Mahe, Seychelles, July 21, 2025 (GLOBE NEWSWIRE) — BitMart Research, the research arm of BitMart Exchange, has released a detailed report on Pudgy Penguins, highlighting its remarkable transformation from an NFT avatar project into a multi-dimensional Web3 ecosystem brand. As major players like Coinbase, VanEck, and OpenSea embrace Pudgy Penguins avatars across social media, the project’s token $PENGU has surged over 200% in the past month, signaling growing institutional and retail interest. With real-world toy sales surpassing $10 million, a thriving gaming segment, and its own zk-powered Layer 2 network Abstract, Pudgy Penguins is emerging as a leading example of IP-driven expansion in crypto—blending culture, consumer products, and blockchain infrastructure into a unified ecosystem.
I. Pudgy Penguins Spark a Twitter Profile Picture Trend
Recently, Pudgy Penguins has ignited a profile picture trend across the crypto community, with major industry players such as Coinbase, Binance.US, OpenSea, VanEck, OKX, and BitMart successively changing their official Twitter profile pictures to Pudgy Penguins derivative images. Among them, the endorsement from traditional financial giant VanEck is particularly significant. This asset management firm with a 70-year history not only changed its Twitter avatar to a Pudgy Penguin as early as 2024 but also brought physical Pudgy toys to ring the Nasdaq bell on June 23 this year, marking a milestone of bringing a Web3 IP into mainstream finance. The recent surge in attention has also significantly boosted the price performance of related Pudgy Penguins assets. As of July 17, the ecosystem token $PENGU has skyrocketed by over 216% in the past month, with its market capitalization briefly surpassing $2.8 billion. Meanwhile, Pudgy Penguins NFT trading volume reached $13.726 million, representing a 111% increase compared to the previous month.
II. The Ecosystem Landscape of Pudgy Penguins
Since the NFT bear market began in 2022, Pudgy Penguins has not been overwhelmed by negative market sentiment. Instead, it has leveraged its uniquely adorable penguin image to actively pursue IP licensing and commercial implementation, presenting a narrative centered around brand building and cultural operations. Today, Pudgy Penguins has grown into the core brand of a diversified ecosystem. Within this ecosystem, not only is there the Ethereum Layer 2 network Abstract built on ZK architecture, but also a wide range of applications including gaming, MEMEs, NFT lottery platforms, physical toys, and consumer products.
According to official data as of July, Pudgy Penguins’ toy sales exceeded $10 million, the gaming segment reached 60,000 users, and Abstract accumulated approximately 2.5 million active users. These figures indicate that Pudgy Penguins is transforming into a true Web3 super IP with user scale effects, product commercialization capability, and on-chain infrastructure strength.
1. Physical Ecosystem
In terms of physical products, the Pudgy Toys line from Pudgy Penguins is undoubtedly the most successful commercial implementation case. Since its initial launch in May 2023, Pudgy Toys quickly climbed Amazon’s bestseller list with sales surpassing $10 million, and it later successfully entered over 10,000 Walmart stores across the United States. With a rich variety of plush toys, figurines, and igloos, combined with a revenue-sharing mechanism linking Pudgy NFTs to real-world merchandise, NFT holders are also able to earn passive income from product sales. This model offers a valuable reference point for commercialization across the entire NFT industry.
2. Gaming Sector
The gaming sector is also a key focus area for Pudgy Penguins. In May of this year, the 1v1 turn-based battle game Pengu Clash launched on the TON ecosystem and attracted over 60,000 players within its first week. In addition, the upcoming multiplayer survival mini-game Pudgy Party, scheduled for release in the summer of 2025, has already drawn significant community interest, with its official Twitter account nearing 100,000 followers. By continuously launching lightweight gaming experiences that align with users’ social habits and entertainment preferences, Pudgy Penguins is steadily expanding the reach of its IP and effectively attracting more users into its ecosystem.
3. Abstract Ecosystem
Abstract
Abstract is an Ethereum Layer 2 network based on ZK-rollup technology, jointly launched by Igloo Inc., the parent company behind Pudgy Penguins, and Cube Labs. It adopts a wallet solution that does not require mnemonic phrases and follows a user-centric design philosophy, aiming to lower the barrier to entry and expand the adoption of consumer-level applications. As of July 18, Abstract’s network TVL reached $42.6M (a 533% increase compared to the beginning of the year), with active users ranging between 50K and 200K. The network hosts a diverse ecosystem that includes games and NFT applications related to Pudgy Penguins. Some of the more popular projects within the ecosystem include:
- Abster: Abster is the official MEME mascot of Abstract. As of July 17, Abster’s market cap rose to $37.6M, making it the highest-valued MEME token within the Pudgy Penguins ecosystem.
- Polly: Polly is the official token of the lottery project PollyPrize. Users can participate in the platform’s lottery events by purchasing Polly tokens. One ticket costs either 1 USD or 50 Polly points, and prizes consist of popular NFTs, such as Goblintown and Moonbirds.
III.Future Development Potential
In the short term, there are three key developments within the Pudgy Penguins ecosystem that warrant close attention. First, in March of this year, crypto asset management firm Canary Capital officially submitted an application to the SEC to launch a spot ETF product based on $PENGU. If approved, this ETF would become the world’s first to use a native asset from an NFT project as its underlying. This would not only represent a milestone in the integration of Web3 and traditional finance but also bring unprecedented institutional recognition to $PENGU. Achieving asset anchoring and compliant circulation within the traditional financial system would significantly enhance Pudgy Penguins’ liquidity, valuation foundation, and investability for institutions.
In addition, infrastructure development is accelerating around Abstract. Pudgy Penguins CEO Luca Netz stated publicly during a livestream that Abstract is expected to launch its TGE by the end of this year. As the core infrastructure supporting Pudgy Penguins’ games, NFT interactions, and social applications, the establishment of Abstract’s token mechanism would provide stronger incentives and collaborative expectations for ecosystem participants, driving further attention and activity across native projects like PENGU, Abster, and PollyPrize.
Finally, the multiplayer survival mini-game Pudgy Party is expected to launch this summer and has already attracted significant community interest. As the official release approaches, MEME characters within the ecosystem—such as Abster—are likely to be integrated into the game through content and gameplay collaboration, further strengthening brand stickiness and increasing ecosystem engagement.
Pudgy Penguins has now evolved far beyond the scope of a traditional NFT project. It has developed into a composite Web3 brand encompassing IP, physical products, gaming, and infrastructure. Originating from a PFP IP, it has expanded into offline consumer goods, casual social games, ZK Layer2 infrastructure, and MEME tokens with lottery platforms—gradually building a comprehensive ecosystem that spans virtual and real-world experiences, multi-chain architecture, and diverse application scenarios. This multidimensional ecosystem is a key reason why Pudgy Penguins continues to maintain market vibrancy despite the broader NFT market downturn.
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