Pudgy Penguins NFT project review

Pudgy Penguins

Pudgy Penguins

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Basic info

  • Token truePengu
  • Audited no
  • DAO no
  • Yield farming no
  • Team public
  • Hacks no

Last updated: Sep 21, 2023

What is Pudgy Penguins NFT?

Pudgy Penguins is a distinctive collection of 8,888 uniquely generated NFTs, anchored on the Ethereum blockchain. Each NFT within this PFP (Profile Picture) series showcases a whimsical penguin, each adorned with a variety of Pudgy Penguins' unique traits. Crafted to spread joy and positivity throughout the digital metaverse, the creators behind this lively collection have ignited a community spirit. A popular mantra among community members—affectionately known as the Pengu Nation—is, "I am my Penguin, and my Penguin is me."

When did Pudgy Penguins Launch?

The Pudgy Penguins collection made its debut on July 23, 2021, and it was an immediate success. Within a mere 20 minutes, all 8,888 NFTs were sold out at a mint price of 0.03 ETH per Pudgy Penguin. To put this into perspective, given the market conditions at the time of launch, the mint price approximated to around $60.

How many Pudgy Penguins are there?

The Pudgy Penguins collection consists of 8,888 NFTs. For each transaction involving these NFTs, a creator's fee of 5% is levied. As of now, the collection is held across 4,536 unique wallet addresses. This suggests that about 51% of the collection is owned by unique entities, reflecting a robust and diversified ownership.

Pudgy Penguins rarity

The Pudgy Penguins are randomly generated from over 150 hand-drawn traits. Some of the Pudgy Penguins traits include bowl cuts, glasses, hats, and scarves. Pudgy Penguins' traits include background, body, face, head, and skin. The artist also created five Penguins without randomly generated traits. These Pudgy Penguins are deemed the rarest in the Pudgy Penguin community. These five rare Pudgy Penguins feature the character dressed in a banana suit, a shark costume, a pineapple suit, and in a ghostly attire. The last of these rare NFTs is facing the wall in opposite direction to all other Pudgy Penguins.  

The Pudgy Penguins token standard ERC-721 NFTs introduces a standard for NFTs that implies that these types of tokens are unique and can have a different value than other tokens from the same Pudgy Penguins smart contract. Pudgy Penguin #6873 has the highest score of 33054.31 in the Pudgy Penguins rarity ranking. It has four traits featuring a green background, black skin, mirrored face, and a mirrored body. The Igloo Company owns Pudgy Penguins, as well as Lil Pudgys and Pudgy Rods. Antoine Mingo is the freelance artist, behind the Pudgy Penguins collection. While drawing the penguins, Mingo says he had penguins from Mario 64 in his mind.

Pudgy Penguins Team & Community

Pudgy Penguins holders commonly refer to themselves as The Huddle or Pengus. However, things haven't been exactly smooth for the Pengus since the project’s launch. Accidental de-listings on OpenSea and a leadership crisis impacted the project’s progress . The founding team made some big promises to the community at the project launch. These promises included launching a children's book, a token, and a metaverse game that would be orchestrated around the Penguin images. However, the team made little effort to keep its promises.As a result, the Pudgy Penguins community started expressing disappointment and distrust in the co-founder Cole Thereum and his team. The team was deemed responsible for not taking the project to the promised heights. The community was shocked on Christmas Day in 2021 when one of the most anticipated airdrops revealed an NFT collection called fishingrods. Instead of revealing a much anticipated and promised Pudgy Penguin-centered game, launching the NFT collection backfired. The situation was exacerbated further as a pseudonymous Twitter user, named 9x9x9, made an accusation that Pudgy Penguins founders had drained the treasury funds and offered to sell the project's shell to him for 888 ETH. The rising anger in the community finally translated into a Discord vote which saw the Cole Thereum-led founding team being ousted from the project. 

Things finally started to go right for the project and its community when a group led by Los Angeles-based entrepreneur Luca Netz took over the control of the project. In the new outlook, the Pudgy Penguins project team features Luca Netz as the CEO, Drew Koven as the president, Nicholas Ravid as the chief marketing officer, Peter Lobanov as the chief creative officer, Lorenzo Melendez as the chief technology officer, Dr. Kaizu as the chief operations and Antoine Mingo -  the Pudgy Penguins artist.

In terms of digital footprint, Pudgy Penguins has established itself as a dominant Web3 brand on social platforms. The brand boasts over 626,000 followers on Instagram and has garnered 5.7 billion views across its GIPHY accounts. The company also made its presence felt in the licensing and IP arena, particularly at the 2023 Licensing Expo, opening avenues for new partnerships and collaborations.

The community is further segmented into several sub-communities, each focusing on different interests ranging from gaming and fitness to regional groups.

Meetups and gatherings have also been a vital part of the brand's community-building efforts. From coffee shop assemblies to larger, more formal events, these meetups have served to strengthen the community bonds. Pudgy Penguins sees the achievements of the first half of 2023 as just the beginning, with plans for more initiatives and partnerships in the pipeline.

Pudgy Penguin partnered with PMI toys to launch Pudgy Toys. PMI Ltd. manufactures, markets, and distributes toys for kids. Previously, it has been building toys for Fortnite, Nerf, and Nickelodeon. Pudgy toys will allow holders to exercise their IP rights and create new revenue streams. On September 20, 2022, Pudgy Penguins shared Pudgy Penguins collectibles that featured Lil Pudgys licensed directly from the Pudgy Penguin community. In June 2022, Pudgy Penguins partnered with the P2P marketplace platform Origin Protocol to launch their marketplace. 

In 2023 Pudgy Penguins successfully secured $9M in seed funding, led by 1kx and featuring several other investors, in alignment with their strategic goals.

Pudgy Penguins Benefits

Situated in the icy realms of the web3 ecosystem, Pudgy Penguins have created a convivial community environment. Crafted to radiate positive energy, these cute, cartoonish penguins—collectively known as the Pengu Nation—serve as both digital art and social connectors within the web3 space.

One of the major value propositions of Pudgy Penguins is its robust approach to IP utilization and licensing. NFT holders receive a limited, non-exclusive license, granting them the right to reproduce, access, and commercially exploit their digital penguins. Through collaborations like the one with PMI Toys and the creation of a children's storybook, Pudgy Penguins has empowered its community to leverage IP in tangible, real-world applications.

A sub-collection dubbed Lil Pudgys consists of 22,222 randomly generated penguin NFTs. Launched in December 2021 by The Igloo Company, these NFTs are viewed as an extension of the Pudgy Penguins heritage. Comprising nine distinct traits, Lil Pudgys have revitalized the Pengu Nation by offering existing Pudgy Penguins holders an opportunity to claim a free Lil Pudgy, and providing newcomers with exclusive events and licensing opportunities. 

Pudgy Rods, colloquially known as "Rogs," were initially launched as "Pudgy Presents" by the original Pudgy Penguins team on August 30, 2021. Offered as free-to-claim NFTs for Pudgy Penguin holders, they were initially designed as mysterious eggs wrapped in red ribbons.

After four months of suspense, these eggs were unveiled on Christmas Day as fishing rods. Due to a misspelling, the "rods" became "rogs," causing an uproar that somewhat dampened the holiday spirit. Despite the initial commotion, these Rogs have since grown to become one of the most enduring memes in the Web3 community.

Pudgy Rods are not merely collectibles; they add a layer of utility to the ecosystem. They serve as multipliers for various activities, such as licensing deals and on-chain drops. When paired with either a Big Pudgy or a Lil Pudgy, the Rod’s utility is fully activated. The first real-world application of this feature is slated for Q2 through a partnership with Project Overpass.

The multiplier's effectiveness is calculated based on the rarity of the Rod and its pairing with Big or Lil Pudgys. For instance, a Rare Rog could amplify a licensing deal royalty by 1.8x, while an Epic Rog could boost it by 3x. However, not all initiatives will leverage the multiplier.

The project's official marketplace offers a centralized platform for trading Pudgy Penguins, Lil Pudgys, and Pudgy Rods. For those inclined toward physical merchandise, the Pudgy Penguins merch shop offers an array of branded items, from custom prints to accessories.

One of the significant milestones this year was the launch of Pudgy Toys in May. This product line was not only a commercial success—topping three separate Amazon categories—but also received critical acclaim, winning Toy Insider's summer toy of the year award.

In addition to mass-produced toys, Pudgy Penguins introduced a line of high-end, limited-edition collectibles. The first item in this series sold out in a mere 10 seconds on the NTWRK app. However, the brand attributes much of its success to its community, known as The Huddle. This diverse group consists of community builders, meme artists, developers, entrepreneurs, and more, contributing to the brand's unique identity.

Pudgy Penguins Roadmap

Spearheaded by Luca Netz, the team has outlined several ambitious milestones, including the release of toys, a fishing game, staking mechanisms, and treasure hunts. The first quarter of 2023 is set to see the launch of a Pudgy Penguins children’s book, with characters directly licensed from the community.

The Pudgy Penguins Token: truePengu

An ERC-1155 token called truePengu was launched to show allegiance to the community. Referred to as Soulbound tokens, these non-tradeable tokens are bound to a user's digital identity. Various types of truePengu tokens were distributed based on the type and number of Pudgy-related NFTs held by users at a snapshot time.

A secondary Soulbound token, penguPins, serves as a community engagement tracker. Initially, 16 penguPins were airdropped to community members who participated in the PMI Toys collaboration.

Where to Buy Pudgy Penguins NFT?

Pudgy Penguins are available on reputable NFT marketplaces like OpenSea and LooksRare, in addition to their official marketplace. Currently, the floor price for a Pudgy Penguin is about 4 ETH, which places the cheapest NFT from the collection at approximately $6,400. In the last 90 days the most expensive Pudgy Penguin sold among all marketplaces was worth 88 ETH.

By offering a multifaceted ecosystem centered around digital penguins, Pudgy Penguins has successfully carved a niche for itself in the burgeoning NFT landscape. With an array of assets and opportunities, from NFTs to real-world applications, the project represents a comprehensive package for both seasoned collectors and enthusiastic newcomers.

Pudgy Penguins: https://etherscan.io/address/0xbd3531da5cf5857e7cfaa92426877b022e612cf8 

Lil Pudgy: https://etherscan.io/address/0x524cab2ec69124574082676e6f654a18df49a048 

Pudgy Rods: https://etherscan.io/address/0x062e691c2054de82f28008a8ccc6d7a1c8ce060d 


Frank Stewskid

Frank Stewskid

Last updated: Sep 21, 2023

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