Pudgy Penguins CEO: NFTs Still the Best Way to Build Community, Despite Meme Coin Culture

On September 20, PANews reported that Luca Netz, CEO of Pudgy Penguins, stated at the Solana Breakpoint conference in Singapore that despite the rise of meme coin culture, there is still no better way to build a community than through NFTs.

Netz said, “With meme coins, you can’t easily identify people on the internet who share your same values. It’s almost like a chain reaction, and I think only NFTs can create that effect. I think they also create a certain symbolism that meme coins just can’t replicate.”

The Pudgy Penguins CEO explained that one of the unique aspects of NFTs is their hierarchical structure, differentiated by price and purchase date, symbolizing power and status within the community.

Netz acknowledged that discussions about the NFT market slump persist, with relevant indicators pointing towards such a conclusion. Netz stated, “I think the reason why NFTs are currently in a slump is because successful NFTs are too illiquid for whales, and the price is above retail. However, Netz believes that crypto is cyclical, and with the infrastructure built since the last cycle, NFTs will be larger and perform better in the next cycle.”