The launch of Pudgy Penguin’s new toy collection on e-commerce giant Amazon has sparked massive interest, stirring up speculations about whether it could mark a comeback for NFTs.
The NFT-inspired toys, launched last Thursday, saw more than $500,000 in purchases over the first two days, surpassing 20,000 individual toys sold, project CEO Luca Netz said across several Twitter Spaces.
Netz reportedly said the team’s thesis is that “they want Pudgy penguins to win but also push the space forward,” adding that they want to bring millions of users into the Web3 space in ways that the team doesn’t even yet fathom.
The recent launch on Amazon is in line with the project’s objective to get large companies and A-players from the music or sports world involved with the NFT market in order to bring new users to the space.
“I want Pudgy Penguins to be the face of NFTs,” Netz said in one Twitter Space interview, adding that they want to make it “unequivocally clear for everyone that they are the most familiar NFT on the market.”
Pudgy Penguins Toys Dominate Amazon Sales Chart
According to a screenshot shared by Alejandro Navia, a crypto veteran and founder of president of NFT content and analysis website nftnow, the Pudgy Penguins-inspired toys dominated Amazon sales charts over the past 48 hours.
Navia noted that the toys outperformed other recent releases by major legacy brands like Disney, Transformers, Pokemon, Barbie, and Legos.
.@pudgypenguins toys are dominating the Amazon sales charts.
They are currently #1 in Toys & Games beating out legacy brands such as:
— ALΞJANDRO (@AlejNavia) May 19, 2023
Pudgy Penguins is one of the few Ethereum-based NFT projects that has managed to weather the recent NFT crash, raising $9 million dollars this year in a round led by early-stage investment firm 1kx.
Launched in 2021, Pudgy Penguins is a blue-chip NFT collection consisting of 8,888 hand-drawn, cute, and colorful penguin avatars that have different traits and rarities.
The project capitalized big on the NFT boom, driven in part by a New York Times story that delved deep into the collection with a critical taste.
Pudgy Penguins Launches Toys as a Way to Diversify its Offering
Pudgy Penguins has launched physical toys as a way to broaden its product offerings amid the NFT market downturn.
“Unfortunately, NFT revenue is not sustainable and it’s not really growable,” said Netz said in a recent interview with TechCrunch.
“Secondly, we wanted to create an IP that transcends this ecosystem, and the way I know how to do that is through physical products.”
The plushies are being produced in collaboration with PMI, which also produces toys for Fortnite and Among Us.
The toys are also licensed as NFTs that live on the blockchain, which means that every time a toy is sold they make a royalty in perpetuity.
The initial launch includes about 100,000 toys, priced between $5 to $35, that will be sold online and through retailers worldwide.
Each toy comes with a birth certificate and QR code that unlocks a series of NFTs, or a trait box, on its online platform, Pudgy World.
Nevertheless, with its recent move to launch physical toys, Pudgy Penguins may be able to break through the current NFT market slump and reach a wider audience.
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