• Pudgy Penguins is a popular and admittedly adorable NFT collection that quickly dominated the franchise. 

• Pudgy Penguin will officially launch its Webkinz-Like VR World, the Pudgy World, in 2023.

• The organization is also a Web3 IP company, releasing a line of NFT-inspired Pudgy Toys.

The NFT sector has recently taken a nose-dive for the worst. Prices have significantly reduced, with many artists, investors, and collectors abandoning NFT marketplaces. This rising trend has caused significant worry about the NFT world, but many do not comprehend the vast potential of NFT. At its core, NFT represents digital ownership, one of the main highlights of the Web3 industry. 

Through this mechanism, many investors, organizations, and sectors have utilized NFT in numerous ways. For instance, NFT led to the development of Web3 Music, the Play-As-You-Earn concept, and even digital identification systems. Despite existing marketplaces receiving the short end of the stick, many alternative organizations consistently push for the widespread adoption of NFT.

In recent news, Pudgy World, an interactive digital world that integrated blockchain technology, has set plans to enter the VR sphere in motion. According to the announcements, Pudgy Pnguines, the NFT-linked toys, will waddle their way into a Webkinz-Like VR World to launch in 2024.

Pudgy Pengiuns venture into Web3

The concept of Web3 has significantly become a popular take for many organizations, companies, and sectors. Today, decentralized applications are an upcoming concept amid the digital revolution, resulting in many organizations adopting blockchain-based services and technology. Pudgy Peguine is among numerous organizations pioneering the web3 vision.

 Typically, Pudgy Penguins is a popular and admittedly adorable NFT collection that quickly dominated the franchise. Its fame and technology soon led its founders to step further and become a Web3 IP company, releasing a line of NFT-inspired toys dubbed Pudgy Toys.

According to Luca Netx, CEO of the Web3 Companies, the NFT-inspired toys are merely a Trojan Horse to draw in new uses to the Web3 and NFT ecosystem.

In an interview, Netz said, “Unfortunately, NFT revenue is not sustainable, and it’s not growable. Thus, the toys have made the company more sustainable. Secondly, we wanted to create an IP that transcends this ecosystem, and it is through physical products.”

Also, Read Revitalizing NFTs: Yuga Labs and Magic Eden’s Ethereum Venture Sparks Hope.

Since 2021, Pudgy Penguins has grown significantly, having over 8,888 NFT collections, including real-world products and experiences ranging from live events to physical goods. By providing a tangible aspect to its NFT ecosystem, Pudgy Pengines has accomplished a feat many NFT companies have struggled with.

In May 2023, the organizations launched 16 licensed SKUs inspired by their original Pudgy Penguin NFT collections. The launch also followed 100,000 toys priced from $5 to $35 on online shops and NFT marketplaces. Netz noted, “Every toy is an NFT that lives on the blockchain, and it is licensed directly from the holder. So every time one of those toys sells, they make a royalty in perpetuity.“

Pudgy Penguin waddles into the VR World

After successfully launching NFT Inspired Toys, Pudgy Penguin has gained plenty of fanbase. This provided the market with the Web3 IP services required while also spreading the adoption of NFT-inspired toys.

This accomplishment became the organization’s fuel to broaden its users to the VR world. According to the official announcement, Pudgy Penguine will officially launch its Webkinz-Like VR World, the Pudgy World, in 2023.

Luc Schnetzler stated that Zksync will power Pudgy World and launch its alpha mode before April 2024. The launch of the VR world will enable fans to connect and interact with characters, further promoting the sale of their NFT collectables.

Furthermore, the platforms’ early access version will offer players narrative-driven and open-ended gameplay options. In an interview at the Art Basel in Miami, Netz stated, “Pudgy Penguin fans have long been waiting for more ways to interact with their characters. A place like Pudgy World will allow players to take their fandom to the next level.”

The launch of Pudgy World aligns with positive feedback from their collections. Consequently, the organization’s toymakers have increased the rollout of tangible toys alongside VR gameplay tie-ins for its digital native customers. Furthermore, to revive the NFT franchise, many organizations have sought to forgo the typical marketplaces and dive into portraying the full potential of NFT via the gaming and Toy industries.

Also, Read What’s Next for NFTs?

Spin Master, a global toymaker, released Bitzee, a tamagotchi-like VR pet, in a handheld box. This came a few months after Hot Wheel debuted its Rift Rally Race and immersive VR world, which were accessible to users of its toy car kit. By linking their tangible toys to NFT-based technology, toy makers have found new ways of entering the digital market.

Pudgy World will also actualize a famous feature many pudgy enthusiasts have eagerly awaited. According to the official report, each Pudgy Penguins toy will have a scannable code containing an NFT-based birth certificate for a digital ‘Forever Pudgy,’ or a unique character living in the VR world. In addition, it will also lead to the launch of the organization’s first “Hero Characters:” Pudgy and Peaches.

Wrapping up

With Pudgy Penguins launching a VR world, it continues to bridge the gap between toys and Web3. The organization’s unique approach to the ecosystems is a testament to blockchain technology’s vast hidden potential. If this trend continues, we may outpace the useability and capabilities of our predecessor Web2.