Key Takeaways
- The Pudgy Penguins NFT collection peaked at a floor price of ~21.7 ETH, a rise of over 72,000% from its 0.03 ETH mint price.
- In April 2022, entrepreneur Luca ‘Netz’ Schnetzler acquired the IP for 750 ETH and pivoted the brand toward physical merchandise and long-term consumer engagement.
- The PENGU token launched on Solana in December 2024, adding a community-driven layer to the brand.
- PENGU operates as both a meme coin and a brand token, linking web3 identity with real-world retail products (e.g. games, toys, books).
Starting as an NFT collection
Pudgy Penguins launched in July 2021 as a collection of 8,888 penguin NFTs, minted at 0.03 ETH each. As one of the standout collections of the NFT boom, it rode the wave of hype to a peak floor price of approximately 21.7 ETH.
But like many NFT projects, Pudgy Penguins struggled during the 2022 crypto bear market. As sentiment shifted and liquidity dried up, the collection’s floor price plummeted to around 1 ETH, wiping out much of the speculative value that had built up during the bull run.
Like most NFT projects, Pudgy seemed destined to disappear and be remembered as a minor crypto culture phase. However, a new direction was coming that nobody thought possible.
Takeover and brand relaunch
In April 2022, the Pudgy Penguins project underwent a major transition when entrepreneur Luca ‘Netz’ Schnetzler acquired the brand’s intellectual property for 750 ETH (roughly $2.5 million USD).
At the time, the community was uncertain about the project’s future. Luca stepped in with a clear vision to revive the brand and turn it into something far bigger than a typical NFT collection. He brought leadership, structure and an experienced commercial mindset that the project previously lacked.
Under his leadership, the Pudgy Penguins project shifted its focus towards becoming a broader consumer brand. This new direction included plans for physical merchandise and eventually the introduction of a token-driven economy. It was the beginning of a transformation aimed at turning a small crypto project into a household brand recognised globally.
Pudgy Penguins toy release
In May 2023, Pudgy Penguins entered the physical retail space with the release of its first line of toys. Initially launched online through Amazon, the collection sold over 20,000 units in its first 48 hours and generated more than $500,000 USD in sales. This was clear evidence of strong demand beyond the NFT community.
Later that year, the toys were stocked in more than 2,000 Walmart stores across the U.S. And within 12 months of launching, over 1 million plushies had been sold worldwide.
Each toy included a unique QR code that unlocked a character in Pudgy World, the project’s interactive web3 platform. Buyers could customise their penguin, explore a gamified environment and interact with digital content without needing a crypto wallet.
These physical toys created a tangible connection to the Pudgy Penguins universe. They also introduced a new, simplified way for people to enter the web3 space without the usual friction or technical hurdles.
Even more value followed, as toy buyers became eligible for the upcoming PENGU token launch. Those who engaged with Pudgy World using the QR code could later claim tokens as part of the project’s broader airdrop initiative.
Beyond the toy range, the Pudgy Penguins brand continues to expand in other areas of retail, gaming and social media. Here are just some of the household brands that have announced collaborations with Pudgy Penguins in recent weeks:
- Suplay, one of the top collectible companies in China
- NASCAR, the most prestigious stock car racing series in the U.S.
- Don Quijote, the largest convenience store in Japan
- PEZ, one of the most recognisable candy brands in the world
In terms of gaming, Pudgy Party will be the first mobile game based on the Pudgy Penguins IP. More specifically, it is an upcoming battle royal game being developed in collaboration with Mythical Games, the studio behind titles like NFL Rivals and FIFA Rivals.
PENGU token launch and brand expansion
In December 2024, the team behind Pudgy Penguins launched the PENGU token on the Solana blockchain. The token introduced a new layer of community engagement and was positioned as a central part of the brand’s evolving ecosystem.
Unlike typical meme coins that rely solely on hype, PENGU was tied to a brand with an existing global presence. It was arguably the first true ‘brand token’, not just a meme but directly attached to a company and its identity. Since then, similar tokens such as Rekt Coin (REKT) have emerged.
The Pudgy Penguins blueprint may have unlocked a use case that reinvigorates the NFT industry and carves a path forward for meme coin adoption and utility. While the PENGU token has no equity in the company, nor does it receive any revenue from the brand, it gives fans a new way to connect. For the first time in business, brand lovers can ride the wave of popularity and momentum in a way that blends culture, community and commerce
Summary
PENGU has taken Pudgy Penguins from a high-flying NFT collection to a retail and web3 success story. With a global toy rollout, token economy and community-led ethos, the project has redefined what it means to build a brand in crypto.
Far from fading away in the bear market, Pudgy Penguins found new life through strong leadership, clever positioning and genuine product-market fit. Moreover, its monumental rise may have sparked a new category altogether: brand tokens built to last beyond hype.
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