Original Title: (From Community Crisis to Global Brand, How Pudgy Penguins Turned Around to Become an NFT Legend?) Original Author: Yi Nan Shuo
A Brief History of Pudgy Penguins
Pudgy Penguins is an iconic NFT project that launched on the Ethereum network in July 2021, consisting of a total of 8,888 unique cartoon penguin NFTs, each with randomly generated traits derived from up to 150 hand-drawn components. These penguins are unique, as they can have up to 5 randomly generated distinctive features, including special backgrounds, body types, shirts, and accessories. With its unique artistic style and community strength, the project quickly became one of the stars of the NFT craze.
In the early stages of the project, Pudgy Penguins was launched in July 2021 by X user ColeThereum and anonymous users Mr. Tubby, Mickyj, and Jonah. However, as it developed, governance issues led to a crisis of trust. It was alleged that the initial founders misappropriated funds allocated for project development. Doubts about the integrity of the project's founders severely impacted the value of Pudgy Penguins.
In early 2022, the NFT community pushed for a team change, and community member Luca Netz took over the project for 750 ETH and became CEO, giving Pudgy Penguins a new direction. The new team members include Chief Marketing Officer Nicholas Ravid, Chief Technical Officer Lorenzo Melendez, Chief Creative Officer Peter Lobanov, and Chief Operating Officer Dr. Kaizu. The new team is committed to transforming it into a global brand, focusing on IP development and cross-domain collaborations such as toys, animation, and metaverse projects.
Pudgy Penguins Ecosystem
Pudgy Penguins' brand expansion strategy centers around digital IP, achieving diversified development through cross-domain integration. The project is not limited to the NFT market but has extended its brand into multiple sectors.
Pudgy Toys
Pudgy Penguins launched a physical toy series, Pudgy Toys, which is the first commercial product directly authorized by the community. Released on May 18, 2023, as an extension of the NFT, it targets children and collectors. Pudgy Toys not only boasts a high level of cuteness but also connects with the Pudgy World virtual world through QR codes. 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, Walmart stores, or the Pudgy Penguin official website.
Pudgy World
Pudgy World is the metaverse world launched by Pudgy Penguins on zkSync, providing holders with personalized interactive experiences.
Pudgy Toys have QR codes that allow users to scan and enter Pudgy World, where they can explore a virtual penguin world, play mini-games, build their own ice houses, etc. The launch of this virtual world not only strengthens community cohesion but also makes Pudgy Penguins an important bridge for exploring the web3 world in the Web2 realm.
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 was launched in December 2021 and minted 22,222 NFTs on the Ethereum blockchain. Pudgy Penguin holders received these NFTs as free airdrops, while the rest were sold through public sales.
Pudgy Rods
Pudgy Rods, also known as 'rogs' (previously called 'Pudgy Presents'), were released on August 30, 2021, by the original Pudgy Penguins team as free claim NFTs, with each Pudgy Penguins releasing one. Pudgy Rods are packaged as colorful eggs wrapped with red ribbons. On Christmas Day, the egg was finally unveiled: it contained a fishing rod.
$Pengu Token
Founder Luca announced on December 6 on Twitter 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 5th phase project Pudgy Penguins (PENGU), which will be listed on December 17, 2024, at 22:00 (UTC+8), with BNB holders accounting for 3% of the circulation.
The reason Pengu has garnered widespread attention is not only due to Binance's listing but also driven by the community's extensive interest in its broad airdrop coverage. 25.9% of the total PENGU token supply will be allocated to members of the Pudgy Penguins ecosystem through airdrops, with an additional 24.12% allocated to 'other communities', which include active addresses on Solana and ETH. Airdrops will be conducted for eligible participants, who will have 88 days to claim.
The image shows Foresight News, where Alex Liu organized the corresponding airdrop quantities for each role based on publicly available information. Surprisingly, the NFT that can claim the most PENGU tokens is not the pudgy penguin but the highest rarity Pudgy Rods.
Key Success Factors of Pudgy Penguins
Brand and IP Building
Pudgy Penguins has won the resonance of young people and users of various age groups through its cute and 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. Within seven months, sales of physical toys exceeded 750,000.
Innovative Marketing
Billions of exposures monthly: Dynamic GIF views reach 13.8 billion, Instagram followers exceed 1.23 million, TikTok views surpass 10 million. Additionally, offline events such as the Miami Art Basel 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, aiming to create global brands like Hello Kitty and Pokemon.
Gamification and Digital Experience
In 2024, Pudgy World will launch an on-chain open-world game supported by zkSync, integrating physical toy QR codes to achieve a closed-loop experience between digital and reality.
Pudgy Penguins Follow-up Roadmap
Pudgy Penguins will release its own public chain Abstract and an incubator program.
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 participating firms 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 and the darkest moments of NFTs. However, with its unique cartoon image, innovative brand building, and strong community power, Pudgy Penguins has grown from a controversial NFT project in its early stages to a globally influential brand in both the blockchain and real world. NFTs have climbed from a low of around 1 ETH to the current floor of 17.9 ETH, once becoming the most outstanding NFT of the year.
Pudgy Penguins, through the physicalization of toys, the launch of the virtual interactive platform Pudgy World, and innovative token economics and IP licensing, has redefined the value and use cases of NFTs. Under the drive of CEO Luca Netz, Pudgy Penguins' strategic development showcases unprecedented innovation and diversity, from building the Abstract ecosystem to the incubator program, and cross-platform IP licensing, each step lays 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.
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 field. It has already made solid strides on the road of combining technology and culture, contributing to the growth of web3 users.
Related Links:
A Comprehensive Understanding of Pudgy Penguins
Binance Pudgy Penguins (PENGU) Report
Year-End Benefits! Comprehensive Analysis of PENGU Wealth Effect and Airdrop Eligibility
How Did Pudgy Penguins Become a Blue-Chip NFT Project?
CEO of Pudgy Penguin's Latest Interview: a16z Could Have Bought Pudgy Equity Cheaply, But They Chose to Write a Sky-High Check for Moonbirds | In-Depth Conversation
Conversation with Pudgy Penguin's CEO: Unveiling the Story Behind the NFT 'Against the Current'
This article comes from a submission and does not represent BlockBeats' views.
