Creators on the Pudgy Penguins NFT platform are set to launch Pudgy Toys on May 18th. Following the launch news, the floor price of the Pudgy Penguins core collection increased from 4.4 to 4.7 ETH. The floor price of the Pudgy Penguins a month ago was approximately 3.5 ETH, showing a surge in the floor price.
The launch by the Pudgy Penguins NFT creators (Top-11, 166K ETH) does not have detailed information yet on the new Pudgy Toys. However, it is likely that the launch is not aimed at releasing another collection but could be some other development of the project.
According to the hint by the Pudgy Penguins NFT team on Twitter, there is a potential for massive adoption (such as a game, physical toys, etc.).
Pudgy Penguins is a collection of 8,888 NFTs stored on the Ethereum blockchain. It was originally minted in July 2021 as a PFP project. The brand produces toys and digital collectibles among others, and aims to help its community “unlock [their] inner child,” also, it is well on its way to creating the “leading web3 IP brand of tomorrow,” the CEO said.
The Pudgy Penguins CEO Luca Schnetzler (Netz) in April 2022, acquired the Pudgy Penguins rights worth $2.5 million and in a recent seed funding, the brand raised $9 million.
Pudgy Penguin holders refer to themselves as “The Huddle” and “Pengus” and are eligible for exclusive access to experiences, events, intellectual property (IP) licensing opportunities, and other available community benefits.
The highest sale of the Pudgy Penguin #6873 was for 400 ETH in August 2022 and has remained the highest to date.
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