Over the past year, the CEO of the nonfungible token (NFT) project, Luca Schnetzler, announced that more than a million Pudgy Penguin toys have been sold. The Pudgy Penguins NFT project, founded by Schnetzler, has seen its sales skyrocket as it expands into retailers worldwide.
Schnetzler expressed his surprise at the success of the Consumer Crypto revolution, jokingly remarking that it is being led by “fat, flightless birds.” The recent milestone in sales came shortly after the announcement on May 12 that Pudgy Toys with Pudgy World had become available at the popular US retail giant, Target.
Pudgy Penguins, a collection of 8,888 colorful penguin avatars, was created in 2021. The project faced initial challenges when its former founder was accused of rug pulling. However, Schnetzler acquired the brand in 2022 for $2.5 million, leading to its subsequent success.
In addition to the NFT collection, stuffed toy versions of the popular penguins can also be purchased at Walmart, contributing to their growing popularity. The Pudgy Penguin model allows NFT holders to earn 5% royalties on the net revenues generated from the sales of physical products featuring their unique Pudgy Penguin.
According to NFT marketplace OpenSea, the floor price for the NFT versions is currently 12.87 Ether (ETH), equivalent to approximately $37,580. The most expensive recent sale was Penguin #6873, which sold for an astonishing 400 ETH, equivalent to around $1.17 million.
Sales activity for the collection reached its peak in mid-February, with 439 sales per day at an average price of 20 ETH. Since then, sales volumes have slightly decreased to around 269 sales per day as of May 6.
According to NFT sales tracking platform CryptoSlam, Pudgy Penguins ranks twelfth in terms of secondary sales over the past seven days, with a total value of $2.2 million. The highest-selling NFTs are Bitcoin Ordinals, and the most popular collection is CryptoPunks.
In conclusion, the Pudgy Penguins NFT project has experienced tremendous success over the past year, with more than a million Pudgy Penguin toys sold. The project has expanded into various retailers globally, with Target and Walmart offering both NFTs and stuffed toy versions of the popular penguins. NFT holders also have the opportunity to earn royalties from the sales of physical products. The collection’s value and popularity continue to grow, making it one of the top NFT projects in the market.