Pudgy Penguins wants to use its NFT-inspired toys to bring IP to the real world
Pudgy Penguins, an (admittedly adorable) NFT collection that also doubles as a web3 IP company, is releasing a line of toys dubbed Pudgy Toys, Luca Netz, CEO of the company, told TechCrunch+ in an exclusive interview. As the NFT sector continues to waddle through a period of frosty consumer interest, some collections are diving deep, exploring new waters and expanding their horizons to the physical realm in hopes of reaching more people and growing their brand. The penguin plushies are being made in collaboration with PMI, which also produces toys for Fortnite and Among Us, Netz said. The company sees physical toys as a “Trojan horse” for the web3 ecosystem and NFTs. “Unfortunately, NFT revenue is not sustainable and it’s not really growable,” Netz acknowledged, adding that the toys are meant to make the company more sustainable. “Secondly, we wanted to create an IP that transcends this ecosystem, and the way I know how to do that is through physical products.”. Launched in 2021 and acquired by Netz in April 2022, the 8,888-NFT collection has grown to include real-world products.
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