A couple of days ago, I attended an in-person event in Beijing hosted by @pudgypenguins, and it really left an impression on me. Let’s talk about the progress Pudgy Penguins has made over the past two years.
🎁 At the end of this post, I’m giving away a bundle of collab merch from @pudgypenguinsCN and @deepcoincn. It’s packed with goodies!
At the end of 2024, I wrote a post about Pudgy Penguins titled “From NFT Blue Chip to Token Breakout: $PENGU Is Opening a New Chapter for Pudgy Penguins” 👉https://x.com/zijing/status/1870140117928817050
Looking back now, launching a token was probably just one milestone along the way. The project didn’t stop there and fall back on the old playbook of “launch a token, pump the price, and maintain the community.” Instead, it has kept pushing itself toward becoming a true consumer IP.
Over the past two years, it has also continued to build out its IP universe, steadily developing a story of its own.
Its toys have made their way into retail chains like Walmart and Target. Trading cards, blind boxes, plushies, and figures keep rolling out. It has collaborated with brands such as BE@RBRICK, Man City, Lufthansa, and PEZ, and created children’s books, short videos, games, and digital content. Through Pudgy World, it has also brought the digital features of its physical toys into a free penguin world that anyone can play just by opening a browser. More recently, it has continued expanding into areas like candy, beauty, Asian collectible cards, and livestream shopping.
What I admire most about @LucaNetz is how consistently he’s worked to bring an on-chain PFP into the real world, so that people in Web2 don’t see it as a financial product (most people don’t even know about that side of it). They simply appreciate its strength as an IP.
Viewed individually, none of these things is particularly new in the consumer products space. But taken together, they give us a good sense of Pudgy Penguins’ strategy:
First, make sure people see it wherever they look. Then make it available to buy, play with, and collect in the real world. Only after that do users gradually encounter the Web3 assets and community behind it.
This approach is much smoother than trying to teach everyday Web2 users what an NFT or a wallet is right off the bat. After all, there’s a reason people call crypto enthusiasts “crypto cockroaches” 😂 Many people hear “Crypto” and immediately steer clear. But if you introduce Web3 through an IP they already like, the experience is much more inviting. That alone means Pudgy Penguins deserves credit for helping Web3 reach a broader audience.
That’s also why I’m willing to see Pudgy Penguins as the Web3 project that’s currently closest to becoming its first major IP.
It may not be the next Pokémon just yet, and it hasn’t fully proven that it can sustain itself through licensing, repeat purchases, and content revenue. But at least within Web3, few projects have managed to connect on-chain communities, physical products, retail channels, brand partnerships, games, and content all at once.
Another thing worth noting is that Pudgy Penguins has held on to something rare for a Web3-native project: many of its IP characters weren’t dreamed up by the team from scratch. They started with the penguins owned by Holders, and were continually used, remixed, and shared by the community. That means Holders aren’t just buyers; in a way, they’ve become part of the brand.
Looking ahead, we’ll need to keep an eye on whether Pudgy World can retain a stable user base, whether merch like toys and trading cards can drive repeat purchases from fans, whether brand partnerships can turn into long-term licensing revenue, and how $PENGU can build deeper connections with real products, games, and community experiences. Luca and the team will need to show us how it’s done.
If all these pieces come together, Pudgy Penguins will be the first truly global IP to emerge from Web3 and win recognition and affection from people outside the space. At that point, it wouldn’t be an exaggeration to say it had surpassed PUNK in the NFT world.
This time, the event was held in a traditional Beijing courtyard, with plenty of old Beijing touches: live guzheng music and sugar-figurine making, plus local snacks and desserts. You could tell the team had put real thought into it, adapting to the location and doing their best to make the event feel local.
Quite a few projects with good foresight also took the opportunity to meet users in person: @deepcoincn @cbid_io @JoinProxima @Tangem @FIGUROBOTIC. Kudos!
I hope they hold more events like this in the future, so we can see Pudgy Penguins in more cities and watch it continue down this path with confidence.
Web3 needs native IPs like this. They give more people outside the space a chance to discover Web3 through an IP that’s cute, tangible, and approachable.
As always, follow @pudgypenguinsCN and @zijing, and like, repost, and comment. A Grok giveaway in 24 hours—win a physical bundle, shipped free to your door. Hope Pudgy Penguins brings you some joy 🐧
🎁 At the end of this post, I’m giving away a bundle of collab merch from @pudgypenguinsCN and @deepcoincn. It’s packed with goodies!
At the end of 2024, I wrote a post about Pudgy Penguins titled “From NFT Blue Chip to Token Breakout: $PENGU Is Opening a New Chapter for Pudgy Penguins” 👉https://x.com/zijing/status/1870140117928817050
Looking back now, launching a token was probably just one milestone along the way. The project didn’t stop there and fall back on the old playbook of “launch a token, pump the price, and maintain the community.” Instead, it has kept pushing itself toward becoming a true consumer IP.
Over the past two years, it has also continued to build out its IP universe, steadily developing a story of its own.
Its toys have made their way into retail chains like Walmart and Target. Trading cards, blind boxes, plushies, and figures keep rolling out. It has collaborated with brands such as BE@RBRICK, Man City, Lufthansa, and PEZ, and created children’s books, short videos, games, and digital content. Through Pudgy World, it has also brought the digital features of its physical toys into a free penguin world that anyone can play just by opening a browser. More recently, it has continued expanding into areas like candy, beauty, Asian collectible cards, and livestream shopping.
What I admire most about @LucaNetz is how consistently he’s worked to bring an on-chain PFP into the real world, so that people in Web2 don’t see it as a financial product (most people don’t even know about that side of it). They simply appreciate its strength as an IP.
Viewed individually, none of these things is particularly new in the consumer products space. But taken together, they give us a good sense of Pudgy Penguins’ strategy:
First, make sure people see it wherever they look. Then make it available to buy, play with, and collect in the real world. Only after that do users gradually encounter the Web3 assets and community behind it.
This approach is much smoother than trying to teach everyday Web2 users what an NFT or a wallet is right off the bat. After all, there’s a reason people call crypto enthusiasts “crypto cockroaches” 😂 Many people hear “Crypto” and immediately steer clear. But if you introduce Web3 through an IP they already like, the experience is much more inviting. That alone means Pudgy Penguins deserves credit for helping Web3 reach a broader audience.
That’s also why I’m willing to see Pudgy Penguins as the Web3 project that’s currently closest to becoming its first major IP.
It may not be the next Pokémon just yet, and it hasn’t fully proven that it can sustain itself through licensing, repeat purchases, and content revenue. But at least within Web3, few projects have managed to connect on-chain communities, physical products, retail channels, brand partnerships, games, and content all at once.
Another thing worth noting is that Pudgy Penguins has held on to something rare for a Web3-native project: many of its IP characters weren’t dreamed up by the team from scratch. They started with the penguins owned by Holders, and were continually used, remixed, and shared by the community. That means Holders aren’t just buyers; in a way, they’ve become part of the brand.
Looking ahead, we’ll need to keep an eye on whether Pudgy World can retain a stable user base, whether merch like toys and trading cards can drive repeat purchases from fans, whether brand partnerships can turn into long-term licensing revenue, and how $PENGU can build deeper connections with real products, games, and community experiences. Luca and the team will need to show us how it’s done.
If all these pieces come together, Pudgy Penguins will be the first truly global IP to emerge from Web3 and win recognition and affection from people outside the space. At that point, it wouldn’t be an exaggeration to say it had surpassed PUNK in the NFT world.
This time, the event was held in a traditional Beijing courtyard, with plenty of old Beijing touches: live guzheng music and sugar-figurine making, plus local snacks and desserts. You could tell the team had put real thought into it, adapting to the location and doing their best to make the event feel local.
Quite a few projects with good foresight also took the opportunity to meet users in person: @deepcoincn @cbid_io @JoinProxima @Tangem @FIGUROBOTIC. Kudos!
I hope they hold more events like this in the future, so we can see Pudgy Penguins in more cities and watch it continue down this path with confidence.
Web3 needs native IPs like this. They give more people outside the space a chance to discover Web3 through an IP that’s cute, tangible, and approachable.
As always, follow @pudgypenguinsCN and @zijing, and like, repost, and comment. A Grok giveaway in 24 hours—win a physical bundle, shipped free to your door. Hope Pudgy Penguins brings you some joy 🐧
