The Penguin NFT Club is an odd collection of 8,888 Non-Fungible Tokens of cute penguins, with Pudgy Penguin #6873 selling for $469,000.
The penguin NFTs were created this summer by “mrtubby” or Mr. Patterson, along with three other computer science classmates at the University of Central Florida. They adhere to the Ethereum standard and appear to be well received by the crypto community.
They are 8,888 distinct penguins with various combinations of clothing, facial expressions, and accessories. Patterson had the following to say about this:
“There was a lot of meme potential in fat-looking penguins, so we went with it.”
And the new concept appears to be gaining traction at a time when the emerging NFT market is literally exploding.
According to reports, the original collection sold out in 20 minutes, with an estimated value of more than $25 million.
Four Pudgy Penguins have been sold in the last four days alone, as follows:
- #6873 at approximately $469,000
- #5678 for approximately $315,000
- #7365 for approximately $217,000
- #1516 for approximately $175,000
The Pudgy Penguins and the NFT Community serve as the metaverse’s foundation.
This unusual collection of Pudgy Penguins, as well as its resounding success, reflect the current market trend toward NFT Communities.
NFT Communities, as opposed to NFT ART, which represents a digitized, one-of-a-kind work of art as if it were a physical painting, are group projects.
They, like the Pudgy Penguins, are released in sets of unique images (with the option to buy and sell them individually), but are linked together by a theme. Furthermore, by purchasing a Community NFT, you become a member of the project community and gain additional benefits.
Reflecting on the evolution of collectible tokens, it is claimed that Community NFTs are the foundation for the metaverse, an all-encompassing digital world with its own forms of identity, community, and governance.
“Metaverse enthusiasts believe that our digital identities will one day be as important as our physical selves, and that we will spend our money accordingly. They predict that instead of putting art on the walls of our homes, we will put NFTs in our virtual Zoom backgrounds. Instead of buying new clothes, we’ll spend our money on premium skins for our virtual reality avatars.”
In an interview last month, Mark Zuckerberg, CEO of Facebook, expressed and shared this idea. Indeed, Facebook has been experimenting with virtual and augmented reality for some time.
However, there are already other projects focusing on NFTs that aim specifically at representing reality and the concept of the metaverse. Among the many are OVRLands, a digital world divided into 300 hexagons, each of which is an Ethereum NFT.
OVR auctioned off its Eiffel Tower NFT in early May 2021 for 38 ETH, the equivalent of nearly $107,000 at the time.