Pudgy Penguins NFT Project Hits Sales Milestone with Over a Million Toys Sold Globally
Summary:
Over the past year, the Pudgy Penguins NFT project has sold over a million toys, as announced by CEO Luca Schnetzler. The expansion of these toys into retail giants such as Target and Walmart has played a significant role in this success. Pudgy Penguins collection, launched in 2021, allows NFT holders to earn a 5% royalty from sales of physical products featuring their unique Pudgy Penguin. The base price for the NFT versions is approximately $37,580, with one of the penguins recently selling for about $1.17 million. Despite a small dip in daily sales, Pudgy Penguins remains the twelfth highest selling NFT collection in terms of secondary sales, with a total worth of $2.2 million over the past week.
In a remarkable sales milestone, the CEO of the popular nonfungible token (NFT) initiative, Pudgy Penguins, Luca Schnetzler, has announced that over a million Pudgy Penguin toys have been bought in the span of a year. The founder shared that their project, Pudgy Penguins, is making waves by selling more than a million items within twelve months, as their presence broadens across retailers worldwide. Schnetzler humorously hinted about the unexpected role of flightless birds in catalyzing the consumer crypto revolution. On May 12, he confirmed that Pudgy Toys with Pudgy World were hitting the shelves of U.S. retail giant, Target, having sold over a million toys in a year as the project expands globally.
Pudgy Penguins, launched in 2021, is a widely-known NFT collection featuring 8,888 striking Penguin avatars. While the project experienced a bumpy initial phase with the previous founder coming under rug pull allegations, Schnetzler purchased the brand in 2022 for a staggering $2.5 million. The penguin-themed stuffed toys are also on sale in Walmart. This created an extra push towards the brand's overall success. The business model of Pudgy Penguins entitles NFT owners to a 5% royalty on net proceeds generated from sales of physical products that feature their unique Pudgy Penguin.
OpenSea, a leading NFT marketplace, reports the base price for the NFT versions to be roughly 12.87 ETH, or around $37,580 at current exchange rates. An impressive sale that stands out is Penguin #6873, which was purchased for a substantial 400 ETH, or roughly $1.17 million. According to OpenSea, this was the highest recent sale. Sales activity for Pudgy Penguins bounced in mid-February, hitting a high of 439 sales daily at an average price of 20 ETH. However, the sales volume has slightly decreased since then to about 269 sales daily as of May 6. As per CryptoSlam, a platform that tracks NFT sales, Pudgy Penguins stands at the twelfth position for the highest NFT collection in regards to secondary sales over the past week, clocking in sales worth $2.2 million. The NFT collections topping the sales are Bitcoin Ordinals and CryptoPunks.
Published At
5/13/2024 8:53:12 AM
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