Pudgy Penguins Thrives in the NFT Market by Blending Utility and Innovation
Onboarding the Average Joe to Web3
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Topics Covered
State of the NFT Industry
Pudgy Penguins Impact
Pudgy Penguins Funding
Pudgy Penguins Competition
Quick Notes✍️
Despite the NFT market experiencing sharp declines in value, Pudgy Penguins stands out.
The NFT project has overhauled its strategy by focusing on utility and intellectual property.
Pudgy Penguins’ first act is distributing toys that resemble the NFTs…
But instead of focusing on scarcity and luxury like other NFT projects,
This community focused on the everyday consumer by distributing products at Walmart.
Pudgy Penguins being accessible not only raises awareness of Web3…
But it also demonstrates that NFTs can have real-world applications.
Thus Pudgy Penguins will Web3 onramp, introducing customers to the web3 world.
Ultimately, this drives potential for long-term value for Pudgy Penguins.
Investors feel the same.
During the bear market, Pudgy Penguins secured $9 million in seed funding in May.
By becoming an intellectual property company, positioned itself to expand in different industries
And under the leadership of Luca Netz, it’s likely that Pudgy Penguins takes advantage of these opportunities.
Full Analysis📝
Popular NFTs represent an opportunity for borrowers to have ownership of a collection of art and culture.
Do you remember when everyone was going crazy over monkey pictures?
These NFTs were viewed as a status symbol….
But there was also a key community builder in web3 circles.
Many people like Lil Baby had Bored Ape Yacht Club NFTs as their Twitter profile pictures.
Justin Bieber bought his Bored Ape for just over a million dollars a couple of years ago….
But today, the value of his NFT has dwindled to the tens of thousands of dollars.
Justin’s NFT’s decline in value is a microcosm of what has occurred to the broader NFT marketplace.
Broadly, the NFT market has taken a major hit since its highs.
But Pudgy Penguins is a shining star on a dark night in today’s environment.
Pudgy Penguins is a Web3 Onramp
Pudgy Penguins is a project with immense utility and I just discovered it 2 weeks ago.
Recently, the project distributed toys using the brand in over 2,000 Walmart locations.
Bringing NFTs into the physical world drives more awareness of Web3…
But they also show that NFTs can have utility beyond just being a picture located on your phone
Thus, Pudgy Penguins is meeting the majority of consumers at their Web3 knowledge level.
Pudgy Penguins founder Luca Netz addresses this philosophy below:
As a Web3 onramp, Pudgy Penguins have an opportunity to extend their customer’s lifetime value
By Pudgy Penguins being their customer’s first entryway into Web3…
Their customers will have a consistent interest in new projects.
If Pudgy Penguins can be a product leader AND create amazing user experiences…
Then they will maximize customer loyalty.
While Pudgy has been recently been celebrated for its Walmart deal,
The company also has other properties like apparel, called Igloo.
As you can probably tell Pudgy Penguins isn’t just an NFT collection anymore
But the company has identified itself as a Web3 brand and intellectual property (IP) company.
This broad company profile enables the company to have a multitude of verticals
AND expand its business into new verticals at a rapid pace.
Investors Believe in Pudgy Penguins
In May of this year, Pudgy Penguins secured a seed round of funding.
The funding round was 9 million dollars…
And last week we already shared how raising funds for any Web3 company in this current market is an accomplishment
But the round size is far lower than the Pre-FTX collapse mega rounds that were raised.
During this time, Doodles raised 54 million dollars at a 704 million dollar valuation.
With that in mind, it should be celebrated that investors have conviction in Pudgy Penguins.
Pudgy Penguins backers include 1kx who led the round, Big Brain Holdings, Kronos Research, Old Fashion Research, CRIT Ventures plus Bryan Pellegrino and Ryan Zarick, the founders of Layer Zero Labs.
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