Pudgy Penguins, previously known for its NFT collection, has transformed into an “IP and brand development company” under CEO Luca Netz. Since acquiring the project for $2.5 million and taking the helm in April 2022, Pudgy Penguins has expanded into various digital properties and ventured into the physical realm. Their NFT collection has amassed a transaction volume exceeding $400 million. This success led to the creation of Pudgy World, a digital player experience utilising blockchain tech, and Pudgy Toys, a toy line available in over 2,000 Walmart stores in the U.S. The move into physical products reflects Netz’s belief that NFTs should extend beyond the digital realm, addressing challenges of oversupply and revenue generation within the NFT space. The toy expansion is expected to drive profits, helping cover operational costs and foster sustainable growth. Pudgy Penguins aims for approximately $10 million in toy sales by year-end, with estimated profits of $1.5 million to $2 million.
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