The NFT space is filled with stories of incredible debuts and catastrophic failures, but none have sunk as low as this one, only to rise like a phoenix.
The NFT collection is Chunky penguin.
From popular outrage and the ousting of the original founders to a resurgence unlike anything else we’ve seen to date, Humpty Penguin is now one of the most coveted NFT collections in the world. What are the Chunky Penguins, how did they achieve their comeback, and what awaits them in the future?
Here’s our complete guide to the 2024 Chunky Penguin
What is a squat penguin?
Pudgy Penguins is a collection of 8,888 Penguin NFTs on Ethereum. Each NFT combines over 150 hand-drawn features, including hairstyles, clothing, accessories, and more, to create a variety of friendly characters.
Created by four college students—Cole Villemain (@ColeThereum), Clayton Patterson (@mrtubby), MickyJ, and Jonah—the series initially had three goals: to create an educational children’s book about NFTs, a video game, and an ecosystem Tokens.
When Luca Netz acquired Pudgy Penguins in April 2022, its goal shifted to “spreading positivity and joy to as many people as possible” and Pudgy’s core role became at the heart of the global collectibles brand.
Holders (called Huddlers) are granted full commercial rights to the Pudgy NFT, as well as exclusive access to events, merchandise, ecosystem offerings, and more.
The History of the Chunky Penguin
The Pudgy Penguins series was minted on July 22, 2021, priced at 0.03 ETH each, and the 8,888 NFT series sold out in just 20 minutes.
The high-profile debut sparked frenzied trading on the secondary market, with Pudgy’s reserve price quickly rising to nearly 100 times its mint price. Some rare Pudgy NFTs go even further, selling for over $750,000.
However, after the launch, activity slowed down. Although the partnership series Lil Pudgys minted in December 2021, the promise of plans surrounding books, games, and tokens failed to materialize, and accusations began to emerge that the founders had embezzled funds raised from the initial minting.
As frustration grew, the founders began to entertain offers to sell management rights to the collection. In April 2022, entrepreneur Luca Netz led a group of investors to acquire Pudgy Penguins for 750 ETH, with the goal of rebuilding trust and realizing the potential of the Pudgy brand.
Luca’s first step was to refresh the Humpty Penguins’ brand, giving it a fresh new look and enhancing its social media presence with engaging content that appeals to a mainstream audience.
Next, Luca began to achieve the original goal of the plan. In August 2022, the promised educational NFT book was created in partnership with Green Kids Club, achieving the first of three stated goals.
In December 2022, each Pudgy holder received full commercial rights, and a partnership was established with Hologram Labs in February 2023, allowing collectors to become collectors by using VR filters on TikTok, Twitch and other platforms. Their Pudgy.
At this point, the price of Pudgy Penguins has risen from under 1 ETH to trading at over 5 ETH each – but that’s just the beginning.
In February 2023, it also entered into a partnership with Retail Monster to distribute Pudgy merchandise. This has led to the launch in May 2023 of Pudgy Toys and Pudgy World – the first range of Pudgy plush toys, and an online platform where the plush toys can be scanned and interacted with.
These toys quickly became popular. By September 2023, Pudgy Toys were available in 2,000 Walmart stores in the U.S. Today, Pudgy Toys are sold through Walmart, Walgreens and Target across the U.S., in the U.K. through Selfridges and Argos, and at many other retailers around the world.
The success of these toys, their explosive social reach, and a flagship moment from internet celebrity Kai Cenat have helped Humpty Penguin continue its rise.
In December 2023, Pudgy World was relaunched – now as a virtual universe platform for Pudgy holders to interact, play games and explore the Pudgy universe. In November 2024, we announced two upcoming games, Pudgy Party and Pudgy Life, which will fulfill the second of three original goals.
Only one goal remains: ecosystem tokens. As of this writing, Igloo Inc., the parent company of Pudgy Penguins, has not revealed any plans for its token – although many other top collectibles (Bored Ape Yacht Club, Azuki, etc.) are pursuing their own tokens
Today, Humpty Penguin’s base price has exceeded 13 ETH, making it the third most valuable NFT series in the world.
What’s next for Chunky Penguin?
With a highly successful toy line, a growing social media presence, one of the world’s top NFT collections, and more, the future is bright for the Pudgy Penguins brand.
Looking ahead to 2025, we look forward to the full launch of Pudgy World – bringing Pudgy NFT collectors and fans of the character together in a whole new way.
Igloo Inc. continues to build partnerships with Mythical Games developing Pudgy World, Playember developing Pudgy Life, and Unstoppable Domains recently launched the .PUDGY domain for community use.
The story of Humpty Penguin is truly unique. From a high-profile debut to a disastrous fall to a comeback that no one could have predicted, all eyes are on the Pudgy brand to see what happens next.
Pudgy Penguins is well positioned to continue its success, and with the support of Luca, their investors, and fans around the world, 2025 is sure to be the most exciting year yet for the Pudgy ecosystem.
