Pudgy Penguins: From Bankrupt NFT Project to Retail Empire Comeback

An NFT project once mired in a rug pull scandal has now been resurrected with the backing of a North American retail giant. Pudgy Penguins’ CEO Luca Schnetzler recently announced that over 1 million plush toys were sold in the past 12 months—what does this number signify? A chubby penguin that can’t fly is now leading the consumer crypto revolution.

The Story Behind the Numbers

From acquiring this endangered brand for $2.5 million in 2022 to today, Schnetzler’s bet has paid off. Being listed at Target and Walmart has allowed this once purely on-chain NFT project to reach millions of everyday consumers.

On-chain data shows:

• OpenSea floor price: 12.87 ETH (about $37,580)
• Highest historical single transaction: 400 ETH (about $1.17 million)
• 7-day trading volume: $2.2 million, ranked 12th

Trading activity peaked in mid-February (an average of 439 daily transactions, with an average price of 20 ETH), then fell back to an average of 269 daily transactions. This cooling down of hype? It’s a normal market cycle adjustment.

Real Returns for NFT Holders

Here’s a detail worth noting: each NFT holder receives a 5% royalty on the net revenue from merchandise sales featuring their unique penguin character. In other words, sales of 1 million toys are generating passive income for holders.

This isn’t just a marketing case for NFTs; it’s a model for merging Web3 with real-world commerce—rather than chasing hype, Pudgy Penguins chose physical sales.