TL; DR
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Over the past year, the Pudgy Penguins team has released a bunch of plushies and figurines for ~$30 each, which can currently be found in 2,000 stores.
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It’s great that the project is going well, special considering that the Pudgy Penguins plushies were launched in the middle of a bear market, when interest in NFTs was at an all-time low.
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BUT, here’s the strange thing about the whole thing: Can we really call this ‘product/market fit’ when the vast majority of Pudgy Penguin NFT holders are 20/30 year old dudes? We are torn…
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You know that scene from The Office where Ryan talks about his dying goldfish when he was a child?
As his parents give the fish a funeral, he sits there and thinks:
“I’m too old for this.”
Well, right now we’re feeling a bit like Ryan.
In 2021, the Pudgy Penguin Project released a number of NFT characters that provided access to their community called “The Huddle” on the Ethereum blockchain.
They sold out in minutes and now the rock bottom price for these NFTs is $27,000.
(Impressive!)
What’s even more impressive is How the Pudgy Penguins project went mainstream.
The team has released a bunch of plushies and figurines for ~$30 each, which can currently be found in 2,000 Walmarts and Hot Topics.
Additionally, each stuffed animal gives its owner access to an online gaming community.
Here’s the great thing about all of this:
First, over-the-counter products that integrate people seamlessly into Web3? That is amazing! Hats off to the Pudgy Penguins team.
Second, the project is actually doing very well special impressive considering that the Pudgy Penguins plushies were launched in the middle of a bear market, when interest in NFTs was at an all-time low.
Here’s the strange thing about the whole thing:
We have to ask the question…
Can we really call this ‘product/market fit’ when the vast majority of Pudgy Penguin NFT holders are 20/30 year old dudes?
(We are torn here).
Because on the one hand we don’t want to be wet blankets – tThe Pudgy Penguins brand is a turnkey Web3 success story.
…on the other…
We can’t help but feel like five-year-old Ryan at his goldfish’s funeral.