Since gracing the quilt of the New York Occasions, Pudgy Penguins have been on a rollercoaster trip. Initially a cute profile image NFT assortment, Pudgy Penguins endured the ousting of its founder earlier than discovering mainstream success, with licensed toys touchdown on the cabinets of Walmart and Goal shops nationwide.
Launched amid the NFT growth in 2021, the gathering and its ecosystem of companions has develop into the face of Web3, garnering hundreds of thousands of social impressions and exploding past the comparatively small sector of crypto members on X (previously referred to as Twitter).
Right here’s every thing you want to find out about Pudgy Penguins.
What are Pudgy Penguins?
A set of 8,888 flightless hen NFTs, Pudgy Penguins first launched in July 2021, promoting out shortly after launch for a worth of 0.03 ETH, or round $90 on the time, in keeping with knowledge from NFT Value Ground.
The gathering shortly gained acclaim, gracing the quilt of the New York Occasions in August 2021 after columnist Kevin Roose shared his expertise in “becoming a member of the Huddle.”
In just some months after its mint, the gathering held a ground worth, or the bottom listed asset on {the marketplace}, of greater than $6,000 in keeping with NFT Value Ground. That worth would dip in the direction of $1,000 by the subsequent six months amid the subsiding of NFT mania and a few unrest inside its neighborhood, resulting in the ousting of its founder and a management turnover.
All change on the high
Restlessness within the Pudgy Penguins neighborhood grew all through the early months of 2022 partly because of criticisms of its mission founder, Cole Villemain, who goes by ColeThereum on X.
Allegations of mismanagement and extra led to mistrust between the founding crew and the neighborhood.
As displeasure with the crew grew more and more loud, the mission held a neighborhood vote which led to the removing of Villemain and takeover provides from the neighborhood.
One provide got here from Netz Capital’s Luca Netz, who publicly provided round $2.5 million, or 750 ETH, in January 2022.
750 ETH for @Pudgy_Penguins by the NFT degenerates. Make your transfer @ColeThereum
— Luca Netz 🐧✳️ (@LucaNetz) January 6, 2022
Months later, that provide was accepted and Netz bought the mission and its mental property for the quantity, tweeting that he was “trying ahead to spreading love.”
After Netz’ acquisition, the Pudgy Penguins ground worth shortly rebounded, leaping from about $4,300 on the day of the announcement to $8,900 three days later.
Beneath new management, the mission shortly put in a brand new roadmap and started the journey to establishing itself as a number one NFT mission.
Pudgy Penguins: from NFTs to toys
One of many first main initiatives led by the brand new management was launching a Pudgy Toys line.
The mission introduced its intentions to work with PMI Toys in July 2022, for which it licensed Pudgy Penguin NFTs by way of its OverpassIP mission, permitting holders to instantly profit from the utilization of their Pudgy NFTs in industrial endeavors such because the bodily toys.
The primary toyline launched in Might 2023 and may very well be bought instantly on Amazon, however it later expanded to incorporate main retail partnerships with Walmart, Goal, Walgreens, and extra.
Only a 12 months after rollout, Pudgy Toys had offered greater than 750,000 models, in keeping with the corporate, bringing in additional than $10 million within the course of.
Constructing the Pudgy Penguins model
Since Netz took over the Pudgy Penguins have been exhausting at work to achieve as many eyeballs all over the world as doable and proliferate the model.
One main focus for Pudgy Penguins has been in rising its social media channels to achieve extra shoppers. The mission had round 100,000 Instagram followers in July 2022, however it has since elevated that following to 1.7 million as of January 2025 whereas amassing greater than 39 billion GIF shares, in keeping with knowledge from GIPHY.
Efforts to spur the model even additional had been buoyed when it raised $9 million in 2023 shortly after signing with expertise company WME.
Since that point, it’s additionally gone on to notch collaborations with manufacturers like PEZ, CD Castellon, and Final Crumb (in addition to MYRIAD, the prediction market from Decrypt’s guardian firm DASTAN).
PENGU: The Pudgy Penguins token
In November 2024, the mission introduced it might launch an ecosystem token on Solana as a approach to higher align incentives between the model and its followers. The PENGU token was claimable for Pudgy Penguin NFT holders and a variety of different Web3 communities and lively crypto members.
The token launched in December 2024, granting holders of Pudgy Penguins NFTs with 1.7 million PENGU tokens, value greater than $100,000 on the token’s all-time excessive as recorded by CoinGecko.
Past Pudgy Penguins: the opposite NFTs
It’s not simply “huge Pudgys” that make up the Penguin NFT ecosystem.
Lil Pudgys
The Pudgy Penguins ecosystem first grew with the launch of Lil Pudgys.
A companion was claimable without spending a dime for every of the 8,888 Pudgy Penguins NFTs, with one other batch of Lil Pudgys occurring sale to most people for a complete of twenty-two,222 smaller variations of the unique NFT.
In January 2023, the gathering went “cross-chain” as a part of the mission’s partnership with interoperability platform LayerZero. Holders had been in a position to transport their Lil’ Pudgys by way of a bridge in an effort to develop the Penguin IP.
“By enabling the Lil Pudgys to go cross-chain, we’re establishing the Pudgy Penguins ecosystem to achieve hundreds of thousands of individuals,” the mission wrote.
Lil Pudgys can bridge from Ethereum mainnet to Arbitrum, Polygon, or Binance Good Chain.
Pudgy Rods (Rogs)
Pudgy Rods are a group of fishing rod NFTs that had been gifted to Pudgy Penguin holders in 2021.
The gathering was initially named “Pudgy Presents,” however later modified to Pudgy Rods after fishing rods hatched from the eggs which beforehand populated the metadata for the NFTs.
The mismatch of fishing rods hatching from an egg was met with confusion from the neighborhood and added to the strain between the founding crew and ecosystem members that arose in late 2021.
Since that point, the Rods have discovered their house because the third NFT within the Pudgy hierarchy, granting holders related advantages to these of the unique Pudgys, like a PENGU token declare, albeit at smaller scales.
The way forward for Pudgy Penguins
Although the mission already has huge accomplishments below its belt, Netz has huge plans for the mission sooner or later.
The mission’s guardian firm, Igloo Inc., is actively constructing out Pudgy World—a Web3 playground and storytelling universe that homes mini-games and customizable Penguins with a direct hyperlink to Pudgy Toys, which give a QR code to get new customers onboarded.
Past Pudgy World, the mission can be engaged on Pudgy Get together, a cell royale sport constructed along with Legendary Video games.
