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Friday, May 24, 2024

CEO of Pudgy Penguins: 1M Plushies Sold Over Last Year

Luca Schnetzler, CEO of the nonfungible token (NFT) project Pudgy Penguins, recently shared an impressive milestone: the sale of over a million Pudgy Penguin toys within the past year. This surge in sales comes as the project expands its reach into retailers worldwide.

In a statement on May 13, Schnetzler expressed astonishment at the unexpected leadership role of “fat, flightless birds” in the Consumer Crypto revolution.

This achievement follows closely on the heels of another significant announcement on May 12: the availability of Pudgy Toys with Pudgy World at the renowned United States retail giant, Target.

Pudgy Penguins is a popular NFT collection created in 2021, featuring 8,888 colorful penguin avatars.

The project had a rocky start, with the former founder embroiled in rug pull accusations. However, Schnetzler bought the brand in 2022 for $2.5 million.

Stuffed toy versions of the popular penguins are also for sale in retail giant Walmart, which added to its success.

Pudgy Penguin’s model allows NFT holders to earn 5% royalties on net revenues from sales of the physical products featuring their unique Pudgy Penguin.

The NFT marketplace OpenSea reports that the floor price for NFT versions of Pudgy Penguins is currently 12.87 Ether, equivalent to approximately $37,580 based on the current price of Ether at $2,980.

In a notable recent sale on OpenSea, Penguin #6873 fetched an impressive 400 ETH, translating to around $1.17 million. This significant transaction highlights the value and demand for certain rare or unique NFTs within the Pudgy Penguins collection.

Sales activity for the collection spiked in mid-February, reaching a peak of 439 sales per day at an average price of 20 ETH. Sales volumes have dipped slightly since then to around 269 sales per day as of May 6.

According to NFT sales tracking platform CryptoSlam, Pudgy Penguins is the twelfth-highest NFT collection in terms of secondary sales over the past seven days, with $2.2 million worth of sale.

Uncategorized Bitcoin Ordinals are the highest-selling NFTs, and CryptoPunks is the most popular collection.

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