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Pudgy Penguins NFT Prices Surge After Creator Unveils IRL Toys
Selected penguins from the long-standing collection are being turned into physical toys, causing the project’s floor to rise and sales to pump.
By Eli Tan
Updated May 11, 2023, 4:22 p.m. Published Aug 11, 2022, 10:05 p.m.
Sales of Pudgy Penguin non-fungible tokens (NFT) heated up on Thursday after the project announced it would be licensing select NFTs to be made into physical toy collectibles.
Introducing our Pudgy Toys Lineup, licensed directly from the community.
— Pudgy Penguins (@pudgypenguins) August 11, 2022
This is the first of many instances where the Pudgy Penguins IP will allow Web2 to meet Web3.
Congratulations to the Penguins who were selected. More is coming, just look… pic.twitter.com/82iblNKCa3
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The collection has had 252 ETH (around $466,000) in sales in the last 24 hours, a 370% increase from the previous day, according to data from OpenSea.
The collection’s floor price, which is the price of the cheapest available edition, is now 2.63 ETH (around $4,900), an 18% increase from the previous day’s floor and a 60% increase from 30 days ago, according to data from NFT Floor Price.
The Pudgy Penguins’ brand has seen its share of ups and downs since its release in June 2021; it ousted its original founders in January. In April, the brand was sold to a Los Angeles-based entrepreneur and Pudgy Penguin holder for 750 ETH, revitalizing the community’s efforts to take control over the collection’s future.
Read more: Pudgy Penguins Ousts Founders as Mood Turns Icy
The announcement comes amid an ongoing debate in the NFT world about licensing rights for holders, highlighted by Moonbirds’ recent switch to a CC0 license, causing its floor price to tank.
A CC0 license, unlike the licenses of Pudgy Penguin NFTs and collections like the Bored Ape Yacht Club and CryptoPunks, allow anyone to use the creative rights behind the project’s artwork to create commercial products, not just the holder of the NFT.
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