Binance introduces their latest project in the HODLer Airdrops Portal menu, namely Pudgy Penguins (PENGU).
What is Pudgy Penguins?
Pudgy Penguins is an NFT collection of 8,888 unique penguin characters. Each penguin is created from over 150 hand-drawn graphic elements, resulting in characters with distinct personalities. Launched in July 2021, the collection immediately caught the eye, selling out in just 19 minutes.
The collection rose to fame thanks to its adorable designs and now has an incredible market value. At the peak of NFT popularity, one of the Pudgy Penguins (#6873) sold for $640,000. As of December 2024, the collection has a market capitalization of around $1.19 billion, with the base price increasing by 230% in the past month.
Pudgy Penguins has also expanded beyond the digital realm. The brand launched Pudgy Toys, a line of physical products including collectible toys, dolls, and figures inspired by its NFT artwork.
The toys have become a major revenue generator, generating over $10 million through partnerships with major retailers like Walmart, Target, and Walgreens. Additionally, the Pudgy Penguins ecosystem now includes additional collectibles like Lil Pudgys, Pudgy Rods, and the development of the Pudgy Party mobile game to bring the cute characters to smartphones.
PENGU Token: The Core of the Pudgy Penguins Ecosystem
PENGU is the official token of the Pudgy Penguins ecosystem launched on the Solana blockchain with a total supply of 88.88 billion tokens. The token aims to strengthen the connectivity between the growing Pudgy Penguins community, both through existing NFT owners and new users interested in the project.
As a native token, PENGU will serve as a bridge between the Pudgy Penguins NFT ecosystem and the wider community. PENGU is planned to expand its reach to the Ethereum network and Abstract, a layer-2 developed by Igloo Inc., Pudgy Penguins' parent company.
The token is expected to provide a variety of benefits, such as community governance, member rewards, and support the overall growth of the project. The launch of PENGU marks a new phase for Pudgy Penguins, not only as an NFT collection, but also as a major player in the crypto and NFT space with the potential to continue to attract global attention.
What is the Function of PENGU Token?
Governance: PENGU token holders have voting rights in important decisions regarding the Pudgy Penguins project. They can participate in voting to determine the future development direction of the project.
Exclusive Access: PENGU token holders will gain exclusive access to various content, events, and merchandise that are not available to the public.
Prizes and Rewards: PENGU Tokens can be used to obtain various prizes and rewards, such as exclusive NFTs or limited merchandise.
Medium of Exchange: PENGU can be used as a means of payment within the Pudgy Penguins ecosystem, for example to purchase merchandise or participate in certain events.
PENGU Tokenomics
The total supply of PENGU is 88,888,888,888 tokens minted on the Solana blockchain during the Token Generation Event (TGE). This token distribution is designed to ensure the sustainability of the ecosystem and involve various stakeholders.
A total of 25.9% of the tokens are allocated to the Pudgy Penguins community, including holders of Pudgy Penguins NFTs, Lil Pudgy, and other assets such as PenguPins and Pudgy Rods. In addition, 24.12% of the total supply is allocated to the external community, with the aim of expanding the fanbase to five million new members.
12.35% of the tokens will be used to create liquidity pairs on decentralized exchanges, to support an active market after launch. To support the project team, 17.8% of the supply is allocated to the team with a cliff period of 1 year and vesting period of 3 years, while 11.48% is reserved for the company to support development and marketing.
As a form of social responsibility, 4% of the total token supply is dedicated to social activities. In addition, as a form of appreciation to strategic partners, 0.35% of tokens are allocated to FTT holders. In addition, CEO Luca Netz announced that approximately 25% of the total PENGU supply will be airdropped into the Solana ecosystem, giving active users of Solana dApps the opportunity to receive tokens even if they are not Pudgy Penguins asset holders.
This token distribution demonstrates a long-term strategy to strengthen the Pudgy Penguins ecosystem and support the development of an inclusive and sustainable community.
The Future of Pudgy Penguins and the PENGU Token
Pudgy Penguins has big plans for the future. The development team is constantly innovating and introducing new features to improve the user experience. With the PENGU token, the Pudgy Penguins ecosystem will be stronger and more sustainable.
Some future plans that may involve the PENGU token include:
Pudgy Penguins metaverse development: PENGU tokens can be used as currency within the Pudgy Penguins metaverse, allowing users to purchase virtual land, digital assets, and interact with their penguin characters.
Partnership with famous brands: Pudgy Penguins can partner with famous brands to create unique collaborative products. PENGU tokens can be used to gain exclusive access to these products.
Game development: Pudgy Penguins can develop blockchain-based games where PENGU tokens can be used as in-game currency.
Pudgy Penguins and the PENGU token have proven that NFTs have great potential to create a strong community and a sustainable ecosystem. By continuing to innovate and involve the community, Pudgy Penguins is believed to continue to grow and develop in the future.
More about PENGU, clickhere.
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