NFT project Pudgy Penguins sold over one million of its physical toys in the past year, according to Luca Schnetzler, its CEO.
This figure marked a significant milestone for the project following its rocky beginnings, including a controversy in which one of its founders and former leaders was accused of a rug pull scam. Pudgy Penguins has managed to thrive under Schnetzler’s leadership since he acquired the project and brand in 2022 for $2.5 million.
“Who would’ve thought that the Consumer Crypto revolution was going to be led by fat, flightless birds,” exclaimed Schnetzler in a social media post on May 12, 2024.
Over 1,000,000 toys sold in the last 12 months as @pudgypenguins continues it’s expansion in retailers all over the world.
Who would’ve thought that the Consumer Crypto revolution was going to be lead by fat flightless birds. pic.twitter.com/E8jmSICwlt
— Luca Netz 🐧 (@LucaNetz) May 12, 2024
The CEO’s announcement followed the NFT project’s earlier announcement that its physical toys are now available at major U.S. retailer Target.
The toys were previously available on Walmart shelves in the U.S. In February 2024, the retailer reportedly struck a deal with the project to provide more toys so it could sells them in an additional 1,100 locations in the country. At the time, over 750,000 toys had been sold, and more than $10 million had been recorded; in sales in less than a year, it first made the shelves.
One of Pudgy Penguins’ unique aspects is its model, which allows NFT holders to earn 5% royalties on net revenues from sales of physical products featuring their unique Pudgy Penguin. Including the stuffed toy versions of the digital asset on the shelves of these retail giants might have further bolstered their appeal and contributed to impressive sales figures.
Pudgy Penguins, which feature 8,888 colourful penguin NFT avatars, hold significant value. The floor price is 12.87 Ether (ETH), equivalent to approximately $37,580 at current rates. Notably, Penguin #6873 recently sold for 400 ETH, roughly $1.17 million, according to OpenSea.
RELATED: Pudgy Penguins: How the NFT Project Became Buzzing Again
Despite some fluctuations in sales volumes, Pudgy Penguins maintains a strong presence in the NFT market. According to NFT sales tracking platform CryptoSlam, it is the twelfth-highest NFT collection in terms of secondary sales over the past seven days, with $2.2 million worth of sales.
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