Netz’s purchase was a legal way for the founding team to quit the project. They are, however, wary of publicly denouncing the proposal for fear of violent retaliation. A Pudgy Penguins game, token, and other things promises as part of the original team’s roadmap.

Rainy Naidoo
Rainy Naidoo
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.

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