What are Pudgy Penguin NFTs?

Summary: Pudgy Penguins is a blue-chip collection of 8,888 unique NFTs on the Ethereum blockchain. Known for their trading volume of over 179,000 ETH, they symbolize the dynamic NFT landscape. Beyond digital collectibles, the brand also offers content, merchandise, toys, and encourages creativity in the web3 space.

Pudgy Penguins also offer IP rights, allowing limited commercial use for NFT owners. The brand, initially created by Cole Thereum and Antoine Mingo, is now led by Luca Schnetzler.

What are Pudgy Penguins?

Pudgy Penguins, launched in July 2021, is a historic and popular collection of 8,888 unique Non-Fungible Tokens (NFTs) on the Ethereum blockchain. Known as "The Huddle", these endearing penguin characters have made a significant impact in the digital art world. Their popularity is evident in their trading volume, with over 179,000 ETH traded since inception, marking Pudgy Penguins as a vibrant symbol of the dynamic NFT landscape.

The Pudgy Penguins brand extends beyond just digital collectibles. It fosters creativity, freedom, and community in the web3 space, producing content, merchandise, toys, and digital collectables. The brand believes in the power of play and imagination, aiming to help users unlock their inner child. Despite the cold, icy theme, the Pudgy Penguins community offers a warm and welcoming environment for its members, often referred to as a penguin family.

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How much are Pudgy Penguins Worth?

At the time of writing, the current floor price of a Pudgy Penguin is 4.38 ETH, or around $12,000 USD in value. Rare Pudgy Penguins that have traits like gold skin, ice skin or navy skin can fetch a price as high as 30 ETH. The highest most recent sale is Pudgy Penguin #6873 which was sold for an astounding 400 ETH.

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Pudgy Penguins IP Rights

As of December 2022, the Pudgy Penguins IP rights that come with owning an NFT grant the owner a limited, worldwide, nonexclusive license to use the associated art for personal, non-commercial use, and for commercial use under certain conditions. Commercial use is permitted up to a gross revenue of $500,000 per year, unless a broader license or exemption is granted by the creator. 

The owner can also sublicense their NFT for third-party commercial use under the same conditions. However, the owner cannot modify the art in a way that depicts hate speech, offensive content, or infringes upon the rights of others. The owner also cannot use the Pudgy Penguins brand name for commercial purposes without explicit permission. These rights are transferable upon resale of the NFT.

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Who Created Pudgy Penguins?

The Pudgy Penguins project was initially created by Cole Thereum (@ColeThereum) with artwork led by Antoine Mingo. However, following allegations against the original team, the project was acquired by Luca Schnetzler (@LucaNetz), a Pudgy enthusiast, for 750 ETH ($2.5 million at the time of acquisition). The new team is expanding the Pudgy Penguins brand beyond the NFT space.

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Pudgy Bridge

The Pudgy Bridge is a solution that enables the transfer of Pudgy Penguins NFTs between different blockchain networks, specifically Ethereum and Polygon. This cross-chain bridge is designed to enhance the accessibility and flexibility of Pudgy Penguins NFTs, allowing owners to interact with different ecosystems. By leveraging this bridge, users can enjoy the benefits of both networks, such as Ethereum's robust security and Polygon's lower transaction fees.

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Bottom Line

In conclusion, Pudgy Penguins represent a significant piece of the NFT landscape, bringing together unique digital art, a sense of community, and valuable intellectual property rights. The brand, initially created by Cole Thereum and Antoine Mingo, is now under the stewardship of Luca Schnetzler, who continues to develop the brand beyond its origins. 

The introduction of the Pudgy Penguins Bridge further enhances the value proposition, making these NFTs more accessible and flexible for owners across different blockchain networks. Despite their chilly exterior, Pudgy Penguins have warmed the hearts of many, symbolizing the enduring appeal and potential of the NFT marketplace.