{"id":"pudgy-penguins","title":"Pudgy Penguins","content":"**Pudgy Penguins** is a collection of 8,888 [NFTs](https://iq.wiki/wiki/non-fungible-token-nft) on the [Ethereum](https://iq.wiki/wiki/ethereum) [blockchain](https://iq.wiki/wiki/blockchain), created to promote [Web3](https://iq.wiki/wiki/web3) innovation through intellectual property and community involvement. The project emphasizes themes like empathy, positivity, and inclusivity. It gained early mainstream attention after launching in July 2021 and quickly selling out. Leadership later transitioned to [Luca \"Netz\" Schnetzler](https://iq.wiki/wiki/luca-netz), under whom the project expanded into physical products, media initiatives, and digital engagement tools.  [\\[1\\]](#cite-id-ymcplno882a) [\\[12\\]](#cite-id-7n0uusopj9r) [\\[23\\]](#cite-id-e3zgtz75jls)\n\n$$widget0 [YOUTUBE@VID](hXluHL5n0gE)$$\n\n## History\n\nPudgy Penguins launched on July 23, 2021, as a collection of 8,888 [NFTs](https://iq.wiki/wiki/non-fungible-token-nft), each [minted](https://iq.wiki/wiki/minting) for 0.03 ETH and sold out within 20 minutes. The collection featured cartoon penguins assembled from randomized traits, including hats, glasses, hairstyles, and clothing. In August 2021, the project gained mainstream attention when *New York Times* journalist Kevin Roose published a piece about Pudgy Penguins and the [Metaverse](https://iq.wiki/wiki/metaverse), shortly after Reddit co-founder Alexis Ohanian purchased one of the [NFTs](https://iq.wiki/wiki/non-fungible-token-nft). The team [airdropped](https://iq.wiki/wiki/airdrop) “egg” [NFTs](https://iq.wiki/wiki/non-fungible-token-nft) to holders that same month, teasing a future reveal. However, when the eggs hatched on December 25, 2021, they revealed only images of fishing rods—Pudgy Rods—with no announced utility. This led to backlash from the community, who saw the release as poorly executed or even a [rug pull](https://iq.wiki/wiki/rug-pull). To regain trust, the founders released a follow-up collection called Lil Pudgys, offering free claims to existing holders and making 13,334 additional [NFTs](https://iq.wiki/wiki/non-fungible-token-nft) available to the public through auction. [\\[12\\]](#cite-id-7n0uusopj9r)\n\n### Founding Team Ousting\n\nIn 2022, following the backlash from the Pudgy Rods release and growing frustration with the founding team’s lack of execution, several community members began calling for new leadership. According to 9x9x9eth, a major holder and founder of OpenDAO, co-founder [ColeThereum](https://iq.wiki/wiki/colethereum) had promised developments such as a game, a token, and an educational [NFT](https://iq.wiki/wiki/non-fungible-token-nft) book. However, by early 2022, the team had still not built the infrastructure to deliver. 9x9x9 later claimed that the founders attempted to sell the project to him for 888 [ETH](https://iq.wiki/wiki/ether-eth), which he declined. This triggered a wave of buyout interest, with offers from figures like Mintable co-founder Zach Burks, collector @beaniemax, and Netz Capital's [Luca Netz](https://iq.wiki/wiki/luca-netz). The situation escalated to the point where Cole asked the Pudgy Penguins community to vote on whether he should step down, and the majority supported his removal. [\\[8\\]](#cite-id-0m6rjd1rwg9h) [\\[9\\]](#cite-id-ms1fbcydos)\n\n![image](https://ipfs.everipedia.org/ipfs/QmXU43NZkZSD5E4tt9wvGbVxtwCuxkQF3pzsZEtpLpKmyg)\n\n### New Leadership\n\nIn April 2022, [Luca \"Netz\" Schnetzler](https://iq.wiki/wiki/luca-netz) officially acquired the Pudgy Penguins project for 750 [ETH](https://iq.wiki/wiki/ether-eth), marking a change in leadership following community pressure to replace the founders. [Schnetzler](https://iq.wiki/wiki/luca-netz), who had prior experience building multiple consumer brands, saw potential in Pudgy Penguins as a recognizable IP.\n\n> \"Pudgy Penguins was my first PFP NFT and I knew when I first bought it that Pudgy Penguins had the highest upside when it came to brand potential. When I saw other people bidding on Pudgy Penguins I knew I had to step in. I’ve built multiple brands to 9 figures in revenue over the last 5 years and I felt like my skill set was the best to succeed at the job.\" [\\[10\\]](#cite-id-n31gq8cgr6)\n\nWithin four months of the acquisition, the new team launched initiatives such as Pudgy Media, expanded the brand’s social media presence, introduced products like Soulbound Tokens, penguPins, and Pudgy Toys, and hosted events including the Pudgy Yacht Party. The project also established a nine-member advisory board featuring executives from companies like Nansen, Saks Fifth Avenue, and Hasbro. [\\[12\\]](#cite-id-7n0uusopj9r)\n\n$$widget0 [YOUTUBE@VID](Q9ly1fsMnPM)$$\n\n## Products\n\n### Marketplace\n\nIn June 2022, Pudgy Penguins released their own marketplace. This enabled any user to purchase [NFTs](https://iq.wiki/wiki/non-fungible-token-nft) from all of the Pudgy Penguins sets from any [NFT](https://iq.wiki/wiki/non-fungible-token-nft) marketplaces such as [OpenSea](https://iq.wiki/wiki/opensea), [LooksRare](https://iq.wiki/wiki/looksrare), X2Y2, and [NFTX](https://iq.wiki/wiki/nftx) on the official website of the Pudgy Penguins marketplace. In addition, the marketplace also offers Lil Pudgys and Pudgys Rods as well.[\\[2\\]](#cite-id-s01r647wlh)[\\[7\\]](#cite-id-xo7zxsqv9bo)\n\n### truePengu\n\nOn July 22, 2022, to mark its first anniversary, Pudgy Penguins released its first Soulbound token, *truePengu*, on the [Ethereum](https://iq.wiki/wiki/ethereum) [blockchain](https://iq.wiki/wiki/blockchain) using the [ERC-1155](https://iq.wiki/wiki/erc-1155) standard. This non-transferable token was created to reflect user engagement and categorize holders based on the assets they held during a snapshot. Holders of a Pudgy Penguin, Lil Pudgy, and Pudgy Rod with matching ID numbers received the Ice truePengu token; those with both a Pudgy Penguin and a Lil Pudgy received the Iridescent version; and those who held only a Pudgy Penguin were given the Gold truePengu. The goal was to begin developing a framework for quantifying identity in [Web3](https://iq.wiki/wiki/web3) while becoming one of the early adopters of Soulbound tokens in the [NFT](https://iq.wiki/wiki/non-fungible-token-nft) space. [\\[17\\]](#cite-id-qzd77njsy6) [\\[25\\]](#cite-id-np1onmu6r4g)\n\n### penguPins\n\nOn August 12, 2022, penguPins, the team's second soulbound token, was released. The penguPins are identifiers for one's involvement and digital impact in Pudgy Penguins' initiatives. Sixteen penguPins were airdropped to each wallet of the individuals licensing their Penguins for the physical toy deal with PMI Toys. [\\[18\\]](#cite-id-sb6qm6qgwqf)\n\nOn September 30, 2022, the newest PenguPin, honoring the Pudgy Penguineers, was [airdropped](https://iq.wiki/wiki/airdrop) to community developers working with the Pudgy Developers team. [\\[19\\]](#cite-id-qd6bgu12n1)\n\n### Pudgy Toys\n\n$$widget0 [YOUTUBE@VID](NyXl0ikLWXo)$$\n\nOn August 10, 2022, Pudgy Penguins announced that holders would be able to license their NFTs for use in a physical toy line called Pudgy Toys, created in partnership with PMI, a company known for producing toys for franchises like Fortnite and Among Us. The announcement led to a sharp increase in trading volume. The first line of Pudgy Toys launched on May 18, 2023, and generated over $500,000 in sales within two days, with more than 20,000 units sold. Previewed at [NFT NYC](https://iq.wiki/wiki/nft-nyc), the toys quickly became the top-selling new release in Amazon’s Toddler Stuffed Animals & Toys category.\n\nAccording to [Netz](https://iq.wiki/wiki/luca-netz), the toys were intended as a sustainable revenue model to expand the brand beyond the [NFT](https://iq.wiki/wiki/non-fungible-token-nft) space. The initial product run included 100,000 toys priced between $5 and $35, with 16 SKUs licensed directly from NFT holders, who earn royalties from each sale. Each toy has a QR code linking to Pudgy World, an online platform where users can customize avatars, unlock traits, and engage with others. [\\[28\\]](#cite-id-7gpdb13vqht) [\\[29\\]](#cite-id-tln1h3kzx0r)\n\n### Short Film\n\nIn September 2022, Pudgy Penguins shared its first iteration of the project's storytime vision, Chapter One: The Great Blizzard, a short film created in partnership with Non-Fungible Films. The video shows different Pudgy Penguin characters, who are officially licensed for the film by the project. After the release, the collection was also featured on the homepage of [OpenSea](https://iq.wiki/wiki/opensea) below the subheading Storytelling NFTs. The team also introduced the Penguins selected for Pudgy Children’s Book in collaboration with Green Kids Club. [\\[20\\]](#cite-id-43tr514dbju)\n\n## Pudgy Media\n\nAfter the appointment of the new CEO [Luca Netz](https://iq.wiki/wiki/luca-netz), the management team successfully established Pudgy Media as a centralized hub for all Pudgy-related content. Pudgy Media covers blogs, GIFs, encyclopedias, videos, walkmans, tools, memes, and clubs. The new CEO used this as his main platform to post AMAs, where he discusses his view on the ecosystem's future and the development of the Pudgy roadmap. [\\[24\\]](#cite-id-1vdpi9fd87s)\n\n## Pudgy Penguins Asia Huddle\n\nIn September 2022, the Pudgy Penguins community ambassador, DegenDen, managed to expand the Pudgy Penguins' presence in Asia. The community held an event in Singapore with more than 120 participants. [\\[20\\]](#cite-id-43tr514dbju)\n\n## Pudgy Penguins Korea\n\nIn January 2023, [Pudgy Penguins Korea](https://iq.wiki/wiki/pudgy-penguins-korea) was founded by [Sook Hwang](https://iq.wiki/wiki/sook-hwang), the Korean representative in the Pudgy Asia Council. Pudgy Penguins Korea is the official Pudgy Penguins huddle based in South Korea. It was created to welcome newcomers and provide an active community for existing members in Korea. They have also been actively hosting/attending blockchain events in South Korea, such as HelloNFT and Nile ART Studio, and hosting multiple side events for [Korea Blockchain Week](https://iq.wiki/wiki/korea-blockchain-week-kbw). [\\[31\\]](#cite-id-5x13n5ncny6) [\\[32\\]](#cite-id-gyt2mxkwg9b)\n\n![image](https://ipfs.everipedia.org/ipfs/QmUwQMyySkKoy5LJpC7QF6ttC22NLzy9oT6oHaWSwbQ1LS)\n\n## Pudgy Penguins Seed Funding\n\nIn May 2023, Pudgy Penguins raised over $9 million in seed funding in a round led by 1kx, a venture capital firm specializing in early-stage investments. Investors in the round also included Big Brain Holdings, Kronos Research, the creators behind [LayerZero Labs](https://iq.wiki/wiki/layerzero), Old Fashion Research, and CRIT Ventures. Pudgy Penguins has said it will use the funds to expand its intellectual property, bolster its team, and improve its offerings for the community. [\\[27\\]](#cite-id-6ny1kdl31e)\n\n## PENGU\n\n![](https://ipfs.everipedia.org/ipfs/QmZLzK3BywVRykJM3po2MZourc56GWxBgdjLkKzW3PhiVj)\n\nPENGU is the native token of Pudgy Penguins, designed to support engagement within its ecosystem. It is used to access digital assets, community events, and exclusive experiences. The total and maximum supply of PENGU is approximately 88.8 billion tokens. It has the following distribution: [\\[33\\]](#cite-id-MTgpSeCEDg) [\\[34\\]](#cite-id-gExV6hs4TD)\n\n* **Pudgy Community**: 25.9%\n* **Other Communities**: 24.12%\n* **Current & Future Team**: 17.8%\n* **Liquidity**: 12.35%\n* **Company**: 11.48%\n* **Public Good**: 4%\n* **Proliferation**: 4%","summary":"Pudgy Penguins is a collection of 8,888 Non-Fungible Tokens on the Ethereum blockchain. 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Pudgy Penguins\",\"timestamp\":1661282985155,\"url\":\"https://pudgypenguins.com/\"},{\"id\":\"s01r647wlh\",\"url\":\"https://luckytrader.com/nft/pudgypenguins/news/pudgy-penguins-releases-its-own-marketplace\",\"description\":\"Pudgy Penguins marketplace news\",\"timestamp\":1664519893347},{\"id\":\"kq25ntyd4fc\",\"url\":\"https://opensea.io/assets/ethereum/0xbd3531da5cf5857e7cfaa92426877b022e612cf8/6873\",\"description\":\"Pudgy Penguin #6873 on Opensea\",\"timestamp\":1664520474687},{\"id\":\"6i5khj5fkjm\",\"url\":\"https://etherscan.io/tx/0x2b2c403355c8ee85023379b6b585329b201a88fae095d844030b1c3ba8a722dd\",\"description\":\"Pudgy Penguin # 6873 transaction\",\"timestamp\":1664520576093},{\"id\":\"ovcb1qsf0la\",\"url\":\"https://opensea.io/assets/ethereum/0xbd3531da5cf5857e7cfaa92426877b022e612cf8/3950\",\"description\":\"Pudgy Penguin # 3950 on 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\",\"timestamp\":1666551384492},{\"id\":\"qzd77njsy6\",\"url\":\"https://hypemoon.com/2022/10/pudgy-penguins-nft-comeback\",\"description\":\" \",\"timestamp\":1666551582168},{\"id\":\"sb6qm6qgwqf\",\"url\":\"https://twitter.com/pudgypenguins/status/1558141643454283776\",\"description\":\" \",\"timestamp\":1666552239822},{\"id\":\"qd6bgu12n1\",\"url\":\"https://twitter.com/PudgyMedia/status/1575914369908502528\",\"description\":\" \",\"timestamp\":1666553480223},{\"id\":\"43tr514dbju\",\"url\":\"https://media.pudgypenguins.com/post/september-update\",\"description\":\" \",\"timestamp\":1666554303569},{\"id\":\"fc977bhehh\",\"url\":\"https://media.pudgypenguins.com/post/july-update\",\"description\":\" \",\"timestamp\":1666555059065},{\"id\":\"y9r9ng462sh\",\"url\":\"https://www.cryptotimes.io/nft-collectible-pudgy-penguins-throws-a-f1-race-yacht-party/\",\"description\":\" \",\"timestamp\":1666555430440},{\"id\":\"e3zgtz75jls\",\"url\":\"https://opensea.io/collection/pudgypenguins\",\"description\":\"Pudgy Penguins on OpenSea\",\"timestamp\":1666942297177},{\"id\":\"1vdpi9fd87s\",\"url\":\"https://media.pudgypenguins.com/\",\"description\":\"Pudgy Media\",\"timestamp\":1674050331146},{\"id\":\"np1onmu6r4g\",\"url\":\"https://media.pudgypenguins.com/post/truepengu\",\"description\":\"PP announcing the release of truePengus\\n\",\"timestamp\":1675151876090},{\"id\":\"lhprcx17vao\",\"url\":\"https://nftevening.com/soulbound-tokens-what-is-an-sbt-and-why-you-should-know/\",\"description\":\"NFTevening SBT\",\"timestamp\":1675152093843},{\"id\":\"6ny1kdl31e\",\"url\":\"https://decrypt.co/139470/pudgy-penguins-bucked-nft-crash-now-raised-9-million\",\"description\":\"Pudgy Penguins Bucked the NFT Crash—Now It’s Raised $9 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Bitget\",\"timestamp\":1750347909052,\"url\":\"https://www.bitget.com/news/detail/12560604438949\"},{\"id\":\"gExV6hs4TD\",\"description\":\"What is Pudgy Penguins? | 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