Few NFT projects get a second chance, but Pudgy Penguins isn’t just any project.

It transformed from a celebrated collection that nearly flamed out into a brand-building powerhouse, all thanks to a community-led coup and a savvy new owner.

Now, with a new token called PENGU, we’re looking at what its future might hold.

It all started in July 2021 when 8,888 cartoon penguins on the Ethereum[ETH] blockchain sold out in less than half an hour.

The collection, dreamed up by four college students, even got a shout-out in The New York Times, causing its value to spike. The hype, however, didn’t last.

The original team promised a video game and an educational book but delivered little, and whispers grew that they had drained the project’s funds.

The community, though, known as “The Huddle,” had enough. They voted to oust the founders, a dramatic move that showed just how much power a decentralized group could wield.

That’s when entrepreneur Luca Netz stepped in. In April 2022, he bought the whole project for 750 ETH, about $2.5 million back then. Netz had a different vision.

He wasn’t just buying JPEGs; he saw a global brand. He scrapped the old plans and focused on turning the cute penguins into a real-world intellectual property, bringing in a new team to make it happen.

His first big play was physical toys. Suddenly, Pudgy Penguins were on the shelves at Walmart, Target, and Walgreens. This move has already pulled in over $13 million from more than a million toys sold.