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Stop Shoving Crypto ‘Down People’s Throats’ – Puddy Penguin CEO on NFTs

admin by admin
June 1, 2023
in CryptoCurrency
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Stop Shoving Crypto ‘Down People’s Throats’ – Puddy Penguin CEO on NFTs
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The CEO of Puddy Penguin — a non-fungible token project that recently launched a line of “physitals” on Amazon despite a bear market — offered a piece of sage advice for budding projects: Stop talking about crypto. Do.

Speaking with Cointelegraph, 24-year-old entrepreneur Luca Netz said that many NFT projects overwhelm people with Web3 jargon and information, making it almost inaccessible to newcomers:

“If you look at other NFTs in the space, can everyone really have access to it? (…) I think they’re trying to shove crypto and Web3 down people’s throats. People like People want amazing products.

Since they acquired Puddy Penguins in April 2022, Netz said the project has chosen Web3/blockchain as a “back end, not front end” approach.

That said, it essentially boils down to drawing as much attention to the IP as possible, in an easily digestible way:

“So our focus is really, how do we create a lovable character that everybody loves? And as the technology matures, the space evolves, you know, teach that user base that we are in NFT.

“Everything we do and everything you see us doing is ‘How do we get more familiarity and brand awareness around our characters?’ And that’s really at the top of the totem pole for us,” he said.

huggable pudgy penguins

One of the major initiatives launched by Netz is physical or “phygital” Puddy Penguin collectibles, which are designed from the IP of approximately 16 different NFTs from the collection.

Each toy comes with a scannable code that people can use to unlock a blockchain-based digital penguin customization so they can create their own unique NFT. All in a user friendly manner.

In a Twitter space in late May, Netz claimed that the toys pulled in $500,000 in sales from about 20,000 units within two days of debuting on Amazon on May 18.

Specifically, the hodler of those specific NFTs gets a cut of the revenue.

“So for us, you know, my number one objective — looking at the successes and failures in the space so far — is how do I bring value to our NFT holder. I think if that’s your number one goal when running an NFT business, If you don’t have a purpose, you’ll be in a tough spot, unfortunately.”

“So we believe that when we build a product and we create content, we want to pay for that to our community and that’s kind of how we’re looking at it,” he said.

From bears to penguins

At the end of 2021, Pudi Penguin essentially crumbled as the floor price plummeted, while promised milestones on the roadmap like blockchain games were nowhere to be found.

there were questions at that time raised Regarding the previous dealings of the controversial founder Cole Willemen, who was eventually ousted from the project by the community as of January 2022.

A few months later, the project was subject to a $2.5 million acquisition by Netz, and since the announcement on April 3, 2022, the minimum price for Pudgy Penguins NFTs has increased from approximately 1.3 ether (ETH) at the time to approximately 5.05 ETH. . Of writing

Pudi Penguin Floor Price Surg. Source: NFT Price Floor.

In addition, Puddy Penguins recently closed a $9 million seed funding round in early May, as well as signing a Hollywood representation deal with WME to expand IP into areas such as TV, film and gaming .

Revival under Luca Netz

While it may seem like another dead NFT project to some, Netz emphasized that he saw a diamond in the dark with a strong community that wanted to see the project flourish again:

,I think it had all the ingredients to be the face of NFT. And I felt that no one else had a similar value proposition at the time.

“I decided to buy it because I saw it had those ingredients, and they needed the right person to cook it.” He added.

Describing what he saw at Puddy Penguins, Netz said he felt it had a culture that was “second to none” with “universal IP” that was primary to growth.

“So what I mean is, universally, you know anybody, and everybody can understand Puddy Penguin, it doesn’t matter what your ethnicity, or your gender or your religion, like you’re all one Pudi understands and understands penguins,” he said.

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