TL;DR
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Over the past year or so, the Pudgy Penguins team has released a bunch of plush toys and figurines for ~$30 each, which are currently being stocked across 2,000 stores.
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It’s great that the project is doing well, particularly given that the Pudgy Penguins plush toys launched in the middle of a bear market, when interest in NFTs were at an all-time low.
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BUT, here’s what’s kinda weird about the whole thing: Can we truly call this ‘product/market fit’ when the vast majority of Pudgy Penguin NFT holders are 20/30 something year old dudes? We’re torn…
Full Story
You know that scene from The Office where Ryan talks about his goldfish dying, back when was a kid?
As his parents are giving the fish a funeral, he sits there and thinks:
“I’m too old for this.”
Well, right now, we feel a bit like Ryan.
In 2021, the Pudgy Penguin project released a bunch of NFT characters that gave access to their community called “The Huddle” on the Ethereum blockchain.
They sold out within minutes, and now the price floor for these NFTs is $27K.
(Impressive!)
What’s more impressive is how the Pudgy Penguins project entered the mainstream.
The team released a bunch of plush toys and figurines for ~$30 each, which are currently being stocked across 2,000 Walmarts and Hot Topics.
Plus – each plush toy gives the owner access to an online gaming community.
Here’s what’s awesome about it all:
First – over the counter products that seamlessly onboard folks into Web3? That’s awesome! Hats off to the Pudgy Penguins team.
Second – the project is actually doing really well, which is particularly impressive given that the Pudgy Penguins plush toys launched in the middle of a bear market, when interest in NFTs were at an all-time low.
Now, here’s what’s kinda weird about the whole thing:
We have to ask the question…
Can we truly call this ‘product/market fit’ when the vast majority of Pudgy Penguin NFT holders are 20/30 something year old dudes?
(We’re torn here).
Cause on one hand, we don’t want to be wet blankets – the Pudgy Penguins brand is a cut-and-dried Web3 success story.
…on the other…
We can’t help but feel like five-year-old Ryan at his goldfish’s funeral.
