NFT Project Pudgy Penguins Secures $9 Million

Key Points:

• Pudgy Penguins has secured $9 million in a seed round led by 1kx in order to extend its Web3 intellectual property.
• The fresh funds will be used to expand the company’s intellectual property and staff.

Six months after the CEO of Pudgy Penguins denied that the NFT collection was looking to raise up to $10 million, the company has revealed that it has raised $9 million in its seed round.

1kx, an early-stage investment company specializing in ecosystem development, led the deal. According to the release, Big Brain Holdings, Kronos Research, the creators of LayerZero Labs, Old Fashion Research, and CRIT Investments also participated.

After its start in 2021 and purchase by now-CEO Luca Netz in April 2022, the popular NFT brand has grown its IP. The company said that its Pudgy GIFs had received 3 billion views and that it now has hundreds of thousands of Instagram followers.

Pudgy Penguins’ Chief Executive Officer, Luca Netz, stated:

“Pudgy Penguins is more than just an NFT project – it is a transcendent IP brand that is providing a community of both crypto-native and non-crypto native consumers with enjoyable products, experiences, and content. With the backing of our partners and community, we are excited to create the leading Web3 IP brand of tomorrow, and to introduce Web3 to the public in a simple, seamless way.”

The brand has almost 40,000 users on Discord, which often has the most passionate community players. Thus far, Pudgy Penguins has done an outstanding job of creating a recognizable brand.

Pudgy Penguins has already brought Web3 IP to folks who may not even know what NFTs are, with over 3 billion views on its GIFs and 500,000 followers, and tens of millions of views on Instagram. The company, in addition to its incredible marketing force, is introducing a toy line, Pudgy Toys, that puts Web3 IP and blockchain technology into the homes of ordinary people in unprecedented ways.

Netz said that Pudgy Penguins is more than simply an NFT endeavor, highlighting the brand’s community component. The complete supply of 8,888 Pudgy Penguin NFTs, a collection of photos of penguins in different attire, is owned by 4,592 owners.

Pudgy Penguins said in its financing announcement that the company would utilize the new funds to further commercialize its brand’s intellectual property, including via merchandise.

And, although those actions have put Pudgy Penguins up to explore mainstream ambitions, the project has also developed its cachet among NFT die-hards, no doubt aided in part by being one of the few profile picture (PFP) projects that have actually gained value despite the industry’s overall decline.

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Harold

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