Pudgy Penguins’ NFT Sales Nose as Token Rally: Nifty Newsletter
In this week's newsletter, as Pudgy Penguins' PENGU token drops over 50% in NFT sales, PUBG creator Brendan Greene discusses NFT integration in the next metaverse and why he's not embracing it. Find out why Eden Gallery filed a motion to dismiss the lawsuit from NFT holders.
In the year On January 5, Pudgy Penguins native token PENGU rose 13% to become one of the top performers in the crypto market, trading at $0.040 at the time – up 250% from its December 17, 2024 debut.
When the token launched at $2.8 billion, some big holders seized the rally to cash out, and the project's NFT sales dropped more than 50% in seven days, sending the token down to $2.3 billion, according to CryptoSlam data.
Still, Pudgy Penguin's community leader said on Jan. 3 that the project continues to see interest in the “first few days of 2025,” thanks in part to its viral GIF and sticker strategy, which has garnered 1.1 billion views. The first five days of January.
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The creator of PUBG rejects the idea of NFT integration
On January 4, Brendan Greene, the creator of online battle royale shooter PlayerUnknown's Battlegrounds (PUBG), announced plans to create a metaverse focused on gaming called Artemis.
Despite the idea of creating a metaverse, Green told gaming website IGN that “he didn't think about” including NFTs in the project.
While the crypto industry continues to champion NFTs as a good way to protect intellectual property and in-game assets in various gaming ecosystems, Green doesn't seem to agree.
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The art gallery looks set to dismiss the NFT holder's class-action suit
The Eden Gallery Group argued in October 2024 a motion to dismiss a class-action lawsuit filed by a group of NFT owners who purchased “Meta Eagle Club” NFTs from the art gallery.
The gallery filed a motion to dismiss in New York federal court on January 7, arguing that it is not liable for losses caused by the “general market decline” in NFTs.
The 36 individuals who filed the class-action lawsuit allege they were victims of fraud and unjust enrichment, calling Eden Galley and artist Gal Joseph's project a “rug pull.”
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