TL;DR
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Pudgy Penguins, which started out as a popular NFT collection, just announced they’re moving into the physical toy space.
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Every time one of the toys is sold, the NFT owners make a royalty.
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While it’s great to see Web3-native businesses expanding into physical items, it’s much easier for Web2 businesses that already have brand loyalty to move to Web3 than the other way around, as we’ve written about in the past.
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It’s great to see a new approach to revenue while the NFT market is in a slump.
Full story
Remember when Angry Birds went from simple mobile game –> blockbuster –> your niece’s favorite toy?
They built something people loved (an addictive little mobile game) and then turned that into a full-blown franchise!
Some NFT collections are starting to take a similar approach.
Pudgy Penguins, which started out as a popular NFT collection, just announced they’re moving into the physical toy space.
They have built brand awareness and trust through their NFT project and are now looking to capitalize on that trust by creating a new revenue stream selling physical toys.
A uniquely cool part of their toy launch is that each of the 16 toys is based on a different NFT with unique properties.
Every time one of the toys is sold, the NFT owners make a royalty.
(Meanwhile making 16 NFTs way worth more).
While it’s great to see Web3-native businesses expanding into physical items, it’s much easier for Web2 businesses that already have brand loyalty to move to Web3 than the other way around, as we’ve written about in the past.
Then again, we could be wrong, and this could lead to a great blueprint for more successful NFT collections to move into other products.
Anyway, great to see a new approach to revenue while the NFT market is in a slump.
