Web3’s so-called ‘worst kept secret’ is finally out after the sale of NFT collection ‘Pudgy Penguins’ was finally executed in a $2.5 million deal. The collection, which comprises 8,888 NFTs featuring randomly-generated Penguins, was sold to Los Angeles-based entrepreneur Luca Netz.
Looking forward to spreading love across the Meta ❤️💙🐧 https://t.co/ZBEF3W6XV2
— Luca Netz (@LucaNetz) April 3, 2022
Since the revelation, the floor price of Pudgy Penguins has risen to 2.99, which was hovering around 1 ETH in March. The collection gained traction after Alexis Ohanian, co-founder of the bulletin board platform Reddit, announced that he purchased one in August
The deal came after the community evicted its founders after they failed to deliver promised goals. According to reports, the founders were supposed to launch “a game, a token, an educational book on NFTs and more.”
In addition, one of its founders Cole Villemain was accused of withdrawing funds from the treasury and was ousted after a Discord community vote. Soon after, Luca Netz offered to buy the project for 750 ETH. While several other bidders sought to purchase the project, Luca Netz has now eventually bought control. He will manage the collection’s marketing efforts and receive royalties from secondary sales.