The NFT landscape is full of eye-catching rises and dramatic falls – but no collection has sunk to the depths, only to climb to the top of the mountain quite like this one. That NFT collection is Pudgy Penguins.
Today, Pudgy Penguins are regarded as one of the most desirable, coveted and well-known NFT collections in the world. What is Pudgy Penguins, how did they turn their fortunes around, and what could we see from them in future?
Here’s our complete 2025 guide to Pudgy Penguins.
What is Pudgy Penguins NFT Collection?
Pudgy Penguins is a collection of 8,888 NFT penguins on the Ethereum blockchain. Each NFT fuses together a random assortment of over 150 attributes, such as hairstyles, clothing, accessories and more, creating a cohort of similar – but thoroughly distinct – characters.
The collection was created by four college students: Cole Villemain (@ColeThereum), Clayton Patterson (@mrtubby), MickyJ and Jonah, with their initial goals to create an educational book on NFTs, a branded video game, and an ecosystem token.
Luca Netz acquired Pudgy Penguins in April 2022, and shifted its overarching goal to “spreading positivity and joy to as many people as possible” – putting the Pudgy character at the core of a globally-recognised brand.
Collectors of Pudgy NFTs – known as Huddlers – acquire the full commercial rights to their Pudgy, as well as access to exclusive events, merchandise, products and much more.
What has Pudgy Penguins accomplished so far?
Pudgy Penguins were minted on July 22, 2021 at a cost of 0.03 ETH each, with the 8,888-piece NFT collection selling out in 20 minutes.
This big debut led to a flurry of secondary market trading, which saw the floor price of Pudgy’s rise to almost 100x their mint price. Some rare Pudgy NFTs went even higher, fetching sums of over $750,000 USD.
After launch however, momentum slowed. Despite the mint of partner collection Lil Pudgys in December 2021, plans around the book, game and token failed to come to fruition, and rumours began to spread that the original founders may have had misused the funds raised.
As frustration grew, the founders opened up the idea of selling the collection. In April 2022, entrepreneur Luca Netz led a group of investors in acquiring Pudgy Penguins for 750 ETH, and stated that his goal was to rebuild trust, be more transparent and fulfil the potential of the Pudgy collection.
Luca’s first move was to overhaul the Pudgy Penguins brand, crafting a more professional image and creating engaging social media content across a range of platforms that appealed to a mainstream audience.
Next, Luca started to fulfil Pudgy’s original goals. In August 2022, Pudgy announced a partnership with Green Kids Club to create an educational NFT book, ticking off the first of those three original goals.
December 2022 saw full commercial rights be distributed to each Pudgy holder, with a February 2023 partnership with Hologram Labs allowing collectors to become their Pudgy in video-based apps through VR filters on TikTok, Twitch and more.
In just a year after their acquisition, Pudgy Penguins had gone from being traded at below 1 ETH to above 5 ETH – but this was just the start.
May 2023 saw the reveal of Pudgy Toys and Pudgy World – the first line of Pudgy plushie toys, and an online platform with which purchasers could engage with a digital experience too.
The popularity of these toys exploded almost immediately. September 2023 saw Pudgy Toys be stocked in 2,000 Walmart stores across the U.S. – and today, Pudgy Toys are available nationwide in the U.S. via Walmart, Walgreens and Target, in the UK via Selfridges and Argos, and in many other outlets around the world.
The overnight success of these toys, their rocketing social media presence, and big exposure through huge streaming personality Kai Cenat saw Pudgy Penguins stock continue to rise – and saw Luca turn his eye to the two remaining original goals.
December 2023 saw the re-announcement of Pudgy World – this time as a metaverse platform for Pudgy holders to interact, play games, and explore the Pudgy universe. They further expanded on the game front with the announcements of Pudgy Party and Pudgy Life in November 2024, ticking off the second of those goals.
To date, one goal remains: the token. As of writing, Igloo Inc., the parent company of Pudgy Penguins, have not yet revealed plans for a token – despite many of their peers (e.g. Bored Ape Yacht Club and Azuki) going down that path.
Today, the floor price of Pudgy Penguins sits well above 10 ETH, making them the third most valuable NFT collection in the world.
What does the future hold for Pudgy Penguins NFTs?
With a hugely popular toy line, a social media presence that continues to grow, an NFT collection that sits amongst the world’s most valuable and more, all signs are pointing in the right direction for Pudgy Penguins.
Looking ahead to 2025, we’re expecting to see the full release of Pudgy World, bringing together both Pudgy collectors and fans of the brand in all-new ways.
Partnerships are key to Pudgy’s continued growth. Mythical Games are working on Pudgy World, Playember are developing Pudgy Life, and Unstoppable Domains recently created .PUDGY domains for the community to utilise.
The fall and rise of Pudgy Penguins is a story unlike any other in the NFT landscape. From an eye-catching debut and a disappointing slumber to a revival and massive success nobody could have predicted, we’re all eagerly awaiting to see what’s next for the huddle.
From the outside, it looks as though Pudgy Penguins have everything set up to succeed in future – and with the support of Luca, their investors and their fans around the world, 2025 looks set to be their best year to date.
Riding crypto waves since 2012, bridging digital and physical worlds through prose.