More than one million Pudgy Penguin toys have been sold in the past year, marking a significant milestone for the Pudgy Penguins nonfungible token (NFT) project. CEO Luca Schnetzler expressed surprise at the success of the project, which has expanded its reach to retailers worldwide. The popularity of Pudgy Penguins began in 2021 with its collection of 8,888 colorful penguin avatars. Despite initial challenges, including accusations of a rug pull, Schnetzler acquired the brand in 2022 for $2.5 million, revitalizing its prospects. The project’s success has extended beyond the digital realm, with stuffed toy versions of the penguins now available at major retailers like Walmart and Target. One unique aspect of Pudgy Penguins is its model that allows NFT holders to earn 5% royalties on net revenues from sales of physical products featuring their designs. The NFT versions themselves have also gained significant value, with a floor price of 12.87 ETH (approximately $37,580) on NFT marketplace OpenSea. Notably, Penguin #6873 was sold for 400 ETH, equivalent to around $1.17 million. While sales volumes have slightly declined since mid-February, the project still maintains a daily average of approximately 269 sales. Pudgy Penguins also partnered with Unstoppable Domains to introduce “.pudgy” domain names, offering customers the ability to associate the domain names with Pudgy Penguin NFTs and unlock various features and utilities.
