Floundering in the tumultuous waters of the Ethereum NFT market, Pudgy Penguins still spread their wings while other blue-chip NFT projects, like Bored Ape Yacht Club (BAYC), sink. And it’s no wonder — these blue-chip NFT collectibles just fetched a lucrative $9 million seed funding round led by the visionary early-stage investment firm 1kx.
Quick Takes:
- Pudgy Penguins is emerging stronger than ever, thanks to a $9 million seed funding round led by 1kx.
- Despite market downturns, Pudgy Penguins continue to thrive. The collectibles’ current rise in value, from $4,365 to $8,170, contrasts sharply with many other NFT projects. BAYC, for examples, has been witnessing a significant dip in value over the same period.
- The success of Pudgy Penguins offers a beacon of hope for other Web3 projects, demonstrating that with strategic investments, perseverance, and innovation, all is possible regardless of market volatility.
Pudgy Penguins’ Success Story
Pudgy Penguins initially gained momentum during the 2021 bull run. The LA-based entrepreneur and Web3 leader Luca Netz then took over these chirpy birds in April 2022 for $2.5 million — a phoenix rising from the ashes amidst the NFT market’s collapse.
Despite facing challenges over the market’s volatility, the team’s ambitious brains keep chugging. Luckily, their efforts do not go unnoticed. Firstly, a New York Times story helped boost the project, fueling the on-chain collectibles with billions of dollars in monthly trading volume. Then, today, they received a much-needed injection of capital.
Spearheaded by 1kx, Pudgy Penguins was funded a whopping $9 million. Other big-name investors who partook in the seed funding round include Kronos Research, Big Brain Holdings, Old Fashion Research, CRIT Ventures, and, last but not least, LayerZero Labs.
“Time has shown that we are positioned to be the face of NFTs. Pudgy Penguins is the most well-equipped project in the landscape and space. The only disadvantage we had was everybody being in the same tier project and being more capitalized than we are. But we knew we would win regardless,” commented Netz via the “Pudgy Penguins Seed Round” Twitter Space.
NFT projects have been losing considerable value throughout the past year. For instance, BAYC fell from a peak of $429,000 (152 ETH) in April 2022 to its current price of $82,600 (45 ETH). However, Pudgy Penguins has gone against that red in the same span, rising from $4,365 (1.55 ETH) to $8,170 (4.44 ETH).
Pudgy Penguins recently joined forces with WME to bring the NFT collectibles to a broader audience through media. Seeing how the team behind the collectibles continues utilizing the project’s funds will be intriguing.
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