No one knows the NFT market is dead more than me, but that doesn’t mean some brands aren’t benefitting during this tough crypto winter. Pudgy Penguins is one NFT collection of 8.888 NFT that has evolved into an “IP and brand development company” after the brand was acquired by 24-year-old Luca Netz in April 2022 for $2.5 Million. Since then the company has rolled out merch IRL at over 2,00 Walmart stores, and at Smyths which is one of the largest toy store chains in the UK, as well as Five Below, Amazon, Hot Topic and other retailers here in the US. The brand expects sales of $10 Million by the end of 2023, which if that happens represents a 4X return on Luca Netz’ investment in the 1st year.
Since its launch Pudgy Penguins has generated over $400 million in transaction volume, with the least expensive NFT for their collection going for 4.8 ETH, or $8,082.43 for those of you who don’t speak ETH) on OpenSeas at the time of writing this newsletter.
Pudgy Penguins’ approach may be the answer to fixing NFTs’ revenue problems