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In a remarkable departure from the digital realm of cryptocurrencies, Pudgy Penguins, a standout NFT project during the bear market, is set to introduce 26 unique toys into the inventory of 2,000 Walmart stores. This audacious move has sparked an immediate surge in the floor price of the Pudgy Penguins collection, soaring by over 11% to reach 5.2 ETH, all thanks to the announcement that the world’s largest retailer, with a colossal $600 billion revenue in 2022, is endorsing these crypto-inspired toys.
As a consequence of this groundbreaking partnership, daily trading volume experienced an astonishing spike, surging by over 270% to a staggering 849 ETH, equivalent to $1.3 million, firmly positioning it as the second-highest in that time frame, just behind the renowned Bored Ape Yacht Club, according to CoinGecko.
Walmart’s decision to champion a crypto-native project marks a much-needed revival for the NFT space, grappling with a substantial downturn following an extravagant bull market. Pudgy Penguins’ innovative approach to business development may serve as a blueprint for other projects moving forward. Their onboarding process involves creating a crypto wallet and enabling NFT trading, two typically challenging aspects in introducing newcomers to Web3.
Each Pudgy Toy is accompanied by a ‘birth certificate,’ granting the owner the ability to unlock and trade unique attributes for their ‘Forever Pudgy’ avatar within Pudgy World, the project’s virtual universe.
This announcement also coincides with recent skepticism in mainstream media regarding NFTs. Rolling Stone, which once featured a Bored Ape on its cover, declared NFTs “worthless” just last week.
However, it’s important to note that the presence of these toys on Walmart’s shelves doesn’t guarantee their immediate success. Unlike many popular toys, Pudgy Penguins lacks the support of a feature film, video game, or other accompanying media to drive sales.
A remarkable turnaround story lies behind Pudgy Penguins. Entrepreneur Luca Netz assumed the CEO role in April 2022, acquiring the company responsible for the NFTs for 750 ETH, equivalent to approximately $2.2 million. The project had previously faced controversy before Netz’s acquisition.
The unveiling of Pudgy Penguins’ toys in May 2023, following nearly a year of teasing, initially involved direct sales through Amazon, with an impressive $500,000 in sales during the first two days, as per Netz.
Netz believes that the success of online sales convinced Walmart of the toys’ potential market, emphasizing the value that a broader community of holders can bring to Pudgy Penguins. He says, “Leveraging the hive mind that is the group, that is the community, that’s what it means to be a Web3 company.”