Pudgy Penguins, an Ethereum NFT project that surged amid the 2021 bull run and then toppled into chaos, was purchased by a serial entrepreneur about a year ago and given a second life—right as the market collapsed. But the cartoon birds have persevered, and now the team has raised funding as its ambitions grow.

Today, Pudgy Penguins announced that it has raised $9 million in seed funding in a round led by early-stage investment firm 1kx, with participation from Big Brain Holdings, Kronos Research, Old Fashion Research, CRIT Ventures, and the founders of LayerZero Labs, per a release.

The project launched in July 2021, just as the NFT market started putting up billions of dollars’ worth of trading volume each month, and Pudgy Penguins’ rise was propelled in part by a viral story in The New York Times.

But the initial buzz didn’t last, and by early 2022, the community was in disarray amid controversy over a co-fo

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Author: Andrew Hayward

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