Pudgy Penguins’ “phygital” toy collection Pudgy Toys generated over $500,000 in sales within the first two days of its debut on Amazon, selling more than 20,000 individual items.
The launch surpassed the team’s expectations, according to CEO Luca Netz, who expressed their goal of ensuring the success of Pudgy Penguins and driving the advancement of the Web3 space, aiming to attract millions of users.
“We’re doing everything we said we would. The best part? We’re just getting started,” Netz said.
The project was announced through an enthusiastic video post on Twitter, introducing a range of physical toys and an accompanying online platform. The video portrayed penguin NFT-inspired toys coming to life in a Toy Story-like setting.
Today is the beginning of a new era for Web3.
We’re happy to announce that Pudgy Toys and Pudgy World are now available. pic.twitter.com/UKbkIAJzvS
— Pudgy Penguins (@pudgypenguins) May 18, 2023
The Pudgy Toys lineup consists of Pudgy Penguins characters, plushies and igloos. Each item includes a birth certificate, adoption card and mystery box. These products can be redeemed in the virtual realm of Pudgy World.
Additionally, there is a QR code provided with each product. Scanning the code reveals four to six diverse traits for the owner’s Forever Pudgy Penguin, ranging from common to epic. These traits can be traded, sold or used for customization. Users also have the option to mint their customized Forever Pudgy Penguin as an NFT on the blockchain.
Alejandro Navia, co-founder and president of nftnow, shared on Twitter that Pudgy Toys have been dominating Amazon’s sales charts in recent days. The toys outperform well-established brands like Disney, Transformers, Pokemon, Barbie and Legos.
Pudgy Penguins sent shockwaves throughout Web3 when they launched one of the most successful drops in the history of our space that had nothing to do with minting NFTs.
This announcement made me so bullish I quickly purchased my first ever Pudgy IP from the secondary market and… https://t.co/0pE3bTnkLw
— Moe Zahria (@moezahria) May 20, 2023
Pudgy Penguins stands out among Ethereum-based projects, having weathered the NFT crash and raising $9 million in a funding round earlier this year. The round was led by early-stage investment firm 1kx, with participation from Big Brain Holdings and Kronos Research, among others.
With fresh funding secured, Netz aims to establish the project as the face of NFTs. Pudgy Penguins will use the increased budget to expand the team and enhance offerings for its growing community.
.@pudgypenguins toys are dominating the Amazon sales charts.
They are currently #1 in Toys & Games beating out legacy brands such as:
— ALΞJANDRO 🍄 (@AlejNavia) May 19, 2023
“I want Pudgy Penguins to be the face of NFTs, [making it] unequivocally clear for everyone that they are the most familiar NFT on the market,” said Netz at the closing of one of his interviews on Twitter.
The company’s objective is to redefine the Web3 experience by providing a user-friendly onboarding process alongside the NFT collection.
Since Netz’s acquisition in April 2022, Pudgy Penguins has solidified its position in the NFT market, allowing the community to use NFTs for branded merchandise and toys.
The Pudgy Penguins collection comprises 8,888 NFTs. Since its debut on OpenSea, the collection has surpassed 167,747 ETH in total volume, or around $301.9 million, based on the ETH price at the time of writing. Its current floor price sits at 6.05 ETH, with 4,655 unique holders.
We’re not waiting for mass adoption…
We’re creating it. May 18th. pic.twitter.com/FjCS0WgTtd
— Pudgy Penguins (@pudgypenguins) May 7, 2023
Going beyond NFTs
Pudgy Penguins’ success encouraged the team to actively pursue mass adoption rather than wait for it. The seed funding fuels Pudgy Penguins’ IP expansion beyond NFTs, notably with the launch of Pudgy Toys.
The expansion project delivers enjoyable products, experiences and content to crypto-native and non-crypto-native consumers. Netz expressed his confidence in the project, saying, “Pudgy Penguins is the IP play of the NFT space. If you believe in Web3 IP, you believe in Pudgy Penguins.”
The project leverages its trademarked name to offer an immersive experience for NFT holders. In addition to digital art, Pudgy Penguins allows holders to participate in live events, create content using their NFTs, monetize their intellectual property and acquire physical merchandise associated with their NFTs.