During the Christmas week, the Pudgy Penguins NFT project showcased its animated characters on the exterior screens of the Las Vegas Sphere, marking a significant public display for the brand. The visuals went live on Christmas Eve, adding a festive touch to the popular venue known for its high-resolution LED panels that light up the Las Vegas Strip.
Founded in 2021, Pudgy Penguins was acquired by entrepreneur Luca Netz in April 2022 for approximately $2.5 million in Ether (ETH). As the NFT market faced declines, Netz pivoted towards physical toy production, which has since become a core business line, contributing to an estimated $50 million in revenue by year-end.
Despite challenges within the broader NFT market, Pudgy Penguins has maintained a strong presence, particularly on Instagram, where it has garnered around 2 million followers. The brand's strategy to diversify into toys has proven beneficial as they adapt to changing market conditions.