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Pudgy Penguins Teams Up With Sotheby’s to Deploy First-Ever Major Soulbound Token

Over the past few years, the Web3, cryptocurrency, and NFT worlds have witnessed rapid growth. Using revolutionary technology, Pudgy Penguins has developed an NFT collection that has taken the market by storm. Pudgy Penguins NFTs are a collection with a rich history of digital collectibles. The NFT collection was created in 2021 by four college friends during the crypto-summer boom. Since its launch, the collection has experienced massive growth while spreading positivity throughout the Web3 space.

The collection’s popularity was witnessed after it generated over 60,000 ETH transaction volume in the first 12 months. Also, the NFT collection saw individual sales grow to volumes like 400 ETH. Apart from this, the collection has attracted the attention of world-class celebrities, including the likes of Stephen Curry, Lil Baby, and Tory Lanez as collectors. Pudgy Penguins has created a path to the top through the digital collectible space.

In 2022, the Pudgy Penguins founders transferred the collection’s ownership to Luca Netz. The community’s sales volume went up due to increased effort being put into the collection. In addition, Pudgy Penguins deployed its first soulbound token. Pudgy Penguins has teamed up with Sotheby’s to distribute the token. The soulbound token is a non-transferable token that stays in a wallet. It’s known as soulbound as it was created using Vitalik’s White Paper, where the user’s account is called a “Soul.” The token has restricted transfer, thus being bound to the soul. It is also a user’s digital
identity.

The Sotheby’s auction offered various collection pieces showing a wide variety of rarity. You purchase a part of this history when you purchase any Pudgy Penguins NFT. The collection is among the best collections in history, with sales above $200 million in trade volume. The Pudgy Penguins community has grown through community empowerment, innovation, identity, and digital ownership. The collaboration with Sotheby’s offered the first soulbound token accompanying any auctioned NFT. With this online auction, Pudgy Penguins wanted to show the world how much digital identity and ownership mean.

Some of the most iconic pieces up for auction included Penguin #4609, an important part of history. This piece symbolizes the collection’s resilience and rebirth because of the community members. Penguin #4609 was owned by Luca Netz and his team after its founders’ sale of the collection. Other rare pieces in the collection included Penguin
#6615, the ultra-rare gold piece, and Penguin #7315, a line of Pudgy Toys.

Pudgy Penguins

Pudgy Penguins is taking it a step further and is always at the forefront of impacting digital identity. The soulbound token is proof of the significant impact the company is creating in the world. With the token owner having no rights to transfer, they can create an online identity that will last for years.

It’s time everyone starts moving towards their digital identity and the new technology creating history. “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,” notes the Pudgy Penguins community.

 

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