Pudgy Penguins, one of the few NFT projects to flourish in the ongoing bear market, has announced it is launching 26 different toys in 2,000 Walmart locations.
The floor price of the popular NFT collection registered an increase of 11% following the deal with the world’s largest retailer.
Pudgy Penguins Begins Distribution Of Physical Collectibles
Ahead of the holiday season, Pudgy Penguins has announced the availability of Pudgy Toys in 2000 Walmart locations in America. Americans can head online or to their nearest Walmart locations and get their hands on one of the penguins. People can also go to the Walmart website, where penguin figures with different customizable outfits, along with Giraffe-skinned penguins, are available for purchase.
Luca Netz, Pudgy Penguins CEO, stated that Walmart’s decision to include Pudgy Toys in their store is a testament to how consumers are engaging with brands in an increasingly digital era.
“Walmart’s inclusion of Pudgy Toys in their stores is a testament to the evolution of how consumers engage with brands in the digital era. The team spent years developing the Pudgy brand and fostering our community through social media and the blockchain; we’re thrilled to expand our reach with the support of Walmart.”
Netz had acquired the company in 2022. The rollout on Walmart follows the Pudgy Penguin toys making their debut on Amazon earlier this year. It racked up sales worth $500,000 in the first couple of days itself. Amazon now boasts of a significant selection of Pudgy Penguin Toys, ranging from mini collectible penguins to cuddleable plushes. Additionally, there is also a shop on the Pudgy Penguins website. The press release announcing the Walmart debut states that Pudgy Penguins has achieved $400 million in digital collectible sales since 2021.
Not The End Of NFTs
The news and success of the Pudgy Penguin toys comes after a research report claimed that 95% of individuals holding NFTs were holding on to worthless investments. However, unlike most projects included in the study, Pudgy Penguins has been highly successful, managing to take the penguins from Web3 to 3D.
Each Pudgy Penguin toy comes with a unique birth certificate that allows users to claim unique traits for their digital Forever Pudgy character inside the Pudgy World by simply scanning a QR code. This is reminiscent of Webkinz, a stuffed animal franchise made popular by its real-life toys. Users could also play with a digital version of the stuffed animal.
“Pudgy Penguins is at the forefront of transforming the toy industry, merging unique digital experiences with blockchain technology, like Ethereum and zkSync. Since all of the toys are connected to existing pieces of NFT [intellectual property], the current NFT holders will receive licensing royalties for each corresponding toy that is sold at Walmart.”
Daily Volume And Floor Price Spike
The floor price of the Pudgy Penguins collection registered a significant surge as news of the Walmart deal trickled out. The floor price rose by 11.2%, climbing to 5.2 ETH on the news that the world’s largest retailer will be stocking the toys. The daily volume also registered a spike, rising over 270% to 849 ETH, behind only Bored Ape Yacht Club (BAYC). Walmart’s move to promote a crypto-native project comes as a shot in the arm for a beleaguered NFT sector that has been crippled by an extended bear market. In fact, the Pudgy Penguins could provide a blueprint for other NFT projects moving forward.
A Remarkable Turnaround
Current CEO Luka Netz became the CEO of Pudgy Penguins in 2022 when he purchased the company behind the NFT collection for 750 ETH, valued at around $2.2 million. Before the acquisition, the project had been the subject of considerable controversy. The toys were launched in May 2023, after the company began teasing them nearly a year prior. Prior to the deal with Walmart, the toys were sold through Amazon, where they racked up sales worth $500,000 in the first two days.
In a recent interaction, Netz revealed that the online sales on Amazon convinced Walmart the toys would sell.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
