Pudgy Penguins has denied current hypothesis suggesting it acquired the NFT market OpenSea.
The rumors gained momentum after resurfaced social media posts and coincidental timing between bulletins from each initiatives led some customers to imagine a quiet acquisition had taken place.
Pudgy Penguins Shuts Down OpenSea Rumors Amid ETF Plans
On July 26, Beau, the NFT venture’s head of safety, clarified that no such acquisition occurred.
In accordance with him, the NFT-focused agency is concentrated on increasing model partnerships and scaling its current ecosystem.
Beau inspired the Pudgy Penguin neighborhood to shift consideration away from takeover narratives and concentrate on its broader development initiatives, which embrace collaborations with established international manufacturers similar to Lufthansa and NASCAR.
“The size of issues deliberate for the Penguin is so giant that you needn’t speculate on a single acquisition. As an alternative speak about partnering with Lufthansa and NASCAR, and go discover the following nice model for us to proliferate with,” he acknowledged.
Pudgy Penguins, launched in July 2021, consists of 8,888 cartoon-styled penguin NFTs and has develop into one of the recognizable collections within the area.
Luca Netz, the CEO of Igloo Inc. and the proprietor of the Pudgy Penguins NFT venture, just lately highlighted the venture’s recognition, with over 100 billion views recorded via its content material distribution community.
These figures level to a resurgence powered by meme tradition and community-led advertising.
Furthermore, the venture’s token, PENGU, has additionally drawn consideration as the one NFT-linked belongings concerned in an exchange-traded fund (ETF) software.
This transfer locations Pudgy Penguins in a singular place throughout the crypto funding panorama, the place only a few NFT initiatives have bridged into regulated monetary merchandise.
OpenSea, as soon as the dominant Ethereum-based NFT market through the 2021 bull run, has struggled to retain its management in a altering market.
In response, the platform has launched OS2, a redesigned multi-chain market that helps each non-fungible and fungible tokens.
It has additionally outlined plans to launch a SEA token with an airdrop focusing on each legacy and new customers, though no official launch date has been supplied.
These developments come amid a broader rebound within the NFT market. In accordance with CoinGecko information, the full market capitalization of NFTs surpassed $6.5 billion this week, marking its highest stage since January.
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