Pudgy Penguins (PENGU)
Pudgy Penguins is a collection of 8,888 Non-Fungible Tokens (NFTs) on the Ethereum blockchain. The project aims to drive Web3 innovation through intellectual property utilization and community engagement. Designed to embody love, empathy, and compassion, these penguins serve as symbols of positivity.
Launch and initial success
The Pudgy Penguins collection launched on July 23, 2021, and sold out in 20 minutes. It was among the first NFT collections to receive mainstream media attention, including coverage in the New York Times. The project gained additional visibility when Alexis Ohanian, co-founder of Reddit, purchased a Penguin.
Transition to new leadership
| Ticker | PENGU |
| Category | Solana Ecosystem |
| Website | https://pudgypenguins.com |
| @pudgypenguins | |
| Telegram | pengutg |
| Contract Addresses | |
|---|---|
| solana | 2z...uv Copied! |
Founding team and leadership change
Initially led by its original creators, the Pudgy Penguins project faced leadership changes when the community sought new direction. In April 2022, Luca "Netz" Schnetzler acquired the project for 750 ETH, bringing a fresh vision.
New initiatives and growth
Under Schnetzler's leadership, the project launched Pudgy Media, expanded into physical toys, introduced a clothing line, and grew its social media presence. The team also released SoulBound tokens for NFT holders and formed a nine-member advisory board, including industry experts.
Key developments and innovations
Soulbound tokens and truePengu
In July 2022, to mark its first anniversary, Pudgy Penguins introduced its first Soulbound token, truePengu. This non-transferable token categorizes holders based on their NFT ownership, using the Ethereum blockchain's ERC1155 standard.
Marketplace launch
In June 2022, Pudgy Penguins unveiled its marketplace, allowing users to purchase NFTs from its collections, including Lil Pudgys and Pudgy Rods, across platforms like OpenSea and LooksRare.
Pudgy Toys and licensing
In August 2022, Pudgy Penguin NFT holders gained the opportunity to license their NFTs for a physical toy collection, Pudgy Toys, in collaboration with PMI. The project launched its first line of toys in May 2023, achieving significant sales success.
Community events and outreach
Pudgy Yacht Party
On May 7, 2022, Pudgy Penguins hosted a VIP Yacht Party during the F1 Miami Grand Prix, with attendees selected through a raffle.
Pudgy Penguins Asia and Korea
In September 2022, the community expanded its presence in Asia, hosting events in Singapore. In January 2023, Pudgy Penguins Korea was established to foster community engagement in South Korea.
Media and storytelling
Short film and children's book
In September 2022, Pudgy Penguins released a short film, "Chapter One: The Great Blizzard," in partnership with Non-Fungible Films. The team also announced a collaboration with Green Kids Club for a children's book featuring selected Penguins.
Pudgy Media
Under new management, Pudgy Media was established as a central hub for project-related content, including blogs, videos, and community engagement initiatives.
Financial growth and investment
Seed funding
In May 2023, Pudgy Penguins raised over $9 million in seed funding, led by 1kx and supported by other venture capital firms. The funds are intended to expand intellectual property, enhance team capabilities, and improve community offerings.
Notable sales
The most expensive Pudgy Penguin sale was for Penguin #6873, which sold for 400 ETH. Another notable sale included Penguin #3950, sold for 130 ETH.
Leadership team
The leadership team of Pudgy Penguins includes:
- CEO: Luca Netz
- President: Lorenzo Melendez
- Head of Marketing: Austin
- Chief Creative Officer: Peter Lobanov
- Chief Legal Officer: Jennifer McGlone
- Head of Strategy: Vedant