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Last September, Pudgy Penguins co-founder Cole Thereum “promised a game, a token, an educational book on NFTs, and more” to the community, according to Twitter user and Pudgy Penguins owner @9x9x9eth.

“They still haven’t built up the team after a half year, they’re still in the hiring stage,” 9x9x9 told CoinDesk through Twitter.

(9x9x9 has openly revealed that he has spent approximately 600 ETH on the collection and currently has 242 Pudgy Penguins NFTs as well as one rare “banana” penguin that he bought for 100 ETH.)

Cole Thereum and Twitter user @tubbyfat, pseudonymous co-founders of the Pudgy Penguins, did not immediately respond to a request for comment via Twitter direct message.

On Wednesday evening, 9x9x9 posted a Twitter thread stating that the Pudgy Penguins founders were considering abandoning the project and offered to sell him the project’s shell for 888 ETH (about $2.8 million), which he declined.

The floor price of a Pudgy Penguin has risen from roughly 0.6 ETH ($1,860) on Wednesday evening to 1.7 ETH ($5,270) as of press time, thanks to the tweets.

Other significant figures in the NFT market, including Mintable co-founder Zach Burks, NFT collector @beaniemax, and Netz Capital’s Luca Netz, have made buyout proposals of up to 750 ETH ($2.3 million) for the project.

The founding team of the Pudgy Penguins receives a modest percentage of each NFT sale in royalties, ensuring that the inventors of successful ventures can continue to enrich themselves as long as trade volume exists.

Wrapped Penguins, which are accessible as a free mint on the NFT platform Metadrop for current Penguin holders, would cut all links with the original founding team in the hopes of forming an alternative community managed by a decentralised autonomous organisation (DAO) architecture.

Pudgy Penguins Nft Price

According to data tracker NonFungible, daily NFT sales peaked in late August at $411.5 million. Since reaching a record high in early November, daily transactions have dropped to roughly $57 million, with the crypto market shedding nearly 40% of its value.

The world’s second-largest cryptocurrency, Ether, has dropped to its lowest point since October. Ether is used to buy and sell most NFTs.
According to NonFungible, the average daily price of a Pudgy Penguin NFT was at $4,251.47 on Tuesday, compared to $26,055 in August.

Purchasing community NFTs like Pudgy Penguins usually comes with a number of perks, such as membership in a shared Discord server or access to a private Telegram channel where you can communicate with other owners.

Pudgy Penguins Smart Contract

Each NFT sale earns the founding team of the Pudgy Penguins a modest royalty, ensuring that successful projects’ founders can continue to make money as long as trade volume exists.
Wrapped Penguins, which are offered as a free mint on NFT platform Metadrop for current Penguin holders, would cut all links with the original founding team in order to create an alternative community managed by a decentralised autonomous organisation (DAO) architecture.

A wrapper is a smart contract that takes one asset and creates a duplicate of it, allowing Pudgy Penguins NFT holders to own an identical “wrapped” penguin. According to the Wrapped Penguins project, the token holder will be able to “unwrap” their token at any point and return to the original NFT.

PFPs like Pudgy Penguins, Larva Labs’ CryptoPunks, and Yuga Labs’ Bored Ape Yacht Club, which are frequently administered by centralised founding teams who tease fresh releases for their holders, have fueled the recent spike in NFT purchases.
9x9x9 told CoinDesk that Pudgy Penguins “could be the first 100% decentralised PFP project ever.”

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