Pudgy Penguins, which started as an NFT collection in 2021, is expanding its usefulness beyond narrow cryptocurrency circles and establishing itself as a cross-cultural IP.
In the latest move, parent company Igloo announced the upcoming release of the Pudgy Penguins token, called PENGU.
Although the exact release date has not been confirmed, it is expected to launch in 2024 and be published by Solana. The total supply is 88,888,888,888, with 25.9% allocated to the Pudgy community, including NFT holders, and the “other community” will get 24.12% of the tokens.
In the official announcement regarding X, Pudgy Penguins commented: “With PENGU, millions of Pudgy Penguin fans and hundreds of millions of people outside of crypto who see and share Pudgy Penguin every day will finally have the opportunity to identify themselves with this character. “I did it.''
This token will power the growing Pudgy ecosystem, which currently includes two NFT collections, multiple game projects in development, and physical stuffed animals and toys sold at stores like Walmart and Target. The brand also continues to grow its digital presence, reaching 3 million followers across social channels that promote the value of good vibes.
Despite currently being the third largest NFT collection, Pudgy Penguins' journey has not been a smooth one. After some turmoil between early company leadership and the community in 2022, Luca Netz purchased the brand for 750 ETH (worth around $2.5 million at the time). The Nets commented on the acquisition, saying, “We look forward to spreading the love throughout the meta.”
It appears the community believed in his vision, as the IP has proven to defy difficult NFT market conditions and become the third most traded collection. Since entering the physical retail market, more than 1.5 million stuffed animals and collectibles have been sold.
The company, which is working on an open-world project called Pudgy World, recently partnered with leading Web3 game developer Mythical Games (Blankos Block Party, NFL Rivals) on a new Fall Guys-themed mobile party game called Pudgy Party. Announced.
