 | Hey Reddit! I’m Luca Netz, the CEO of Pudgy Penguins, and I’m super excited to be doing this AMA with the r/CryptoCurrency community, and to start showing up on Reddit in a big way. For those who don’t know Pudgy Penguins, let me give you the backstory. In 2021, Pudgy Penguins exploded in the NFT scene as one of the first great NFT projects. Within months, Pudgy Penguins was on the front page of the New York Times, the first and only NFT project to earn that spot. However, shortly after its meteoric rise, the project lost momentum. Internal issues, a cooling market, and shaken trust led to it being written off by much of the crypto audience. Outside of a small group of loyal holders, most people thought Pudgy Penguins was dead. That’s when the community stepped in. Myself and a group of other Pudgy Penguin holders made a public offer to buy the project for 750 ETH (about $2.5M at the time) with the goal of turning the project around to its former glory. Our strategy for accomplishing this vision was simple and was predicated around something we call the “Penguin Proliferation Thesis.” This thesis puts marketing and character awareness above all. The idea is: If the Penguin is everywhere the IP will do the heavy lifting in invading the hearts and minds of every day people. As the Penguin continues to proliferate the finite supply of the NFTs and token will appreciate, creating a self fulfilling prophecy and flywheel for success for all ecosystem participants. Our big break came when we launched Pudgy Toys in 3,000 Walmarts via a pallet program in October of 2023. This activation wasn’t an ordinary activation, it was the biggest activation Walmart can give any consumer brand and we got it as our first big retail push during the hottest time of the year (Q4). The toys also weren’t ordinary, it was the first time physical products were created and licensed directly from holders of the Pudgy Penguins NFTs. On its face it was menial, but if you look under the hood you realize that it shifted the paradigm of consumer brands forever. The idea that you can be a first edition collector of a brand, and then have access to earn royalties from that collectible, adds a layer of participation to the brand funnel that never existed before. Outside of each toy being licensed from the community, every Pudgy Toy included a QR code unlocking free NFTs to Pudgy World, a digital experience where anyone can create and collect NFT traits in an open world style experience. Today, the toys are now in over 10,000 retailers worldwide, including Walmart, Target, Walgreens, and GameStop. Since then, Pudgy Penguins has taken the Penguin Proliferation thesis outside of toys and collectibles, into entertainment, social content, finance, consumables, and more. After years of success, it was clear that the barrier to entry into the Pudgy Penguins ecosystem was too high (our NFTs were $50,000 a piece), and it was clear that if we truly wanted to be the face of crypto, we needed an asset in our ecosystem that was accessible. That is when we decided to launch $PENGU, the official social currency and token (more on social currencies in my article here: https://lucanetz.substack.com/p/social-currencies-are-the-future) of Pudgy Penguins. $PENGU now has over 850,000 holders on DEXs alone. Our airdrop distributed $1.4B worth of tokens to over 6 million people, the eighth largest in crypto history and the largest airdrop ever on Solana. The story of Pudgy Penguins is one that is for the people, by the people and it was important the origin story of this token was a moment for everyone. $PENGU is now listed on over 120 exchanges, including Coinbase, Robinhood, Revoult, and UpBit. This shifted Pudgy Penguins from a brand-and-consumer model to a brand-and-participant model. Since putting toys around the world and in millions of households, here’s some of our top accomplishments:
Today, Pudgy Penguins is the greatest Community Takeover (CTO) of all time, however, our journey is far from over. Now Pudgy Penguins has a new set of goals. Pudgy Penguins is aiming to be the mascot for all of finance, the worlds next great global franchise, and the top memecoin in all of crypto with $PENGU. If you want to take a look at the fundamentals of $PENGU, you can track our mindshare, partnerships, and more here: pengu.pudgypenguins.com. I’m excited for my AMA and to get to know each and everyone one of you on Reddit! [link] [comments] |
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