Stop shoving crypto down people’s throats — CEO of Pudgy Penguins on NFTs

The CEO of Puddy Penguin — a nonfungible token project that recently launched a series of “physitals” on Amazon despite a bear market — has wise advice to budding projects: Stop talking about crypto.

Speaking to 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:

“When you see other NFTs in space, can everyone really understand? […] I think they are trying to shove crypto and web3 down people’s throats. People don’t want that. People want great products.

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

It essentially comes down to focusing as much attention on the IP as possible, in an easily digestible way, he said:

“So our focus is really, how do we create a sweet character that everybody loves? And as the technology matures, the space evolves, you know, teach that user base that we’re in NFTs.” .

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

cuddly chubby penguin

One of the main initiatives launched by Netz is physical or “physical” Puddy Penguin collectibles, designed based on the IP addresses of approximately 16 different NFTs from the collection.

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

In a Twitter Space post in late May, Netz claimed that within two days of debuting on Amazon on May 18, the toy had sold approximately 20,000 units to $500,000.

Specifically, the hodler of those particular NFTs gets a share of the revenue.

“So for us, you know, my main goal — given the successes and failures we’ve had in the space so far — is how can I add value to our NFT holder. I think if that’s your main goal in running an NFT company, If not, then unfortunately you will find yourself in a difficult situation.

“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 look at it,” he said.

From Bear… to Penguin

By the end of 2021, Puddy Penguin has essentially crumbled as its bottom price plummets, while promised roadmap milestones like blockchain games are nowhere to be seen.

then asked questions raised Regarding the past of the controversial founder Cole Willemen, who was eventually kicked out of the project by the community in January 2022.

A few months later, the project was acquired by Netz for $2.5 million, 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. I went. Moment. Of writing

Lowest increase in Pudi Penguin prices. Source: NFT Price Floor.

On top of that, Puddy Penguins recently closed a $9 million funding round in early May, as well as signing a Hollywood representation deal with WME to expand the IP into areas such as TV, film and gaming. Did it

Revival under Luca Netz

While it may seem like just 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 like no one [else] At that time there was a similar value proposition.

“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 in Puddy Penguins, Netz said he felt it had a culture that was “unique” as well as a “universal IP” ready for development.

“So what I mean by universal is, you know everybody, and everybody can understand Chubby Penguin, it doesn’t matter what your ethnicity, or your gender, or your religion, as you Everyone understands and understands a chubby penguin,” he said.

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