NFT project Pudgy Penguins has announced its debut on the Formula 1 track. According to official accounts, the project’s mascot will appear on the Williams Racing team’s car as part of a collaboration with cryptocurrency exchange Kraken.
What Is Known
According to Kraken, the Williams Racing FW47 car featuring Pudgy Penguins branding will compete in the upcoming Singapore Grand Prix, reaching speeds of over 200 miles per hour. This marks the first appearance of the project’s branding on a Formula 1 track.
This is not the brand’s only sports partnership. On June 11, the project team announced a collaboration with the American NASCAR racing series, although the details of that deal have not yet been disclosed.
Market Reaction
Despite the high-profile announcement, the price of the native PENGU token dropped by more than 12% in the past 24 hours to $0.03572. According to nftpricefloor, the collection’s floor price also fell by 3,64%. The likely reason is the overall cryptocurrency market decline of 2,34% over the same period.
