Original title: (From community crisis to global brand, how did Pudgy Penguins turn around and become an NFT legend?) Original author: Yinan said
A brief history of Pudgy Penguins
Pudgy Penguins is an iconic NFT project that was launched on the Ethereum network in July 2021, with a total of 8,888 unique cartoon penguin NFTs, each with random features generated by up to 150 hand-drawn components. These penguins are different because they can have up to 5 randomly generated unique features, including special backgrounds, body shapes, shirts, and accessories. With its unique art style and community power, Pudgy Penguins has quickly become one of the stars of the NFT craze.
At the beginning of the project, Pudgy Penguins was launched in July 2021 by user ColeThereum and anonymous users Mr. Tubby, Mickyj, and Jonah. However, as it developed, governance issues led to a crisis of trust. The initial founders were allegedly accused of embezzling funds allocated for project development. Doubts about the integrity of the project founders severely affected the value of Pudgy Penguins.
In early 2022, the NFT community pushed for a team change. Community member Luca Netz took over the project for 750 ETH and became CEO, giving Pudgy Penguins a new direction. The new team includes Chief Marketing Officer Nicholas Ravid, Chief Technology Officer Lorenzo Melendez, Chief Creative Officer Peter Lobanov, and Chief Operating Officer Dr. Kaizu. The new team is dedicated to transforming it into a global brand, focusing on IP development and cross-field collaborations such as toys, animation, and metaverse projects.
Pudgy Penguins ecosystem
Pudgy Penguins' brand expansion strategy revolves around digital IP at its core, achieving diversified development through cross-field integration. The project is not limited to the NFT market but has extended its brand into multiple fields.
Pudgy Toys
Pudgy Penguins launched a physical toy series called Pudgy Toys, which is the first commercial product directly authorized by the community. Released on May 18, 2023, as an extension of NFTs, aimed at children and collectors. Pudgy Toys not only has high cuteness but also connects to the Pudgy World virtual world through QR codes. This innovation enhances the interactivity of toys with the digital world, providing users with a richer experience. Pudgy Toys can be purchased on Amazon, Walmart stores, or the Pudgy Penguin official website.
Pudgy World
Pudgy World is the metaverse world launched by Pudgy Penguins in zkSync, providing holders with personalized interactive experiences.
Pudgy Toys have QR codes that can be scanned to enter Pudgy World, where users can explore a virtual penguin world, including playing mini-games and building their own igloos. The launch of this virtual world not only enhances community cohesion but also makes Pudgy Penguins an important bridge for exploring the web3 world in the Web2 world.
Pudgy Penguins NFT
Pudgy Penguins NFT includes Pudgy Penguins and 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 Penguin holders received these NFTs as a free airdrop, while the rest were sold through public sales.
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 a free claim NFT, with each Pudgy Penguin issuing one. Pudgy Rods are packaged as an egg wrapped in a red ribbon. On Christmas Day, the egg is finally unveiled: it contains a fishing rod.
$Pengu token
Founder Luca announced on Twitter on December 6 that the official coin $PENGU of Pudgy Penguins will be issued on the Solana chain.
Total supply: 88,888,888,888 (8.889 billion), with an initial circulation of 62,415,951,646. The specific chip 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 team: 17.8%
· Company: 11.48% (one-year cliff, three-year linear)
Airdrop
On December 16, Binance announced that the Binance Holder airdrop has launched the fifth phase project Pudgy Penguins (PENGU) and will list $PENGU on December 17, 2024, at 22:00 (UTC+8), with BNB holders accounting for 3% of the circulation.
The reason for the widespread attention on Pengu is not only influenced by its listing on Binance but also driven by the community's broad interest in its extensive airdrop coverage. 25.9% of the total PENGU token supply will be distributed to members of the Pudgy Penguins ecosystem through airdrops, while 24.12% will be allocated to 'other communities,' which include active addresses on Solana and ETH. Eligible participants will have 88 days to claim their airdrops.
The image shows Foresight News, Alex Liu has compiled the airdrop amounts corresponding to each role from publicly available information, among which the NFT that can receive the most PENGU tokens is not the Pudgy Penguins, but the rarest Pudgy Rods.
Key factors for the success of Pudgy Penguins
Brand and IP building
Pudgy Penguins has won the resonance of young people and users across multiple age groups through its cute, adorable character images. CEO Luca Netz emphasizes that branding and marketing are the core drivers. The launch of physical toys has also made the virtual IP more three-dimensional. In seven months, physical toy sales exceeded 750,000 units.
Innovative marketing
Billions of exposures monthly: Dynamic GIF views reach 13.8 billion, Instagram followers exceed 1.23 million, and TikTok views exceed ten million. Additionally, offline events like Art Basel Miami also boost brand influence.
IP licensing and sharing
Pudgy Penguins recently paid millions of dollars in royalties to NFT holders and launched the on-chain IP licensing platform OverpassIP, planning to build a global brand like Hello Kitty and Pokemon.
Gamification and digital experience
In 2024, Pudgy World will launch an on-chain open-world game supported by zkSync, combining physical toy QR codes to achieve a closed-loop experience between the digital and real worlds.
Pudgy Penguins future roadmap
Pudgy Penguins will launch its own public chain Abstract and an incubation plan.
Abstract is a Layer 2 built using Matter Labs' ZK Stack and EigenLayer's data availability layer EigenDA, making the development process for decentralized applications easier, cheaper, and safer. In addition to building this chain, Pudgy Penguins also plans to establish a developer incubator aimed at helping applications achieve from 0 to 1.
Abstract recently secured a $11 million investment led by Peter Thiel's Founders Fund. This strategic financing round was led by Peter Thiel's Founders Fund, with other investment institutions including Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.
Pudgy Penguins has two missions: First, to become synonymous with penguins globally. When people think of penguins, they hope to immediately associate them with Pudgy Penguins; Second, to become the mascot and representative of cryptocurrency.
Summary
Since the launch of Pudgy Penguins, it has experienced both the highlights of NFTs and the darkest moments of NFTs. However, Pudgy Penguins, with its unique cartoon image, innovative brand building, and strong community power, has grown from a controversial early NFT project to a globally influential brand in the blockchain and real world. NFTs have climbed from a low of around 1 ETH to the current floor of 17.9 ETH, becoming one of the best-performing NFTs this year.
Through the physicalization of toys, the launch of the virtual interaction platform Pudgy World, as well as innovative token economics and IP licensing, Pudgy Penguins has redefined the value and use cases of NFTs. Driven by CEO Luca Netz, the strategic development of Pudgy Penguins showcases unprecedented innovation and diversity, from building the ecosystem Abstract to incubation plans, to cross-platform IP licensing, every step lays a solid foundation for the brand's future. By continuously deepening its brand mission, Pudgy Penguins has not only successfully attracted a wider audience but also injected vitality into the entire Web3 ecosystem.
In the future, Pudgy Penguins aims not only to become a global symbol of penguins but also to become a representative mascot in the cryptocurrency space. It has already taken solid steps on the road of combining technology and culture, contributing to the growth of web3 users.
Related links:
Understand Pudgy Penguins in one article
Binance Pudgy Penguins (PENGU) report
Year-end benefits! PENGU wealth effect and airdrop eligibility analysis
How did Pudgy Penguins become a blue-chip NFT project?
Latest interview with Pudgy Penguin CEO: a16z could have bought Pudgy equity at a low price, but they chose to write a huge check for Moonbirds | In-depth dialogue
Conversation with Pudgy Penguin CEO: Revealing the story behind the 'reverse flow' of Pudgy Penguins NFT
This article comes from submissions and does not represent the views of BlockBeats.
