Top NFT Brand Pudgy Penguins to Release PENGU Token

A heavyweight from the once-popular NFT period is now stepping into the cryptocurrency issuance recreation.

Pudgy Penguins was launched three years in the past as a set of 8,888 NFTs that includes colourful and comical birds.

Now the staff behind the mission tells CoinDesk that they’ll launch a token referred to as PENGU on the Solana blockchain this 12 months.

Almost 1 / 4 – 23.5% – of the 88 billion PENGU tokens shall be reserved for homeowners of the mission’s NFT collections, reminiscent of Pudgy Penguins, Lil Pudgys, Pudgy Rods and extra. One other 22.02% shall be out there to the Solana and Ethereum communities, whereas 12.32% shall be reserved to offer liquidity on decentralized exchanges.

“With $PENGU, the thousands and thousands of Pudgy Penguin followers and the a whole lot of thousands and thousands of people that see and share the Pudgy Penguin every single day now have the chance to affix the character and be a part of The Huddle,” the staff shared an announcement.
Pudgy is likely one of the uncommon collections which have remained culturally related within the in any other case horrible NFT enterprise after the worth crash of the 2021-2022 bull market. Many NFTs lacked any actual use past a digital show-off. It was additionally tough to totally understand earnings after value will increase as a result of market liquidity was usually inadequate to execute orders.

The pivot comes as a result of enjoyable tokens and memecoins, in contrast to NFTs, have taken off and flourished over the previous two years. Liquidity, relative cheapness, virality and ease of use are the principle explanation why folks have flocked to those newest fashionable asset courses – regardless that enjoyable tokens and memecoins essentially signify the identical thought as NFT collections: belonging to a passionate neighborhood.

Official Pudgy Penguins channels have greater than 3 million followers throughout Instagram, X, TikTok and YouTube, and movies that includes the characters have been seen 32 billion instances on Giphy.

One of many model’s TikTok accounts goals to unfold good vibes beneath the identify ‘Pudgy Kindness’ – popularizing it as a feel-good service within the mainstream, exterior crypto circles.

It additionally goes past fencing. Mother or father firm Igloo final 12 months launched Pudgy Toys, a toy line based mostly on the digital artwork assortment, and has since offered greater than $10 million value of collectible igloos and stuffed toys offered at main retailers together with Walmart, Goal, Amazon and Walgreens.

Pudgy Penguins is the third-largest NFT assortment by market cap — $550 million in whole — as of Thursday, information reveals, trailing solely CryptoPunks and Bored Apes Yacht Membership. The gathering got here to life in 2021 and every penguin is hand drawn and has completely different options reminiscent of background, physique, face, head and pores and skin.