Pudgy Penguins has raised $9 million to grow its non-fungible token (NFT) collection in a funding round led by 1kx. Funds raised will be used to promote the intellectual property of NFT Pudgy Penguins holders.
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Pudgy Penguins raises $9 million
With a view to developing and “monetizing intellectual property”, the non-fungible token (NFT) project Pudgy Penguins just raised $9 million as part of his seed round.
The round was led by 1kx, an investment fund specializing in the development of young projects relating to decentralized finance (DeFi). Among the other investors present, we find the names of Big Brain Holdings, Kronos Research, Old Fashion Research, CRIT Ventures or the founders of LayerZero Labs.
This capital injection comes after Luca Netz, the CEO of Pudgy Penguins, nevertheless qualified the rumors of a potential fundraising as “fake news” last November. Luca Netz bought the rights to the collection in April 2022 after its former founders failed to achieve the community goals they had set themselves, in parallel with having completely exhausted the funds of the treasury.
Evolution of the sales volume and floor price of NFTs from the Pudgy Penguins collection
As a result of this acquisition, the collection quickly developed licensing agreements and campaigns on social networks, causing a substantial increase in the floor price of the collection last November. Today, the Pudgy Penguins floor price is 4.6 ETH, or around $8,470 at the current price.
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Objective: promote intellectual property
In order to continue this momentum, which so far seems to have borne fruit given the evolution of the floor price of the collection, funds raised here should be used to further the intellectual property of NFT Pudgy Penguins holders. A vertical highlighted 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 recognized that Pudgy Penguins is not just a Web3 brand for crypto natives, but also an accessible intellectual property 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 held for NFT holders. According to the project’s pinned tweet, a size announcement should arrive next May 18.
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Source: NFT Price Floor, Blockworks
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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