hiPENGUINS is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the Pudgy Penguins NFTs (Non-Fungible Tokens). One hiPENGUINS token represents 1/1,000,000 Pudgy Penguins in an on-chain Pudgy Penguins Meta-swap pool operating automatically on the Fracton Protocol's smart contracts. No one has the authority to control them, and it's also permissionless for users to redeem Pudgy Penguins NFTs from hiPENGUINS tokens with only a 0.6% redemption fee.