Pudgy Penguins New Toy Deal Causes the Collection to Soar
The man gives the woman a small penguin plush toy as a gift. Her wall has a collection of different plushie toys including the bear and cube.
Pudgy Penguins New Toy Deal Causes the Collection to Soar
The recent pump in the price for the Pudgy Penguins collection has caused a lot of commotion for traders in the NFT space. After weeks of plummeting prices, scams, hacks, and an overall bearish outlook, the Pudgy Penguin collection is finally starting to buck the trend and inject some much-needed excitement into the space with a growing team of professionals and a new deal that will use the Pudgy Penguin IP for kids toys and plushies.
Using the IP to create a product line of toys
The new team at Pudgy Penguins is in the process of developing a product line of plushies and toys for children using various penguins from the collection as models. The move is the latest in IP use cases which are allowing the brand to reach an audience that has no exposure to NFTs.
Further, using different penguins from the collection requires licensing from the various holders of selected tokens which means that anyone holding a penguin has the potential to receive passive income by allowing their penguins to be made as a toy. This additional benefit to holders is immense and captures a similar licensing structure that is being used for Bored Ape holders associated with the Bored and Dangerous novel.
The primary collection isn’t the only one receiving licensing for the various toys either. Lil Pudgys, a larger collection released by the team, also has the potential to receive licensing for the toys which allow for an even broader range of collectibles to be released on the toy market.
Pudgy Penguin’s new team means business
The news comes after a tumultuous period for Pudgy Penguins who have had to endure a time where the original team was at odds with each other. Disputes within the team’s organization came as some wanted to sell the project and leave (also known as a rug pull) while others saw real potential in the project.
However, this attempt to bail out was put to an end as a new team leader, Luca Netz, came in and bought the project from the founder for 750 Ether. Since then he has quickly devised a plan to reinvigorate the brand, bringing a new sense of utility to NFTs.
Effect on the Pudgy Penguin floor price
As one can expect, the announcement has created a significant impact on the Pudgy Penguin floor price which has risen from 2 Eth to 3 Eth. With so much new potential suddenly being brought to holders, the desire to acquire more tokens from the project has risen significantly.
One of the most notable purchases has been for the rare 1-of-1 Pudgy Penguin #6873 which sold for 400 Eth following the announcement. While there is no guarantee that the rarest penguins will receive the highest licensing offers, it still has the potential to grow in value as the NFT project begins to grow its brand inside the toy industry.
Impact of NFT art
The biggest takeaway from all of this cannot be stressed enough - the art matters. When Pudgy Penguins first launched it was well-received because the artwork was fun and cute. It’s a lesson that many new NFT teams should study closely; successful NFT art can open a world of potential. Building a recognizable brand requires an image that is easily identifiable and the Pudgy Penguin artwork accomplished that feat when it was first revealed.
The Bored Ape Yacht Club has already proven this fact with the various businesses that have opened under their brand including restaurants, novels, and comedy clubs.
So, take the time when developing a new project to make sure that the artwork is original because derivative artwork that copies other people’s work can only go so far. Instead, create an image which has a theme that can be applied to a product appropriately and foster a community around it.
