Pudgy Penguins has raised $9m to develop its collection of non-fungible tokens (NFT) in a funding round led by 1kx. The funds raised will be used to promote the intellectual property of Pudgy Penguins’ NFT holders.
Pudgy Penguins raises $9 million
With a view to developing and “monetising intellectual property”, the non-fungible token (NFT) project Pudgy Penguins has just raised $9 million in its seed round.
The round was led by 1kx, an investment fund specialising in the development of young decentralised finance (DeFi) projects. Other investors include Big Brain Holdings, Kronos Research, Old Fashion Research, CRIT Ventures and the founders of LayerZero Labs.
This injection of capital comes after Luca Netz, CEO of Pudgy Penguins, described rumours of a potential fundraising round as “fake news” last November. Luca Netz bought the rights to the collection in April 2022 after its former founders failed to meet the community targets they had set themselves, as well as running out of cash.
Evolution of sales volume and floor price of NFTs from the Pudgy Penguins collection
As a result of this takeover, the collection quickly developed licensing agreements and campaigns on social networks, causing a significant rise in the collection’s floor price last November. Today, the floor price of the Pudgy Penguins is 4.6 ETH, or around 8,470 dollars at the current rate
Objective: to promote intellectual property
In order to maintain this momentum, which seems to have paid off so far given the collection’s floor price evolution, the funds raised here should be used to promote the intellectual property of NFT Pudgy Penguins owners. A vertical emphasised by Vi Powils, the collection’s investor relations manager:
We are delighted to be able to continue the strong momentum we have built over the past year, even in a bear market. Today’s milestone is a testament to the vision of our strategic partners, who recognised that Pudgy Penguins is not just a Web3 brand for crypto-natives, but also an accessible IP for everyday consumers around the world, as well as our incredibly talented team. “
So far, Pudgy Penguins products include clothing, accessories or toys, and physical events are also being organised for NFT holders. According to the tweet pinned to the project, a major announcement is expected on 18 May.
