What’s going on with the Pudgy Penguins?
For the last two days, NFT Twitter has been in a state of penguin pandemonium. It all began with a tweet by @9x9x9eth, a holder of 242 Pudgy Penguins and founder of OpenDAO, addressing rumors about him taking over the project from its founders.
In his twitter thread, he explains that he had earlier been offered 4000 ETH for 20% equity in the project, which he rejected. Later, the Pudgy Penguins founder returned to him with an offer the sell the entire project, this time for 888 ETH. The conversation revealed that the founders were walking away with all the project’s funds, and had no intention of fulfilling the promises made during fundraising.
Prior to this revelation, there had already been widespread dissatisfaction among the community due to a lack of transparency and the perceived failure of the founders to adequately support the project.
Mintable’s Founder Zach Burks Makes A Bold Offer
Soon after, Mintable’s founder Zach Burks made an offer to acquire and rebuild the Pudgy Penguins NFT project. The offer was made in a public thread on his twitter account, which outlined his plans for the project.
Zach’s intention is to leverage Mintable’s extensive resources to revive the Pudgy Penguins project and rebuild it in a way that is transparent and equitable for its community. His plans include securing licensing deals and building the Pudgy Penguins brand through sponsorships with large companies, building an NFT based DAO where all the licensing revenue is run through, and creating a token that will be airdropped to all holders providing access to the DAO. The wallet controlling the project’s funds will be public, and can be controlled by the DAO holders themselves – allowing complete transparency.
His aim is to work with the community to create something huge and catapult the PP project into the same stratosphere as the BAYC – a PFP project with a strong community focus, and massive growth. He wants to prove that with the right actions and community support, NFT projects are able to reach great heights despite adversity.
So far, reception among the Pudgy Penguins community has been positive. While some don’t like the fact that the offer seems to reward the bad actions of the Pudgy Penguin’s founders, liberating the community remains the priority. Currently, Zach is in contact with the Pudgy Penguins team and discussing possibilities.
This post will be updates as the situation progresses. In the mean time, follow Zach Burks and Mintable on Twitter to stay up to date.
#savethepenguins
