TL;DR
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Pudgy Penguins, which started as a popular NFT collection, just announced that they’re moving into the physical toy space.
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Every time one of the toys sells, the NFT owners make a royalty.
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While it’s great to see Web3-native companies branching out into physical items, it’s way easier for Web2 companies who already have brand loyalty to move into Web3 than the other way around as we’ve written about in the past.
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It’s great to see a new approach to revenue while the NFT market is down.
Full Story
Remember when Angry Birds went from simple mobile game –> blockbuster movie –> your niece’s favorite toy?
They built a thing that people loved (an addictive little mobile game), then turned that into a full on franchise!
Some NFT collections are starting to take a similar approach.
Pudgy Penguins, which started as a popular NFT collection, just announced that they’re moving into the physical toy space.
They’ve built brand awareness and trust through their NFT project, and are now looking to capitalize on that trust, creating a new revenue stream by selling physical toys.
One uniquely cool part of their toy launch is that each of the 16 toys is based on a different NFT with unique attributes.
Every time one of the toys sells, the NFT owners make a royalty.
(Meanwhile making those 16 NFTs way more valuable).
While it’s great to see Web3-native companies branching out into physical items, it’s way easier for Web2 companies who already have brand loyalty to move into Web3 than the other way around as we’ve written about in the past.
Then again, we might be wrong, and this might lead to an awesome blueprint for more successful NFT collections to move into other products.
Either way, great to see a new approach to revenue while the NFT market is down.
