Pudgy Penguins to Launch a Token Known as PENGU

A heavyweight from the once-hot NFT period is now stepping into the cryptocurrency issuance recreation.

Pudgy Penguins launched three years in the past as a set of 8,888 NFTs depicting colourful and comical birds.

Now, the staff behind the challenge tells CoinDesk that they are going to launch a token known as PENGU this yr on the Solana blockchain.

Almost 1 / 4 — 23.5% — of the 88 billion PENGU tokens might be reserved for homeowners of the challenge’s NFT collections like Pudgy Penguins, Lil Pudgys, Pudgy Rods and extra. An extra 22.02% might be accessible to the Solana and Ethereum communities, whereas 12.32% are put aside to supply liquidity on decentralized exchanges.

“With $PENGU, the hundreds of thousands of Pudgy Penguin followers and the a whole bunch of hundreds of thousands of people that see and share the Pudgy Penguin each day now get the chance to align themselves with the character and turn out to be part of The Huddle,” the staff shared in a press release.
Pudgy is among the many uncommon collections that managed to remain culturally related within the in any other case dreadful NFT enterprise following the value crash from the 2021-2022 bull market. Many NFTs lacked actual utility past being a digital brag. It was additionally troublesome to totally notice beneficial properties after value bumps — as market liquidity was typically insufficient to fill orders.

The pivot comes as enjoyable tokens and memecoins, not like NFTs, have taken off and flourished within the final two years. Liquidity, relative cheapness, virality and ease-of-use are key explanation why folks have flocked to those newest scorching asset courses — although enjoyable tokens and memecoins basically characterize the identical concept as NFT collections did: belonging to a passionate neighborhood.

Official Pudgy Penguins channels have over 3 million followers throughout Instagram, X, TikTok and YouTube, and movies involving the characters have notched 32 billion views on Giphy.

One of many model’s TikTok accounts is targeted on spreading good vibes beneath the “Pudgy Kindness” moniker — popularizing it as a feel-good service within the mainstream, exterior of crypto circles.

It goes past screens too. Dad or mum firm Igloo final yr launched Pudgy Toys, a toy line based mostly on the digital artwork assortment, and has since bought greater than $10 million in collectible igloos and plushies which might be carried at main retailers, together with Walmart, Goal, Amazon and Walgreens.

Pudgy Penguins is the third-largest NFT assortment by market capitalization — $550 million in whole — as of Thursday, knowledge reveals, trailing solely CryptoPunks and Bored Apes Yacht Membership. The gathering got here to life in 2021, and every penguin is hand-drawn and options varied distinct traits resembling backgrounds, physique, face, head and pores and skin.