In this week’s newsletter, read how non-fungible tokens (NFTs) remain a hot topic as Pudgy Penguins’ PENGU tokens drop more than 50% in NFT sales, and how PUBG creator Brendan Green rejects NFT integration in the upcoming metaverse. Find out why and why Eden Gallery filed a motion to dismiss the NFT holders’ lawsuit.
On January 5, Pudgy Penguins’ native token, PENGU, soared 13% to become one of the best-performing tokens in the cryptocurrency market, trading at $0.040 at the time. This is a 250% increase over the December 17, 2024 launch.
Although the token debuted at $2.8 billion, some large holders rallied to cash out, sending the token down to $2.3 billion as sales of the project’s NFTs fell more than 50% in seven days, according to CryptoSlam data.
Despite this, Pudgy Penguins’ community leader said on January 3 that “in the first few days of 2025,” the project continued to attract public attention thanks to a viral GIF and sticker strategy that garnered more than 1.1 billion views from around the world. The first five days of January.
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PUBG creator rejects NFT integration idea.
Brendan Greene, creator of the online battle royale shooter PlayerUnknown’s Battlegrounds (PUBG), announced plans on January 4 to create a gameplay-focused metaverse called Artemis.
Despite his intention to create a metaverse, Greene told gaming website IGN that he’s “not even thinking about” incorporating NFTs into the project.
While the cryptocurrency industry continues to advocate for NFTs as an ideal way to protect intellectual property and in-game assets across various gaming ecosystems, Greene seems to disagree.
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Art gallery appears likely to dismiss NFT holder class action lawsuit.
Eden Gallery Group argued a motion to dismiss a class action lawsuit filed by a group of NFT holders who purchased the ‘Meta Eagle Club’ NFT at an art gallery in October 2024.
The gallery filed a motion to dismiss in New York federal court on January 7, arguing that the gallery is not liable for losses resulting from a “general market decline” in NFTs.
The 36 individuals who filed the class action claim they are victims of fraud and profiteering, and described Eden Galley and artist Gal Yosef’s project as a “rug pulling.”
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