Originally a standout non-fungible token (NFT) venture during the 2021 cryptocurrency surge, Pudgy Penguins is now gaining real-world exposure through a prominent advertisement at the Las Vegas Sphere during the Christmas season.
Only a select few crypto brands have secured advertisements at the Sphere, a colossal venue adorned with LED displays, renowned for hosting immersive shows by artists like U2 and the Eagles. A bitcoin-centered campaign took place in July, making other instances quite uncommon.
The Pudgy Penguins advertisement is set to run for several days commencing December 24, featuring multiple animated segments, as disclosed by a source familiar with the arrangement. The brand allocated around $500,000 for this placement, typical for the Sphere.
“This demonstrates that a crypto initiative can transcend its digital confines and resonate with everyday consumers,” stated Vedant Mangaldas, the chief of strategy and brand at Pudgy Penguins, in an interview with CoinDesk. He emphasized that the deal was made possible by the project’s underlying “real business.”
Founded in 2021 on the Ethereum blockchain, Pudgy Penguins is celebrated for its collection of 8,888 penguin-themed NFTs, each with distinct attributes. Under new management, the initiative has broadened its scope to include physical toys available at major retailers and an interactive browser game called Pudgy World.
The most sought-after Pudgy Penguin was allegedly sold in August 2022 for 400 ETH, roughly $650,000 at that point in time. Currently, with ETH priced at $3,086, this NFT would be valued at over $1.2 million.
The project has navigated the recent prolonged NFT bear market, managing to stay relevant. Last December, it drew attention anew by announcing plans to launch a token named PENGU on Solana .
A few weeks later, the NFT collection ascended to become the world’s second most-valued set, with a minimum — or floor — price exceeding $100,000 for any of the 8,888 comic penguins, surpassing the Bored Apes Yacht Club in value.
PENGU, available on prominent exchanges like Coinbase (COIN) and Robinhood (HOOD), has experienced a decline of approximately 80% over the past year and is down about 74% from its peak of $0.042 in July.
