The NFT market dipped earlier this year, but only one brand managed to raise a whopping $9 million. That was Pudgy Penguins, and the fundraising round was led by 1kx. Meaning Pudgy Penguins has been pretty ambitious about its aim since then. One such instance is the brand venturing out of the world of physical toys.
That has brightened up the entire NFT community, for it represents a tremendous opportunity that can be grabbed by the digital ecosystem.
In the recent development, it has been noted that Pudgy Penguins not just entered the world of physical toys but also managed to bag one of the best and most unexpected sales figures. It has been 2 days, and over 20,000 individual toys have been sold. The sales figure for the same stands at $500,000, strengthening the belief of Luca Netz, the Chief Executive Officer of the particular project by Pudgy Penguins.
Luca had previously expressed that the project has the potential to transform the space and attract millions of users to Web3. The sales figures – individual units & financial – have officially surpassed all expectations.
What works best for Pudgy Penguins is the fact that they are headed in the direction of propelling the entire NFT ecosystem. Netz now expects big enterprises in sports and music to embrace the NFT industry and collaborate for better reach and popularity.
True, NFT has indeed gained popularity. The sphere going out in public, especially on the eCommerce sites like Amazon, takes it a step forward. Brands can thrive on this factor for their own benefit while building the community.
Pudgy Penguins was launched in 2021 and is now a collection of 8,888 penguin avatars that have been drawn by hand to carry varied rarities and traits. The fundraising round of Pudgy Penguins, led by 1kx, proved that there are a lot of scopes that are yet to be identified, no matter what the market situation is.
Moving forward, Pudgy Penguins will work in collaboration with PMI to create an IP that transcends the NFT ecosystem.PMI, for reference, is better known for producing toys for Fortnite and Among Us.
Moreover, physical toys by Pudgy Penguins are more than playful things. Every unit is a licensed NFT that is accompanied by a QR Code and a birth certificate. When bought, the holder can unlock a series of trait boxes and non-fungible tokens. These are available on the online platform – Pudgy World.
Overall, the launch of physical toys is being looked at as a way to create a breakthrough for the NFT community and reach a wider audience. Tangible products would also lead to higher growth for the creator, helping artists to see their work become a household name.