Pudgy Penguins Denies OpenSea Acquisition Rumors
Recent speculation suggested that Pudgy Penguins had acquired the NFT marketplace OpenSea, but the rumors have been officially denied.
The speculation arose from resurfaced social media posts and coincidental announcements from both projects, leading some users to believe a silent acquisition had occurred.
Pudgy Penguins Refutes OpenSea Acquisition Amid ETF Plans
On July 26, Beau, the Head of Security for Pudgy Penguins, clarified that no acquisition took place. The company is concentrating on expanding brand partnerships and scaling its existing ecosystem.
Beau encouraged the Pudgy Penguin community to shift focus from takeover narratives to broader growth initiatives, including collaborations with major brands like Lufthansa and NASCAR.
"The scale of things planned for the Penguin is so large that you need not speculate on a single acquisition. Instead talk about partnering with Lufthansa and NASCAR, and go find the next great brand for us to proliferate with,” he stated.
Launched in July 2021, Pudgy Penguins consists of 8,888 cartoon-styled penguin NFTs and has become a well-known collection in the NFT space.
Luca Netz, CEO of Igloo Inc. and owner of the Pudgy Penguins NFT project, noted the project's popularity, with over 100 billion views recorded through its content distribution network. This resurgence is attributed to meme culture and community-led marketing.
The project’s token, PENGU, has also gained attention as the only NFT-linked asset involved in an exchange-traded fund (ETF) application. This positions Pudgy Penguins uniquely in the crypto investment landscape.
OpenSea, once the dominant Ethereum-based NFT marketplace during the 2021 bull run, has been working to regain its market leadership. The platform introduced OS2, a redesigned multi-chain marketplace supporting both non-fungible and fungible tokens, and has announced plans to release a SEA token with an airdrop.
These developments coincide with a broader recovery in the NFT market. According to CoinGecko data, the total market capitalization of NFTs surpassed $6.5 billion this week, marking its highest level since January.