- Pudgy Penguins officially debunk the rumours of a possible NFT marketplace buyout.
- The firms are now focusing on collaborations with big brands and their companies’ growth.
The executives of Pudgy Penguins have strongly denied the rumours of buying the NFT marketplace OpenSea, and the rejection is in the face of increasing social media speculation of a possible buyout. Rather, the firm is focusing on strategic brand relationships and the growth of its commercial ecosystem via different collaborations.
Strategic Focus Shifts to Brand Partnerships Over Market Acquisitions
Beau, a security chief of Pudgy Penguins, came out to speak directly to the rumours of acquisition on the social media platform X., and he underlined that the company is not interested in acquiring OpenSea at the moment. The executive shifted the focus to the established alliances with large brands such as Lufthansa and the NASCAR racing organization. Such partnerships signify how the project is determined to be more than just trading NFTs but also entering the mainstream business world.
The speculation on the acquisition was based on revived remarks by CEO Luca Netz in October. These statements were taken by community members as possible acquisition indicators, given the recent announcements by the corporations. Nevertheless, the leadership of Pudgy Penguins explained that they are not interested in acquiring marketplaces but developing partnerships.
In July 2021, the 8,888-piece NFT collection had already managed to expand into physical merchandise. Their Pudgy Toys line, created in collaboration with PMI Toys, enables NFT owners to earn on intellectual property. The OverpassIP platform allows commercial licensing, which generates more income for the members and the organization.
Recent events include the release of a skill-based Web3 game named Pengu Clash on the Open Network blockchain. This growth shows that the project is interested in interactive entertainment and the integration of gaming into its ecosystem.
In the meantime, the overall NFT market is gaining strong recovery traction in various collections and platforms as the total market cap has surpassed $6.6 billion in July. Moreover, this is a remarkable 94% growth in a month, as per the DappRadar analytics. The weekly volumes of trading also increased by 51% at the same time, the best performance since the previous peak activity in February.
CryptoPunks is the top market revival with a whopping 53% floor price growth in the recovery phase. The Ethereum-based assortment continues to be a high-end Web3 digital asset. On July 22, CryptoPunks had 83 new purchases at floor prices of nearly $180,000 per single NFT.
This recovery of the market indicates that investors are becoming confident in digital collectables and blockchain-based assets again after months of weakened activity.
Highlighted Crypto News Today:
El Salvador’s Bitcoin Strategy Falls Short of Benefiting Citizens
