From cute pictures of chubby penguins, the Pudgy Penguin brand has grown into a full-fledged ecosystem with cuddly toys and its own game.
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What is Pudgy Penguins NFT Collection?
The Pudgy Penguins brand was launched in July 2021 by four college friends who decided to ride the wave of NFT popularity. Cole Thereum created 8,888 Pudgy Penguins NFTs, priced at approximately $0.03 each. The collection sold out in 20 minutes for $90 each, netting the creators more than $800,000.
Pudgy Penguins were recognizable compared to other popular NFT collections of the time, whose avatars were usually pixelated or tried to follow new trends. Instead, Pudgy Penguins had bright colors, small beaks and round faces.
The first Pudgy Penguins collection was so successful that shortly after its debut, the creators released a new collection, Lil Pudgy’s, consisting of 22,222 images of smaller versions of the original penguins.
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However, the success could have lasted longer. In late 2021, prices for NFTs began to fall along with the decline of the crypto market. Additionally, the community of Pudgy Penguin token holders was disappointed with the creator team’s attitude towards their collection.
Led by student Cole Wilman (ColeThereum), the team of creators shared big plans and promised to release a book and game about their adorable penguins. However, the team never specified a timeline for these projects. Their NFT collection was removed from the OpenSea NFT marketplace for a while.
The creator, Cole Thereum, had no intention of developing the project and in April 2022, Luca Schnetzler (Luca Netz) appeared. He bought the rights from the developer for 750 ETH, or 2.5 million dollars at the then exchange rate, hired a team of experienced specialists and started promotion. In just a few years, Schnetzler managed to turn an initially unpromising resource into a unique ecosystem.
This is Luca Netz
He grew up as a homeless child
But at age 23, he bought Pudgy Penguins for $2.5 million
Here is the untold story behind his success:
1/11 pic.twitter.com/4j2btxq7mi
— Pix
(@PixSorcerer) June 17, 2024
Pudgy Penguins ecosystem
Lil Pudgys
Following on from the original Pudgy Penguins collection, developers introduced Lil Pudgys, a collection of 22,222 NFTs featuring hand-drawn Pudgys.
Lil Pudgys holders were given the same rights as Pudgy Penguins holders. They have access to IP licensing experiences, events and perspectives, among other things.
However, the success of the collection could have been lived on longer. In late 2021, prices for NFTs began to fall along with the decline of the crypto market. Furthermore, the community of Pudgy Penguin token holders was disappointed with the creator team’s attitude towards their collection.
In 2023, an agreement was signed to collaborate with the LayerZero project, which saw Little Pudgys appear on the Arbitrum and Polygon networks.
Pudgy bars
Pudgy Rods were offered as a free NFT, and any owner of the Pudgy Penguins NFT could claim mint until August 30, 2021.
Source: OpenSea
Pudgy toys
In May 2023, the project team announced the launch of the Pudgy Toys collection. The plush toys quickly swept the market, reaching $500,000 in sales in just two days.
One feature that sets Pudgy Toys apart is that each toy comes with a digital interface called Pudgy World.
The company began selling chubby penguins in 2,000 Walmart stores in September 2023. As of April 2024, the company has sold more than one million toys, generating $10 million in revenue, and the total number of toys sold has exceeded 1 million.
Pudgy world game
In December 2023, the authors of Pudgy Penguins announced that they were developing a game called Pudgy World – a free browser-based blockchain game that tells the story of the adventures of two penguins. The developers integrated the Ethereum network scaling protocol zkSync, launched by Matter Labs, into the software.
According to Michael Lee, the company’s senior vice president, the technology invented by his organization’s employees will enable the use of new business models and diversify the gaming experience. In this regard, a cryptocurrency earning system based on Pudgy World will be implemented.
“The launch of Pudgy World, in partnership with Walmart, is a remarkable testament to the capabilities of our joint development teams. Whether you’re a seasoned NFT collector or venturing into crypto for the first time, Pudgy World aims to welcome millions of gamers to web3 to have fun and create lasting friendships.”
Michael Lee, SVP of Growth at Matter Labs
Owners of NFT Pudgy Penguins and plush penguin toys can create 3D characters based on their tokens. The developers are also expected to launch a mobile version of the game in 2025.
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How can I buy Pudgy Penguins NFTs?
There are currently two of the most trusted platforms for purchasing Pudgy Penguins NFTs. First of all, users can purchase a token from the official Pudgy Penguins marketplace. It is available on the project’s official website and, among other things, makes it possible to purchase physical penguin toys.
Another most trusted marketplace for buying a penguin is OpenSea. Only NFTs can be purchased on the platform.
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What is the dynamic of the Pudgy Penguins now?
Data from OpenSea shows that the minimum price of Pudgy Penguins is currently 7.985 Ether (ETH), or approximately $28,200 at the current rate.
The Pudgy Penguin OpenSea page shows that the most expensive recent sale was Penguin #6873, which sold for a whopping 400 ETH, or about $1.4 million.
Source: OpenSea
The CryptoSlam platform also suggests that Pudgy Penguins is the 20th most expensive NFT collection of the past 30 days, with $6 million in sales. NFT #5019 was the 13th most expensive NFT sold in the last 30 days. The token was purchased for $46,104.
Should users pay attention to NFTs now?
In 2021, NFTs became fashionable on the internet. The excitement became so intense that some photos sold for hundreds of thousands of dollars. And then suddenly people didn’t have easy money anymore. The price of collectible NFTs fell by an average of 90% and that of regular NFTs by 99.99%.
Prices for some of the most popular NFT collections have dropped noticeably recently. For example, the minimum cost of the Bored Ape Yacht Club (BAYC) collection has fallen 20% in the last 30 days, indicating a possible decline in demand for these assets.
Source: CryptoSlam
However, some NFT projects, including Pudgy Penguins, are trying to maintain interest in their tokens by launching additional collections, games or even physical goods. Therefore, the future of Pudgy Penguins may look quite bright for long-term owners.
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