Pudgy Penguins is expanding its partnership with Walmart to introduce a new line of toys inspired by its popular PFP characters.
Pudgy Penguins, an Ethereum NFT initiative announced on Tuesday that it will introduce a second line of toys inspired by the colorful profile picture (PFP) characters.
This will be part of an expanded tie-up with Walmart, which includes a presence at 1,100 additional locations.The Pudgy Toys line available at 3,100 Walmart locations, will comprise plush toys, action figures and mystery igloo treasures in the style of a “blind box.”
During the previous year, the first line of Pudgy Penguins toys debuted at 2,000 Walmart shops, marking a significant step toward the widespread adoption of Web3 intellectual property.
During an interview the spokeswoman for Pudgy Penguins she stated that the Pudgy Toys line has already achieved a sales total of $10 million in less than a year, with over 750,000 toys sold.
Luca Netz, the Chief Executive Officer of Pudgy Penguins credited the company’s rise in the consumer market to its strategic partnership with Walmart. The continued popularity of Pudgy Penguin characters is shown by the recently announced expansion into additional Walmart locations, which also includes the introduction of exclusive product options.
Walmart stores prominently display the toys, with some featuring standalone units in the aisles. Although the toys are available through other retail outlets such as Five Below with Walmart stores are the most extensively exhibited.
They are also available for purchase on Amazon’s website. In the future of Pudgy World game, which will be played on the Ethereum scaling network zkSync, each Pudgy Penguin toy contains a QR code that can be used to unlock non-fungible tokens (NFT) and one-of-a-kind modifications.
Earlier in December, Netz shared that they had observed a conversion rate of approximately 20% for buyers who scanned the QR codes and claimed their free NFT items.
However, the team aimed to increase that conversion rate to 50% by implementing branding enhancements. Pudgy Penguins has emerged as one of NFT’s most remarkable success stories over the past year.
Even though the market for tokenized collectibles is steadily declining, Pudgy Penguins has discovered ways to offer its products to larger audiences while still returning value to holders.
For example, the price of Ethereum for non-fungible tokens has increased by a factor of five in just the past three months. It is also possible for holders to directly benefit from Pudgy Toys.
Pudgy Penguins introduced an intellectual property licensing program through its OverpassIP platform, allowing the company to utilize submitted artwork for non-fictional toys in exchange for a royalty fee on sold toys.
According to the website, the royalty share can reach up to 20%, depending on the type of toy acquired.
