Pudgy Penguins Toys Lead to 59,000 New Web3 Wallets

Credit: Pudgy Penguins

Nansen, a leading blockchain firm, has unveiled a new dashboard tracking the success of the Pudgy Penguins toys, and one statistic signals bullishness for the collection. According to the dashboard, 59,216 new wallets have been created from the Pengu toys, indicating that customers are not just enjoying the plushies for their cuteness and fuzziness: They are actively engaging with Web3.

The statistics show that the biggest jump occurred around Christmas, with 10,000 new wallets created in 11 days. Since New Year’s Day, the total number of wallets has jumped from 40,000 to 59,000. Although the pace is much slower, the number is still increasing, a sign of the power of the brand and the ongoing sales of Pudgy Toys.

The toys first launched on Amazon in May of 2023 before being added to Walmart in the fall of that year. Luca Netz, the CEO of Pudgy Penguins, called them a Trojan Horse, as they are not simply a toy line: In addition to the physical product, they come with a QR code that allows customers to claim their own Pengu digital avatar, mint traits, and create Web3 wallets.

According to Netz, the average person does not understand why NFTs are important. But with the Pudgy Penguin Toys, they can learn about the technology and why its relevant in less than an hour.

Other statistics on the Nansen dashboard show that:

  • Pudgy Penguins holders have bridged nearly 11K ETH to the ecosystem
  • 5,581 unique wallets have bridged assets
  • Most wallets are minting between 1-5 traits, while 1.3% has minted 51 or more

The avatars, traits, and ETH will presumably have functionality in Pudgy World, a metaverse from the company that is set to launch in Alpha Mode during Q1 of 2024.

Pudgy Penguins Makes News

Although the NFT market is still in a lull amidst the memecoin frenzy, the Pudgies are showing what it takes to survive as a non-fungible token project, with many looking to them as leaders in the space. The team behind the project has expanded from its original Web3 audience, developing the Pengu IP on social media and creating new revenue streams that have allowed it to build momentum.

As such, it has made quite a bit of news as well. Here are some of the headlines involving Pudgy Penguins, all from the past two years:

With all the attention the brand has created, it may come as no surprise that its NFTs are doing well too. The floor price for the original Pudgy Penguin collection sits at 13.5 ETH ($46,800), up from 5 ETH months ago even with the recent surge in the price of Ether. The collection even briefly flipped Bored Ape Yacht Club, which had been an incumbent NFT set from the 2021 class.

Although there’s still no news about when Pudgy World will debut to the public, there’s no doubt the statistics on Nansen’s dashboard are a bullish sign for the brand. We’ll pay attention to the story and update this article if needed.