Pudgy Penguins NFT Project Maintains Strong Market Position Through Physical Product Expansion

Pudgy Penguins, an Ethereum-based NFT collection of over 8,000 cartoon penguin avatars launched in 2021, has emerged as one of the few digital collectible projects to successfully weather the ongoing NFT market downturn.

Under CEO Luca Netz, who acquired the brand after its original founders were removed in early 2022, the project has pivoted to physical merchandise with notable success. Since 2023, Pudgy Penguins has released NFT-inspired toys, plushies, and figurines that have become bestsellers on Amazon and are now distributed across the United States, United Kingdom, South Korea, and Hong Kong.

The brand's marketing reach has proven substantial, with social media clips generating over 61 billion views on Giphy—six times more than Pokémon, according to the company. A recent collaboration with Be@rBrick sold out in under 30 minutes.

While the overall NFT market has plummeted more than 66% from its January peak, Pudgy Penguins has maintained a floor price above 5 ETH, positioning it alongside established collections like Bored Ape Yacht Club. The project's expansion into physical retail and licensing has allowed it to evolve beyond purely digital collectibles into what Netz describes as a multiplatform franchise comparable to major IP holders like Disney and Hello Kitty.