In this week’s newsletter, read how non-fungible tokens (NFTs) remained a hot topic as Pudgy Penguins’ PENGU token saw a drop of over 50% in NFT sales, check out why PUBG creator Brendan Green rejected NFT integration in his upcoming metaverse and find out why the Eden Gallery filed a motion to dismiss a lawsuit from NFT holders.
On Jan. 5, Pudgy Penguins’ native token, PENGU, surged 13% to become one of the top performers in the crypto market, trading at $0.040 at the time — up 250% from its launch on Dec. 17, 2024.
While the token debuted at $2.8 billion, some large holders seized the rally to cash out, and the token has since dipped to $2.3 billion as the project’s NFT sales slumped over 50% in seven days, according to CryptoSlam data.
Still, the community lead at Pudgy Penguins said on Jan. 3 that in just the “first few days of 2025,” the project continued to see public interest thanks in part to its viral GIF and sticker strategy that garnered over 1.1 billion views in the first five days of January.
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PUBG creator rejects the idea of NFT incorporation
On Jan. 4, Brendan Greene, the creator of online battle royale shooter PlayerUnknown’s Battlegrounds (PUBG), released plans to create a gameplay-focused metaverse called Artemis.
Despite the intention to create a metaverse, Greene told gaming website IGN that he was “not even thinking about” incorporating NFTs in the project.
While the crypto industry continues to champion NFTs as the ideal method of securing intellectual property and in-game assets across different gaming ecosystems, Greene doesn’t seem to agree.
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Art gallery looks to dismiss NFT holder class-action lawsuit
The Eden Gallery Group has argued in a motion to dismiss a class-action lawsuit from a group of NFT holders that purchased “Meta Eagle Club” NFTs from the art gallery in October 2024.
The gallery filed the motion to dismiss in a New York federal court on Jan. 7, arguing that it isn’t responsible for losses due to “general market decline” in NFTs.
The 36 individuals who filed the class-action lawsuit alleged they were victims of fraud and unjust enrichment, describing Eden Galley and artist Gal Yosef’s project as “a rug pull.”
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