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Pudgy Penguins, an NFT collection, has moved from Web3 to physical retail by placing its Pudgy Toys in Walmart stores across the U.S. The toys were initially available online but will now be sold in about 2,000 Walmart locations. Walmart is the largest retailer in the U.S. and led globally in revenue in 2022.
Trading Volume Increases for Pudgy Penguins
CoinGecko data indicates a change in Pudgy Penguins’ trading activity following the Walmart collaboration. The NFT collection’s trading volume increased by 281%, tallying 944 ETH in the last 24 hours. The floor price rose by 11% to 5.2 ETH, and the market cap reached 46,179 ETH at the time of writing.
Brittany Smith, Walmart’s U.S. vice president of toy merchandising, commented, “Pudgy Penguins is connecting our physical and digital play worlds in an engaging way.”
Luca Netz, CEO of Pudgy Penguins, said, “Walmart’s decision to include Pudgy Toys reveals an evolution in how consumers interact with digital brands.”
Implications for NFT and Retail Industries
Walmart’s influence is set to extend the reach of Pudgy Penguins beyond the crypto industry. The Pudgy Toys will be sold next to established consumer brands in Walmart stores. Moreover, Pudgy World, a digital environment, allows users to walk around, play games, and customize their Forever Pudgy characters.
Since launching in 2021, Pudgy Penguins has generated $400 million in sales. The brand has effectively used social media and other marketing strategies to distinguish itself. The collaboration between Pudgy Penguins and Walmart could influence how NFTs are seen and interacted with by a broader audience.
What are Pudgy Penguins?
Pudgy Penguins is a project to watch if you’re a marketer interested in NFTs. These digital collectibles have caught the attention of both enthusiasts and investors in the crypto art scene. The project was initially founded by ColeThereum and Mr Tubby in 2021 to build a positive, collaborative community through avatar-based NFTs.
In April 2022, entrepreneur Luca Netz acquired the project for $2.5 million and brought it under the umbrella of Netz Capital. Since taking the CEO role, Netz has helped the project advance considerably. He secured licensing agreements to produce physical toys based on the digital collectibles, expanding the project’s influence. During the Christmas season of 2022, the project grew in popularity. It recently secured $9 million in seed funding from 1kx, solidifying its position as an intellectual property brand.
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By: Gabriel Rodriguez
nftnewstoday.com
