# Pudgy Penguins

**Type:** Web3 IP / Consumer Brand  
**Founded:** 2021 (NFT collection), restructured 2022 under Luca Netz  
**CEO:** Luca Netz  
**Domain:** Entertainment, Consumer Products  
**Status:** Active, targeting IPO 2027

## Overview

Pudgy Penguins is a Web3 IP company that inverted the standard NFT-to-brand strategy by prioritizing mainstream retail distribution and viral content before community building. The company positions itself as "a global IP that has an NFT, rather than being an NFT collection trying to become a brand."

## Business Model

**Revenue Streams:**
- Physical retail products (Schleich figurines, trading cards)
- NFT royalties and secondary sales
- Licensing partnerships
- Digital collectibles (Pengu Card)

**Distribution Strategy:**
- Retail-first approach: 10,000+ retail locations globally
- Viral content: 79.5B GIPHY views (reportedly outperforms Disney/Pokémon per upload in reaction gif category)
- Physical products as primary customer acquisition channel

## Key Metrics (2025-2026)

- **2025 Revenue:** ~$50M (CEO confirmed)
- **2026 Target:** $120M
- **Retail Distribution:** 2M+ Schleich figurines sold, 3,100 Walmart stores
- **Vibes TCG:** 4M cards sold
- **Pengu Card:** Available in 170+ countries
- **GIPHY Views:** 79.5B total

## Strategic Positioning

Unlike Bored Ape Yacht Club and Azuki, which built exclusive NFT communities first and then aimed for mainstream adoption, Pudgy Penguins inverted the sequence: mainstream distribution and viral content first, with NFT/blockchain as invisible infrastructure layer.

## Content Production

**Narrative Approach:** Minimum viable narrative—characters exist (Atlas, Eureka, Snofia, Springer) but minimal world-building investment.

**Animation Partnership:** Lil Pudgys series produced with TheSoul Publishing (parent company of 5-Minute Crafts), following volume-production model rather than quality-first approach.

## Timeline

- **2021** — Original Pudgy Penguins NFT collection launched
- **2022** — Luca Netz acquires project and restructures strategy
- **2024** — Schleich figurine partnership launches, achieving mass retail distribution
- **2025** — Achieved ~$50M revenue; Vibes TCG launches with 4M cards sold
- **2026-02** — CoinDesk Research deep-dive published; company targeting $120M revenue
- **2027** — Target IPO date (CEO stated: "I'd be disappointed in myself if we don't IPO in the next two years")