Pudgy Penguins Refutes OpenSea Acquisition Claims Amid NFT Market Rebound

Pudgy Penguins denied buying OpenSea and said they are focused on confirmed brand partnerships and growth plans.

The NFT market hit $6.6 billion in July, led by a strong surge in CryptoPunks and rising weekly trading volumes.

Pudgy Penguins launched a new game and toy line to expand their brand beyond NFTs and reach more global users.

Pudgy Penguins has denied rumors that it acquired OpenSea, following intense speculation on social media platforms. The claims, which surfaced around December 2024, were fueled by earlier posts from Pudgy Penguins CEO Luca Netz expressing interest in acquiring the NFT marketplace.

Security Head Dismisses Speculation on Social Media

On Saturday, Beau, the project's head of security, rejected the acquisition claims in a post on X. He urged the community to focus on Pudgy Penguins’ confirmed partnerships and growth efforts rather than unverified deals. The team emphasized upcoming collaborations with Lufthansa and NASCAR as key priorities.

The rumors had been reignited by resurfaced posts and overlapping announcements by both Pudgy Penguins and OpenSea late last year. Some community members suggested the timing of policy changes at OpenSea and Pudgy’s expansion efforts indicated a quiet deal. However, Beau reiterated that the project's direction did not include acquiring OpenSea.

Pudgy Penguins Expands Brand Through Strategic Partnerships

Pudgy Penguins is another popular example of an NFT project, starting in 2021 as 8,888 NFT cartoon characters and becoming a household name in Web3. In addition to NFTs, the project became a part of the physical toys market, collaborating with PMI Toys. The partnership will help the owners of NFTs commercially through its OverpassIP platform.

More recently, the project launched “Pengu Clash,” a Web3 game hosted on The Open Network (TON), targeting players in the skill-based mini-game sector. Such initiatives are part of a larger approach to building global IP growth in digital and physical experiences.

NFT Sector Sees Resurgence Led by CryptoPunks

The OpenSea rejection occurred amid the overall improvement in the NFT industry. According to DappRadar, the overall NFT market capitalization increased to $6.6 billion in July, a 94% increase compared with the June level. The weekly trading volume rose 51% to a five-month high, too.

Leading the resurgence are Ethereum-based CryptoPunks. Their floor price grew by 53% and 83 purchases were noted in one day. According to analysts, the high performance of the collection was driven by the length and status of the collection in Web3 circles.

The rebound coincided with renewed retail interest in NFT assets, signaling potential momentum for collections like Pudgy Penguins as they expand into gaming and brand partnerships.