Pudgy Penguins Denies Acquisition Rumors of OpenSea
Pudgy Penguins has dismissed speculation that it acquired the NFT marketplace OpenSea, with head of security Beau stating the claims are unfounded amid social media chatter.
Beau’s comment originated on X: “Pudgy Penguins didn’t buy OpenSea… chill,” he wrote Saturday.
“Pudgy Penguins didn’t buy OpenSea… chill”
Beau emphasized the company’s broader strategic vision, writing: “Talk about partnering with Lufthansa and NASCAR, and go find the next great brand for us to proliferate with.”
Pudgy Penguins, a collection of 8,888 flightless bird NFTs launched in July 2021, has expanded into physical products with its Pudgy Toys line in partnership with PMI Toys. The Pudgy ecosystem allows holders to earn through commercial use on its OverpassIP platform.
Rumors of Pudgy Penguins’ Interest in OpenSea
The acquisition chatter received traction following comments attributed to OpenSea CEO Luca Netz. In a resurfaced October 2024 X post, Netz was reported to have expressed interest in selling the platform.
Pudgy Penguins spokesperson Beau countered that CEO Netz’s comments “don’t actually mean those things happened.” He stated, “I don’t actually think acquiring OS rn would make a lot of sense for us.”
Previous speculation linked an acquisition to timing coinciding with Pudgy Penguins’ December announcements and OpenSea’s subsequent token support policy changes.
Financial Situation & Recent Developments
Since its founding in 2018, OpenSea has facilitated over $80 billion in NFT trading. The platform’s fee structure typically takes 2.5%. Industry analysts suggest potential acquisition interest due to OpenSea’s dominant market position.
Pudgy Penguins CEO Netz confirmed the salary expectations for the acquisition, contrasting with PFP originators who criticized previous poor compensation packages in the space.
Recent projects by Pudgy Penguins include a partnership with German airline Lufthansa and NASCAR, along with a new Web3 game called “Pengu Clash” developed for the The Open Network (TON) blockchain.
NFT Market Performance
The NFT market showed robust growth in July 2024, with total market capitalization reaching $6.6 billion—a 94% increase from June. The market experienced its strongest performance since February, with weekly trading volumes rising by 51%.
Key collections leading this resurgence include CryptoPunks, whose floor price jumped by 53%—reaching nearly $180,000 per Punk within days due to high demand.
