NFT Leadership Change: A Hostile NFT Founding Voting Out

over 3 years ago

The NFT sector has been gaining lots of investments as lots of people keeping putting their money into some NFT collection. Sometimes I wonder what makes an NFT project or collection get so successful, how do people get to know about them before investing, and they invest so early buying these NFTs at a very cheap rate, then flipping it to make lots of money. I guess when you are ready to spend that money on NFTs you will find your way around it.

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Back to NFT hostile voting out, this happened in the pudgy penguin NFT community. The pudgy penguin is an NFT collection with 8,888 unique penguins. These NFTs looked really cute when I found them in 2021 but way too expensive. Any NFT project that is above 1 ETH is expensive to me because I can’t afford to risk over $3,500. Turns out that late last year the credibility of one of the projects creators was being checked. This is because, the holders in the community believed he was dubious. When there is lack of trust in a community, project or business it’s hard to ever regain it, unless you come up with a solid evidence to counter your accusation.

That has been the case for the creator Cole Thereum. He has been called out by some of the NFT holders with evidence to show his cunny acts. This led to a massive request to vote him out as the community leader since the project’s utilities have not been implemented or successful, thereby driving the value down. The trading volume of Pudgy Penguins is over 50,000 ETH that’s over $170 Million.

When an NFT project or collection is created, the creators get royalties and will be responsible in helping develop a road map that will help guide the community into making sure that their NFTs provide them with the best experience. This road map will include achievements the team would like to achieve over time. This is something the community hasn’t gotten from the previous leader which is Cole Thereum.

Lucas Netz, an NFT investor decided to buy the NFT collections for 750 ETH worth approximately $2.5 Million. So he is not buying the whole collection like buying all the NFTs and owning them, because when I got the news I thought he was buying the entire pudgy penguins for that amount. This didn’t make sense until I read and understood that, he is only buying ownership from the creators and owning all their royalty rights being the new community leader.

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The community voted the previous community leader who happened to be the creator of the pudgy penguin creator leaving the community with a new leader. Well, I wish them the best as they plan on having a play to earn and having a pudgy penguin token.