Pudgy Penguins announced their successful conclusion of its special auction with Sotheby’s, which took place from November 18th to 30th on Sothebys.com. This auction was not only a major milestone for the Pudgy Penguins brand, but also for the entire NFT and Web3 space.
At the center of the auction was Cole’s Penguin, the most notorious Pudgy Penguin in the collection. This rare NFT was highly sought after by collectors and art enthusiasts, and the overall auction ultimately accrued $128,898.
But, this auction was about more than just the sale of a single NFT. Pudgy Penguins also issued the first ever Soulbound Token (SBT) to be distributed by a major company. The SBT serves as an ironclad authentication certificate and includes ownership and auction details. This new use of blockchain technology helps to further legitimize the NFT space and demonstrates Pudgy Penguins innovative approach and commitment to the Web3 community. The Pudgy Penguins team said “We will continue to learn more about Soulbound tokens and their implications in the real world. We are so ecstatic that Sotheby’s was willing to take that step with us”.
In addition to the sale of Cole’s Penguin, a portion of the total proceeds from the auction were also distributed between two worthy causes. The Cozy Horizon Fund, which is a fund established by the Pudgy Penguins team to help accelerate community initiatives and Oceanities, a conservation group that monitors the vastly warmed Antarctic Peninsula.
The auction also saw incredible success not only monetarily but also socially with everyone who participated in the auction, including tons of fans and investors alike who showed their support on social media by dressing up and using the #beaksoutforsothebys hashtag on Twitter. This special auction has given Pudgy Penguins a great boost in momentum as they have seen the project reaching all-time highs within the recent weeks. This was just a small testament to the potential of Pudgy Penguins and the exciting world of NFTs. Pudgy Penguins continues to dominate the NFT space with its strategic partnerships, like for their toyline, their massive social media presence that amassed them over 1 billion views on GIPHY, and their diehard community.