A Brief History of Pudgy Penguins

Pudgy Penguins is an iconic NFT project launched in July 2021 on the Ethereum network, consisting of 8,888 unique cartoon penguin NFTs. Each NFT features random traits generated from up to 150 hand-drawn components. These penguins are diverse, with up to 5 unique traits, including special backgrounds, body types, shirts, and accessories. With its unique art style and community power, Pudgy Penguins quickly became one of the stars of the NFT craze.

Initially, Pudgy Penguins was launched by X user ColeThereum and anonymous users Tubby Mr., Mickyj, and Jonah in July 2021. However, as the project developed, governance issues led to a crisis of trust. It was rumored that the original founders had stolen funds allocated for project development, severely impacting the trust in the project’s founders and its value.

In early 2022, the NFT community pushed for a team change. Community member Luca Netz took over the project for 750 ETH and became the CEO, bringing a new direction to Pudgy Penguins. The new team included Chief Marketing Officer Nicholas Ravid, Chief Technology Officer Lorenzo Melendez, Chief Creative Officer Peter Lobanov, and Chief Operating Officer Dr. Kaizu. The new team focused on transforming Pudgy Penguins into a global brand, with an emphasis on IP development and cross-industry collaborations such as toys, animation, and metaverse projects.

Pudgy Penguins Ecosystem

Pudgy Penguins’ brand expansion strategy revolves around digital IP as its core, achieving diversified development through cross-industry integration. The project is not limited to the NFT market but has extended its brand into multiple fields.

Pudgy Toys

Pudgy Penguins launched the physical toy series Pudgy Toys, the first commercial product directly licensed by the community. Released on May 18, 2023, as an extension of the NFTs, Pudgy Toys target both children and collectors. Not only are the toys highly adorable, but they also connect to the Pudgy World virtual world through a QR code. This innovation enhances the interaction between the toys and the digital world, providing users with a richer experience. Pudgy Toys can be purchased on Amazon, at Walmart stores, or through the official Pudgy Penguins website.

Pudgy World

Pudgy World is the metaverse launched by Pudgy Penguins on zkSync, offering holders a personalized interactive experience. The Pudgy Toys feature a QR code that allows users to scan and enter Pudgy World, where they can explore a virtual penguin world, play mini-games, build their own ice houses, and more. The launch of this virtual world not only strengthens the community’s cohesion but also makes Pudgy Penguins an important bridge for exploring the Web3 world within the Web2 space.

Pudgy Penguins NFT

Pudgy Penguins NFTs include the original Pudgy Penguins collection and its derivative NFT series, Lil Pudgy and Pudgy Rods.

Derivative NFT Series:

Lil Pudgy

Lil Pudgy is a collection of 22,222 NFTs launched in December 2021 and minted on the Ethereum blockchain. Pudgy Penguins holders received these NFTs as a free airdrop, while the remaining ones were sold through a public sale.

Pudgy Rods

Pudgy Rods, also known as “rogs” (previously called “Pudgy Presents”), was released on August 30, 2021, by the original Pudgy Penguins team as free-to-claim NFTs. Each Pudgy Penguins holder received one. Pudgy Rods are wrapped like Easter eggs with red ribbons. On Christmas Day, the egg revealed its content: a fishing rod.

$Pengu Token

On December 6, founder Luca announced on Twitter the official launch of the Pudgy Penguins coin, $PENGU, which will be issued on the Solana blockchain.

Total supply: 88,888,888,888 (88.89 billion), with an initial circulating supply of 62,415,951,646. The token distribution structure is as follows:

• [ ] Public goods: 4%
• [ ] Proliferation: 4%
• [ ] Liquidity: 12.35%
• [ ] Pudgy community: 25.9%
• [ ] Other communities: 24.12%
• [ ] FTT holders: 0.35%
• [ ] Current and future teams: 17.8%
• [ ] Company: 11.48% (1-year cliff, 3-year linear vesting)

Airdrop

On December 16, Binance announced the launch of the Binance Holder airdrop for the 5th phase project, Pudgy Penguins (PENGU), with $PENGU being listed on December 17, 2024, at 22:00 (GMT+8). BNB holders account for 3% of the circulating supply.

The widespread attention on Pengu is not only due to its listing on Binance, but also driven by the extensive airdrop coverage. A total of 25.9% of the $PENGU token supply will be allocated to members of the Pudgy Penguins ecosystem through airdrops, while another 24.12% will be distributed to “other communities,” including active addresses on Solana and Ethereum. Eligible participants will have 88 days to claim their airdrops. The chart from Foresight News, compiled by Alex Liu from publicly available internet information, shows the airdrop distribution for various roles. Interestingly, the NFT that can claim the most $PENGU tokens is not the Pudgy Penguins but the rarest Pudgy Rods.

Pudgy Penguins Success Factors

Brand and IP Development

Pudgy Penguins has won the resonance of both young people and users across various age groups through its cute and adorable character designs. CEO Luca Netz emphasizes that branding and marketing are the core drivers. The launch of physical toys has also added depth to the virtual IP. Within seven months, over 750,000 physical toys were sold.

Innovative Marketing

With billions of monthly exposures, Pudgy Penguins has seen 13.8 billion views for dynamic GIFs, over 1.23 million followers on Instagram, and over 10 million views on TikTok. Additionally, offline events like the Miami Art Basel have further boosted the brand’s influence.

IP Licensing and Sharing

Recently, Pudgy Penguins paid millions of dollars in royalties to NFT holders and launched the on-chain IP licensing platform OverpassIP. The goal is to create global brands like Hello Kitty and Pokémon.

Gamification and Digital Experience

In 2024, Pudgy Penguins will launch Pudgy World, an on-chain open-world game supported by zkSync, combining physical toy QR codes to create a seamless digital and real-world experience.

Pudgy Penguins Next Route

Pudgy Penguins will launch its own public blockchain, Abstract, along with an incubator program.

Abstract is a Layer 2 built using Matter Labs’ ZK Stack and EigenLayer’s data availability layer, EigenDA, making the development of decentralized applications easier, cheaper, and more secure. In addition to building this blockchain, Pudgy Penguins plans to establish a developer incubator aimed at helping applications scale from 0 to 1.

Abstract recently secured $11 million in funding, led by Peter Thiel’s Founders Fund. The strategic funding round also saw participation from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.

Pudgy Penguins has two main missions: first, to become the global symbol for penguins, so that when people think of penguins, they immediately associate it with Pudgy Penguins; second, to become the mascot and representative of cryptocurrency.

Summary

Since its launch, Pudgy Penguins has experienced both the highlight moments of NFTs and their darkest times. However, with its unique cartoon image, innovative brand building, and strong community power, Pudgy Penguins has transformed from a controversial early NFT project into a globally influential brand in both the blockchain and real world. The NFT price has risen from a low of around 1 ETH to a current floor price of 17.9 ETH, becoming one of the best-performing NFTs of the year.

Through the physical toy line, the launch of the virtual interaction platform Pudgy World, as well as innovative tokenomics and IP licensing, Pudgy Penguins has redefined the value and use cases of NFTs. Under the leadership of CEO Luca Netz, Pudgy Penguins’ strategic development showcases unprecedented innovation and diversity. From building the ecological chain Abstract to the incubator program, and cross-platform IP licensing, each step has laid a solid foundation for the brand’s future. By continuously deepening its brand mission, Pudgy Penguins has not only successfully attracted a broader audience but also injected vitality into the entire Web3 ecosystem.

Looking ahead, Pudgy Penguins aims to become not only the global symbol for penguins but also the representative mascot of the cryptocurrency industry. On the path where technology and culture converge, it has already taken solid steps and made a contribution to the growth of the Web3 user base.

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