Pudgy Penguins’ PENGU token launching in 2024
Starting out as an NFT collection in 2021, Pudgy Penguins is establishing itself as a cross cultural IP, with utility reaching beyond narrow crypto circles.
In its most recent move, parent company Igloo has announced the forthcoming release of a Pudgy Penguins token called PENGU.
No exact launch date has been confirmed, but it’s coming in 2024, and will be issued on Solana. With a total supply of 88,888,888,888, 25.9% will be allocated to the Pudgy community including NFT holders, while “other communities” will get 24.12% of tokens.
In the official announcement on X, Pudgy Penguins commented, “With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character.”
The token will underpin the expanding Pudgy ecosystem, now containing two NFT collections, multiple in development game projects, and physical plushies and toys being sold at the likes of Walmart and Target. The brand is also continuing to grow its digital presence, gaining 3 million followers across its social channels through which it promotes good vibes values.
Despite currently being the third largest NFT collection, Pudgy Penguins’ journey hasn’t been plain sailing. Following turmoil among the initial company leadership and community in 2022, Luca Netz bought the brand for 750 ETH, at the time worth around $2.5 million. Netz commented on the acquisition saying he was “Looking forward to spreading love across the Meta.”
It seems the community believed in his vision, as the IP has proven to defy challenging NFT market conditions and become the third most traded collection. Since entering the physical retail market, it’s sold over 1.5 million plushies and merch.
Working on open world project Pudgy World, the company recently announced a partnership with leading web3 game developer Mythical Games (Blankos Block Party, NFL Rivals) on a new Fall Guys-themed mobile party game called Pudgy Party.
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