Pudgy Penguins floods Twitter: From NFT project to a multidimensional Web3 ecological IP

Pudgy Penguins has developed into a composite Web3 brand encompassing IP, physical products, games, and infrastructure.

Written by: BitMart Research

I. Pudgy Penguins Sparks Twitter Avatar Change Trend

Recently, Pudgy Penguins has sparked a wave of avatar changes in the crypto community, with industry institutions such as Coinbase, Binance.US, OpenSea, VanEck, OKX, and BitMart successively changing their official Twitter avatars to Pudgy Penguins' derivative images. The endorsement from traditional financial giant VanEck is particularly crucial; this asset management company with a 70-year history not only changed its Twitter avatar to a Pudgy Penguin as early as 2024 but also made its debut on Nasdaq with physical dolls on June 23 this year, bringing Web3 IP into the mainstream financial arena. The recent hype has significantly boosted the price performance of Pudgy Penguins-related assets. As of July 17, the Pudgy Penguins ecosystem token $PENGU surged over 216% in the past month, with a market cap briefly exceeding $2.8 billion. The trading volume of Pudgy Penguins NFTs increased to $13.726 million, a 111% increase compared to the previous month.

II. The Ecological Panorama of Pudgy Penguins

Since the NFT bear market began in 2022, Pudgy Penguins has not been swallowed by market sentiment. Instead, it has actively engaged in IP licensing and commercial implementation, telling a narrative about brand building and cultural operation through its unique cute penguin image. Pudgy Penguins has now grown into the core brand of a diverse ecosystem. Its ecosystem includes not only the Ethereum Layer2 network Abstract built on ZK architecture but also integrates game applications, MEME, NFT lottery platforms, offline toys, and consumer goods.

According to official data as of July, Pudgy Penguins toy sales exceeded $10 million, the number of users in the gaming sector reached 60,000, and Abstract had approximately 2.5 million cumulative active users. This series of data indicates that Pudgy Penguins is transforming into a true Web3 super IP with user scale effects, product commercialization capabilities, and on-chain infrastructure capabilities.

1. Physical Ecosystem

In terms of physical products, Pudgy Penguins' Pudgy Toys series is undoubtedly the most successful commercial implementation case. Since its first release in May 2023, Pudgy Toys quickly topped Amazon's bestsellers list, with sales surpassing $10 million, and subsequently successfully entered over 10,000 Walmart stores across the United States. The rich category designs of plush toys, dolls, and ice houses, combined with the revenue-sharing mechanism between Pudgy NFTs and real-world products, allow Pudgy holders to earn passive income from sales, providing a reference for commercialization paths in the entire NFT industry.

2. Gaming Sector

The gaming sector is also a key focus for Pudgy Penguins. In May of this year, the 1V1 turn-based battle game Pengu Clash launched in the TON ecosystem, attracting over 60,000 players in its first week. Additionally, the multiplayer survival adventure game Pudgy Party, set to launch in the summer of 2025, has already garnered significant user interest, with its official Twitter following nearing 100,000. By continuously introducing lightweight game content that aligns with users' social habits and entertainment needs, Pudgy Penguins is steadily expanding the reach of its IP and effectively attracting more users into its ecosystem.

3. Abstract Ecosystem

Abstract

Abstract is the Ethereum Layer2 based on ZK-rollup technology launched by Pudgy Penguins' parent company Igloo Inc. in collaboration with Cube Labs. It employs a wallet solution that does not require mnemonic phrases and a user-centered design philosophy, aiming to lower user barriers and expand the popularity of consumer-grade application scenarios. As of July 18, Abstract's network TVL reached $42.6 million (a 533% increase compared to the beginning of the year), with active users maintaining between 50,000 and 200,000. The network supports a diverse ecosystem, including Pudgy Penguins-related games and NFT applications. Some popular projects in the ecosystem include:

Abster: Abster is the official mascot MEME of Abstract. As of July 17, Abster's market cap rose to $37.6 million, making it the highest market cap MEME coin in the Pudgy Penguins ecosystem.
Polly: Polly is the official token of the lottery project PollyPrize, allowing users to participate in platform lottery activities by purchasing Polly tokens. The price of a ticket is $1 or 50 Polly points, with prizes being currently popular NFTs, such as Goblintown and Moonbirds.

III. Future Development Potential

In the short term, there are three key trends to watch in the Pudgy Penguins ecosystem. First, the crypto asset management firm Canary Capital officially submitted an application to the SEC in March this year to launch a spot ETF product based on $PENGU. If this ETF is ultimately approved, it will become the world's first ETF product with NFT project native assets as the underlying asset, marking a milestone and bringing unprecedented institutional recognition to $PENGU. Achieving asset anchoring and compliant circulation within the traditional financial system will significantly enhance Pudgy Penguins' liquidity, valuation foundation, and institutional investability.

Additionally, the infrastructure Abstract is also accelerating its improvement. Pudgy Penguins' CEO Luca Netz publicly stated in a live broadcast that Abstract is expected to launch its Token Generation Event (TGE) by the end of this year. As the core infrastructure supporting Pudgy Penguins' games, NFT interactions, social applications, and other diverse businesses, the token mechanism of Abstract, once implemented, will provide stronger incentives and collaboration expectations for ecosystem participants, further boosting the popularity of native projects such as PENGU, Abster, and PollyPrize.

Finally, the multiplayer survival adventure game Pudgy Party is expected to launch this summer and has already garnered significant attention in the community. As the official launch of the game approaches, MEME characters like Abster within the ecosystem are expected to achieve content linkage and gameplay integration in the game, further strengthening brand stickiness and enhancing ecosystem popularity.

Currently, Pudgy Penguins has far surpassed the scope of traditional NFT projects; it has developed into a composite Web3 brand encompassing IP, physical products, games, and infrastructure. Starting from its initial avatar IP, it has expanded into offline consumer goods, light social games, ZK Layer2 infrastructure, and MEME tokens and lottery platforms, gradually building a composite ecological closed loop that spans virtual and real worlds, multiple chains, and various scenarios. This is also the main reason why Pudgy Penguins has maintained market activity despite the ongoing downturn in the NFT market.

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