Today we continue to look at a very popular project recently, the Fat Penguin project, which is also an NFT coin issuance project. It was launched on major exchanges such as OK, BN, and Bybit on December 17th. Its current market value is 3.5 billion US dollars. Compared with the first NFT coin APE and FDV with a market value of 1.2 billion, it has already surpassed. So let us study the development history of Fat Penguin. Learning from history, we can foresee more opportunities.
Introduction Pudgy Penguins was originally launched in 2021 by Cole Villemain (Twitter (X) alias ColeThereum) and three other colleagues. The purpose is to create PFP NFTs that embody happiness, community, and other social virtues. Unfortunately, the original founders were delisted by the community in January 2022 due to their inability to deliver on promised development, widespread FUD, and allegations of an ongoing canvassing scheme. In response, the series’ floor price fell to levels below 0.6 ETH. Bidding began for a new owner, with Los Angeles entrepreneur Lucas Schneltzer acquiring the project for 750 ETH ($2.5 million) in April 2022. He shuffled the project's leadership and announced new growth plans. Under the leadership of Luca Netz, Pudgy Penguins' floor prices and overall brand image have recovered significantly. Pudgy Penguins also became one of the first Web3 brands to offer significant licensing opportunities to its holders, entering the regular world in May 2023 with the launch of Pudgy Toys, available in Target and Walmart stores, as well as on Amazon.
NFT Data
According to the overall ranking of opensea, Penguins has ranked sixth, surpassing projects such as cloneX, moonbirds, and Doodles. Last year, we talked about an NFT special event but did not see the penguin. It is not easy to come up after a year, because after all, NFT is still in a bear market.
Currently, the floor price of Penguin has reached 24 ETH, the number of NFTs is 8,888, the total transaction volume is 439,000 ETH, and the royalty income is 21,900 ETH. Based on the current ETH price of US$3,500, the royalty income is US$76 million.
After it announced the issuance of the coin, its floor price also soared:
• The base price for Pudgy Penguins increased from ~16 ETH (~$61k) to 24 ETH (~$83k).
• The base price of Lil Pudgies (and its sub-series) increased from ~1.7 ETH (~$6.5k) to ~2.5 ETH (~$9k).
Pudgy Penguins Ecosystem
Pudgy Penguins' brand expansion strategy revolves around digital IP and achieves diversified development through cross-field integration. The project is not only limited to the NFT market, but also extends the brand in multiple fields.
1. Pudgy Toys & Peripherals
Pudgy Penguins launched the physical toy series Pudgy Toys, the first commercial product directly authorized by the community. Released on May 18, 2023, as an extension of NFT, it is aimed at children and collectors. Pudgy Toys is not only extremely cute, but also connected to the virtual world of Pudgy World through a QR code. Pudgy Toys can be purchased on Amazon, Walmart stores or the Pudgy Penguin official website.
Currently, Pudgy has launched not only toys, but also hoodies, brooches and other various peripheral products.
2.Pudgy World
Pudgy World is a metaverse world launched by Pudgy Penguins on zkSync, providing holders with a personalized interactive experience.
There is a QR code on Pudgy Toy, which can be scanned to enter Pudgy World, where you can explore the virtual penguin world, including playing mini games, building your own igloo, etc. The launch of this virtual world not only enhances the cohesion of the community, but also makes Pudgy Penguins an important bridge for exploring the web3 world in the Web2 world.
3.Pudgy Penguins NFT
Pudgy Penguins NFT includes Pudgy Penguins and the 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 a free airdrop of these NFTs, and the rest were sold through a public sale. The current floor price of this series of NFTs is 2.7ETH.
·Pudgy Rods
Pudgy Rods, also known as "rogs" (formerly known as "Pudgy Presents"), were released by the original Pudgy Penguins team as a free NFT on August 30, 2021, one per Pudgy Penguin. Pudgy Rods is an Easter egg wrapped in a red ribbon. On Christmas Day, the egg was finally revealed: it contained a fishing rod. The current floor price of the NFT for the fishing rod is 1.2ETH.
Pudgy Penguins Token
According to the official announcement from Pudgy Penguins, the total supply of PENGU is 88,888,888,888.
The token distribution is as follows:
-25.9% will be reserved for the Pudgy Penguins community, which may include Pudgy Penguins and Lil Pudgy holders, and potential holders of other Pudgy assets such as PenguPins (commemorative soul-bound tokens) and Pudgy Rods.
- 24.12% are allocated to other communities to expand the size of the Pudgy Penguins community, expected to bring 5 million new members.
-12.35% will be used to create liquidity pairs on decentralized exchanges.
-17.8% allocated to the project team and subject to a 1-year cliff period and a 3-year vesting period.
-11.48% is reserved for the Company and will be used to develop and market its business.
FTT (FTX exchange token) holders will also receive 0.35% of the total supply,
- 4% will go to public benefit, in line with Pudgy Penguins’ motto “Spreading good vibes in metadata”.
Pudgy Penguins Subsequent Route:
Pudgy Penguins will release its own public chain Abstract and incubator plan.
Abstract is a Layer 2 built using Matter Labs’ ZK Stack and EigenLayer’s data availability layer EigenDA, making the development process of decentralized applications easier, cheaper and more secure. In addition to building this chain, Pudgy Penguins also plans to establish a developer incubator aimed at helping applications go from 0 to 1.
Abstract received an investment of $11 million led by Peter Thiel’s Founders Fund in July 24. This strategic financing round was led by Peter Thiel’s Founders Fund, and other investment institutions included Fenbushi Capital, 1kx, Everest Ventures Group and Selini Capital.
Pudgy Penguins’ mission is twofold: first, to become synonymous with penguins worldwide. When people think of penguins, they want them to immediately think of Pudgy Penguins; second, to become the mascot and representative of cryptocurrency.
Finally, the current market value of 4 billion is definitely higher than APE's 1.2 billion, and it has just been launched, so where is the upper limit? In fact, you can look at APE. APE's highest price reached 20 US dollars, which is 20 billion, and then fell. This project has risen a little because it is currently popular, but after all, most of them are airdrops, and the tokens are not empowered, so it is likely to repeat APE's performance.
So now that Fat Penguin is so successful, will other top 10 NFTs follow the example of APE and Fat Penguin? I think it is very likely, because once a coin is issued, it can not only drive the growth of NFT but also generate additional income. At present, it seems that Azuki is very likely to issue a coin! !
