The Pudgy Penguins’ community is in turmoil. The community is accusing the founders of failing to deliver promises and overall dishonesty. Now, it’s practically certain the founders are out.  Covered: Emotions Running High In The Pudgy Penguin Community Pudgy Penguin Founders Exposed Community DAO Proposed: Wrap Your Penguin Pudgy Penguins Future Emotions Running High In […] The post The Pudgy Penguins Meltdown: Colony HUDLs Together To Oust Founders appeared first on CryptosRus.

The Pudgy Penguins Meltdown: Colony HUDLs Together To Oust Founders

The Pudgy Penguins’ community is in turmoil. The community is accusing the founders of failing to deliver promises and overall dishonesty. Now, it’s practically certain the founders are out. 

Covered:

  • Emotions Running High In The Pudgy Penguin Community
  • Pudgy Penguin Founders Exposed
  • Community DAO Proposed: Wrap Your Penguin
  • Pudgy Penguins Future

Emotions Running High In The Pudgy Penguin Community

Pudgy Penguins have been one of the most successful NFT projects to date. The Pudgy Penguin NFT project consists of 8888 chubby flightless aquatic birds, and they sold out in less than 20 minutes when they were launched last July.

However, over the past few days things have turned icy. The Pudgy Penguin community is not pleased with the speed of development and undelivered promises made by the core team. The NFT project is expected to be sold. A community-inspired DAO has been created to prevent the original founders from siphoning any more money out of the community through royalties.

It all started on Christmas, when an exclusive egg given to Pudgy Penguin holders hatched. It should have been a nice Christmas present for the HUDLers, and a step in the right direction towards utility and gaming promised by the founders. Instead, the foundation team couldn’t even spell fishing rod right. Users were gifted a “rog”, and nobody likes them.

Users were expecting more, and this Christmas failure catalyzed an uproar within the community.

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Pudgy Penguin Founders Exposed

The Pudgy Penguin NFT project is founded by four people: Cole Villemain, mrtubby (real name Clayton Patterson), mickyj, and jonah.  Cole has been accused of sketchy behavior and pumping projects that he has endorsed before. In a viral twitter feed, Cole’s history was examined closely in August, and he was accused of acting maliciously towards the community.

Because of his sketchy past and the underwhelming delivery of “rogs” to Pudgy Penguin holders, he was voted out of the project via a poll in his own discord.

9x9x9, a key member of the Pudgy Penguin community and core contributor to the OpenDAO, he says that Cole is essentially pulling the rug, and that the founders have emptied the treasury and offered him a stake in the project. 9x9x9 released a twitter thread on Wednesday evening that explained how the founders were abandoning the project:

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9x9x9’s thread was pretty thorough, he explained how he has helped Pudgy Penguin expand by introducing them to the Asian market and supported their second airdrop by minting a bunch of NFTs. He then explained how the founders were trying to sell an “empty shell” project, that he will not be buying.

“So this company with 0 ETH inside, carry a debt of two fundraising and boat lots of promise to the community/investors. They reduced the price from 4000ETH for 20% to 888ETH for 100%. They want to walk away with ETH they raised and sell the sinking ship for another 888ETH”

Following 9x9x9’s twitter thread, the NFT project received multiple buyout offers, including one from Mintable co-founder Zach Burks and two high-profile NFT collectors:

Community DAO Proposed: Wrap Your Penguin

With the potential buyout looming and the fear of another failed core team, the Pudgy Penguin Community has an alternate plan.

In the conclusion section of 9x9x9’s twitter thread, he suggested an alternative to a buyout: “The best solution: Created a DAO, founder return all ETH raised, community vote how much hours they put into this and pay them for the work they deserve to get paid for the part they did and all expenses they spend. Then elect contributors to keep building the brand/community.”

If this were to work, Pudgy Penguins would become the most decentralized NFT project ever. A DAO would funnel all of the royalties for the founding team into the community. However, the community as a whole would have to work together to do this and the only way would be to use a wrapper, which would introduce Wrapped Penguins.

Wrapped Penguins is not a new fork or a new collection of Pudgy Penguins, but just a way that existing Penguin holders can wrap their Penguin into a new collection that does not pay royalties to the team.

You can do it here. 
The move towards a community DAO was set forth and is now available for Pudgy Penguin holders by 9x9x9 and VincentVanDough. All the tools are already in place to exit, and you can buy a wrapped Penguin now if you already own an original Pudgy Penguin NFT; instead of the royalties going to the team, they go to the Pengu DAO treasury multisig thats controlled by four big Pudgy Penguin community members, VincentVanDough, 9x9x9, loomdart, and psyopcop.

Pudgy Penguins Future

The Pudgy Penguin NFT project’s future remains uncertain. The DAO has the potential to gain traction and Penguins could remain wrapped until the community is content with all things Pudgy Penguins. However, from scouring through their discord, a sale is imminent and the community DAO has only gained some traction. Additionally, according to the discord, we can expect news of the sale any moment and the community believes it will be a new team led by Luca Netz.

Discord member quint: “Once Luca and the team get going…buckle in”.

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