NiftyNoon: What does the Pudgy Penguins Venture Raise Mean for NFT Holders?

The Pudgy Penguins venture capital raise provides much needed capital for the project but some holders have raised concerns (May 10, 2023)

Nifty Thought

• The Pudgy Penguins venture raise is as exciting as it is polarizing. On one hand, the beloved Pudgy Penguins NFT project likely was operating with a more limited budget compared to the budgets of similarly priced projects such as Moonbirds and Doodles. While this capital injection likely pales in comparison to the treasuries of those respective projects, it probably gives the team much needed runway to build and further develop the Pudgy Penguins intellectual property. On the other hand, the introduction of venture capital into NFT projects has historically led to a misalignment of incentives where what is good for venture investors is not necessarily what is good for NFT investors. Much of the recent Pudgy Penguins success has come off the back of its community focus. Some have speculated that the introduction of this new stakeholder may threaten what has made Pudgy Penguins so special.

• It is important to note that this raise was an unpriced seed round that is missing most of the “tier 1” crypto venture investors that might be more aggressive in company oversight. This may give the Pudgy Penguins team more flexibility to forge their own path regardless of venture capitalist input. Only time will tell.

Highlighted News

• Pudgy Penguins announce $9M seed round, led by 1kx:

  

  https://twitter.com/pudgypenguins/status/1656022996409098261?s=46&t=NHmkLu-SpO2S2CLwsSlDcw

• LimitBreak CEO, Gabriel Leydon, introduces Creator Token Contracts: NFT creators’ solution for enforceable on-chain royalties and programmable royalty contracts:

  

  https://twitter.com/gabrielleydon/status/1655998931963355136?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• ApeCoin shares Special Council Election Cycle Two details:

  https://twitter.com/apecoin/status/1655645055338569743?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Magic Eden Popular Collections page just got a major upgrade:

  https://twitter.com/magiceden/status/1656059569477648384?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• NFT Inspect announce Polygon NFT’s are coming to the platform:

  https://twitter.com/nftinspect/status/1656081537090166785?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• VeeCon share details on VeeCon 2023 ticket registration:

  https://twitter.com/veecon/status/1656072511333990402?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Goldman Sachs, Microsoft, Deloitte, and others partner to launch a blockchain network:

  https://twitter.com/watcherguru/status/1655927184253497345?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Machi speaks out about Blur liquidity providers, as the marketplace is rewarding no-risk bid liquidity, diluting incentives to real liquidity provider:

  https://twitter.com/machibigbrother/status/1655844903656771584?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Top-hat Punk sold for 109 ETH, the first PFP sale above 100 ETH in over a week:

  https://twitter.com/punk9059/status/1656011493069185024?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• OpenSea Daily Volume: 2,487 ETH (▼ 3.75%)

• Blur Daily Volume: 10,022 ETH (▲ 5.28%)

• BTC: $28,188.88 (▲ 2.57%)

• ETH: $1,876.48 (▲ 2.04%)

• Solana: $21.17 (▲ 2.03%)

• Polygon: $0.89 (▲ 0.43%)

NFT Daily Winners:

• 🧝🏼‍♀️ DigiDaigaku: 3.39 ETH (▲ 14.06%)

• 🏴‍☠️ Captainz: 6.98 ETH (▲ 2.50%)

• 🥔 Potatoz: 2.75 ETH (▲ 2.08%)

• 🐈‍⬛ VeeFriends: 2.33 ETH (► 0.00%)

• 🧬 Clone X: 2.85 ETH (► 0.00%)

NFT Daily Losers:

• 🏳️‍🌈 Chromie Squiggles: 8.84 ETH (▼ 0.33%)

• 🚬 CryptoPunks: 49.69 ETH (▼ 0.62%)

• 🐧 Pudgy Penguins: 4.37 ETH (▼ 1.15%)

• 🥃 Proof Collective: 6.10 ETH (▼ 2.40%)

• 🌈 Doodles: 2.36 ETH (▼ 3.67%)

• 🦧 Bored Ape Yacht Club: 42.50 ETH (▼ 5.56%)

• ⛩️ Azuki: 13.62 ETH (▼ 6.39%)

• 🧟 Mutant Ape Yacht Club: 9.63 ETH (▼ 6.43%)

• 🦉 Moonbirds: 2.06 ETH (▼ 9.61%)

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