The NFT market has rebounded as market cap returns to $6.6 billion.
Non-fungible token (NFT) project Pudgy Penguins has quieted rumors that it acquired the OpenSea marketplace. The rebuttal followed a wave of online chatter claiming that a deal may have closed around December 2024.
In a Saturday post on blogging platform X, the head of security at Pudgy Penguins, Beau, dismissed the rumors, claiming that no such thing has happened.
“Pudgy Penguins didn’t buy OpenSea… chill,” Beau wrote on X. Pudgy Penguins is a collection of 8,888 flightless bird NFTs launched in July 2021. The project has also expanded its offering, providing users with physical products through its Pudgy Toys line in a partnership with PMI Toys.
Pudgy Penguins shut down rumors of OpenSea acquisition
In his post on X, Beau claimed that the project still has big plans, so users should be calm and not focus on one possible acquisition. “Talk about partnering with Lufthansa and NASCAR, and go find the next great brand for us to proliferate with,” Beau added.
In addition to its physical products partnership, Pudgy Penguins is also allowing NFT holders to earn from commercial use through its OverpassIP platform.
Rumors of OpenSea’s acquisition went viral on X after multiple users on the platform pointed to previous comments by CEO Luca Netz. These posts also included a now viral post from October 2024, where he said he wanted his company to purchase OpenSea. Some users have speculated that the purchase may have occurred quietly without both parties making announcements about it.
A user also claimed that it may have occurred in December 2024, coinciding with announcements made by Pudgy Penguins and OpenSea’s later policy shift around token support in the same month.
However, Beau pushed back on the speculation, saying, “I don’t actually think acquiring OS rn would make a lot of sense for us.” He added that the team’s preference is to focus on confirmed developments rather than speculations.
CryptoPunks lead the charge as NFT market rebounds
Pudgy Penguins has entered into several brand partnerships with different firms, including those with Lufthansa and NASCAR. Last month, the project also announced the launch of a skill-based Web3 game called Pengu Clash for The Open Network (TON) Blockchain, entering into the competitive mini-game space. The game is expected to operate under a play-to-win model, allowing players to compete and be rewarded for their game mastery.
“Play-to-win, in essence, is a skill-based game,” Pudgy Penguins CEO Luca Netz said about the game at the time. “Users wager against one another vs play-to-earn, [in which] you’re earning tradable currency that the game provides. This is a user-vs-user-based system.” The game is supported by Elympics’ infrastructure and will feature different modes with different rules and objectives to enable skill-based challenges and multiplayer experiences.
Meanwhile, the NFT market has shown renewed momentum in July, with the total market capitalization hitting $6.6 billion. The rise signifies a 94% jump from the previous month, according to data from DappRadar. Weekly trading volumes also jumped 51%, making it the industry’s strongest performance since February.
Leading the industry comeback is Ethereum-based collection CryptoPunks, whose floor price rose by 53%. DappRadar analysts claimed that the collections’ appeal as a Web3 status symbol helped. On July 22, the collection registered 83 new purchases and a 15.9% rise in its flow price in 24 hours, hitting around $180,000 per NFT.
In addition, CryptoBatz NFTs also recorded a 400% surge after the death of Ozzy Osbourne. Osbourne entered the NFT industry in 2021, launching the collection, which featured 9,666 unique digital bats in December. In addition to the rise in floor price, CryptoBatz also recorded a 100,000% surge in trading volume, reaching $281,200 within 24 hours after his death. Despite the surge, the NFT still fell short of its all-time high.
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