Pudgy Penguins NFT Project Ousts Founders as Mood Turns Icy

The beloved NFT project Pudgy Penguins voted out its founders on Thursday after they allegedly failed to deliver on stated goals and drained the treasury of funds. And now at least one splinter group is arguing that the entire project should be decentralized, potentially an industry first.

Launched in July, Pudgy Penguins has become one of the most successful NFT projects, raking in over 45,400 ETH in sales on NFT marketplace OpenSea. (That works out to about $140 million in today’s ether (ETH) prices.) NFT stands for “non-fungible tokens,” a subcategory of cryptocurrencies that represents ownership in a unique asset, from art to real estate.

According to Twitter user and Pudgy Penguins owner @9x9x9eth, Pudgy Penguins co-founder Cole Thereum “promised a game, a token, an educational book on NFTs and more” to the community last September.

“After a half year, they still have not yet set up the team, they are still in the stage of hiring,” 9x9x9 told CoinDesk via Twitter.