What to know:
- Top NFT collection Pudgy Penguins is releasing a token called PENGU this year on Solana, the team behind it told CoinDesk.
- PENGU will have a total supply of 88 billion tokens, with 23.5% reserved for holders of Pudgy Penguins and related NFTs.
- Despite the NFT bear market, Pudgy Penguins has retained cultural relevance, which could help it navigate an era when attention has shifted from NFTs to fun tokens and memecoins.
As a seasoned analyst who has witnessed the ebb and flow of various digital asset trends, I find myself intrigued by the strategic move of Pudgy Penguins into the world of cryptocurrency issuance. The decision to launch PENGU on Solana is a bold step that underscores the team’s foresight and adaptability in this rapidly evolving landscape.
A heavyweight from the once-hot NFT era is now getting into the cryptocurrency issuance game.
3 years back, the Pudgy Penguins project debuted with a collection of 8,888 unique digital art pieces featuring vibrant and humorous penguin characters as Non-Fungible Tokens (NFTs).
This year, the team associated with the project has shared with CoinDesk their plans to launch a token named PENGU on the Solana blockchain.
Approximately one-fourth, or 23.5%, of the total 88 billion PENGU tokens will be earmarked for owners of the project’s NFT collections such as Pudgy Penguins, Lil Pudgys, Pudgy Rods, and others. An additional 22.02% is planned to be distributed to communities on Solana and Ethereum platforms. Lastly, 12.32% will be allocated to ensure liquidity on decentralized exchanges.
As a researcher, I’m thrilled to share that with PENGU, the vast community of Pudgy Penguin enthusiasts, along with the numerous individuals who interact daily with this iconic character, now have a unique chance to connect with the persona and join The Huddle. This was revealed in an official statement by our team.
Fun tokens and memecoins, distinct from NFTs, have rapidly grown and thrived over the past two years. Their popularity is largely due to factors such as liquidity, affordability, virality, and user-friendliness. Despite the fact that they share the same underlying concept as NFT collections – connecting people with shared passions – these latest investment trends have attracted a significant number of participants.
The official social media platforms for Pudgy Penguins boast a combined following of over 3 million users, spanning Instagram, X, TikTok, and YouTube. Videos featuring these characters have amassed an impressive 32 billion views on Giphy.
One of the brand’s TikTok handles emphasizes positivity, operating under the name “Pudgy Kindness.” This account is making waves by promoting it as a source of joy and well-being, extending its reach beyond the realm of cryptocurrency communities.
Pudgy Kindness just crossed 1M followers on Tiktok. Of all the things we’ve done at Pudgy, this is definitely my favorite. We’re going to scale this 10x and change 1000s of lives in 2025. Stay tuned 🐧👀
— Luca Netz 🐧✳️ (@LucaNetz) November 24, 2024
These toys, inspired by digital art collections, extend beyond just screens. Last year, their parent company, Igloo, launched Pudgy Toys – a line of collectibles that have since generated over $10 million in sales. Now, these adorable igloos and plushies can be found at prominent retailers such as Walmart, Target, Amazon, and Walgreens.
As of Thursday, the Pudgy Penguins NFT collection ranks third in terms of market capitalization with a total value of $550 million, according to data. This places it behind only CryptoPunks and Bored Apes Yacht Club. Launched in 2021, each penguin in the collection is meticulously hand-drawn and showcases unique characteristics, including background, body shape, facial features, head design, and skin texture.
Read More
- SUI PREDICTION. SUI cryptocurrency
- „People who loved Dishonored and Prey are going to feel very at home.” Arkane veteran sparks appetite for new, untitled RPG
- LDO PREDICTION. LDO cryptocurrency
- Destiny 2: A Closer Look at the Proposed In-Game Mailbox System
- Clash Royale Deck Discussion: Strategies and Sentiments from the Community
- Jennifer Love Hewitt Made a Christmas Movie to Help Process Her Grief
- ICP PREDICTION. ICP cryptocurrency
- Naughty Dog’s Intergalactic Was Inspired By Akira And Cowboy Bebop
- Critics Share Concerns Over Suicide Squad’s DLC Choices: Joker, Lawless, and Mrs. Freeze
- EUR IDR PREDICTION
2024-12-06 05:17