Once a breakout non-fungible token (NFT) project during the 2021 crypto boom, Pudgy Penguins is now turning to real-world visibility with a high-profile ad placement in the Las Vegas Sphere during Christmas week.
Only a few crypto-related brands have secured advertising space in the Sphere, a massive LED-covered venue known for its immersive displays and performances by acts like U2 and the Eagles. A bitcoin-focused activation took place in July, but other examples are rare.
The Pudgy Penguins ad will run for several days starting Dec. 24 and will include multiple animated segments, according to a person familiar with the deal. The brand spent about $500,000 on the installation – standard for a run on the Sphere.
“It shows that a crypto project can surpass and even touch the hearts and minds of ordinary consumers,” Vedant Mangaldas, head of strategy and brand at Pudgy Penguins, told CoinDesk. He said the deal was made possible because there is a “real company” behind the project.
Pudgy Penguins launched on Ethereum in 2021 and is best known for its collection of 8,888 cartoon-style penguin NFTs, each with unique properties. Under new leadership, the project has since expanded to physical toys sold at major retailers and a browser-based social game called Pudgy World.
The most popular Pudgy Penguin reportedly sold in August 2022 for 400 ETH – valued at around $650,000 at the time. Today, the NFT would be worth over $1.2 million at ETH’s current price of $3,086.
The project has fought to stay relevant during the past few years of the NFT bear market – not without success. Last December, it made new headlines when it said it planned to launch a token called PENGU on Solana SOL$133.23.
A few weeks later, the NFT set became the world’s second most valued NFTs with a minimum or floor price for each of the 8,888 comic penguins exceeding $100,000 and the value of the collection surpassing the comic monkey’s predecessor, the Bored Apes Yacht Club.
PENGU, listed on major exchanges such as Coinbase (COIN) and Robinhood (HOOD), is down about 80% in the past year and down about 74% from its all-time high of $0.042 in July.