Last Updated on March 19, 2024 by newseditor
The popular NFT collection Pudgy Penguins’ Pudgy Toys collection is now available in 2,000 Walmart locations across the United States. These toys, which have been available online since May, are anticipated to see a significant increase in popularity, especially now that they are available in Walmart.
According to Brittany Smith, Vice President of Merchandising – toys at Walmart U.S., these Pudgy Penguins NFTs are bridging the gap between our physical and digital worlds of play for kids in a really engaging way. Each purchased Pudgy Toy will include a one-of-a-kind birth certificate that lets its owners claim exclusive traits for their digital ‘Forever Pudgy’ avatar in Pudgy World. It involves a simple process of scanning a Q.R. code, unlocking these unique features in an online virtual environment built on the zkSync Era blockchain.
Pudgy Penguins NFTs Witness an Astounding 530% Surge in Trading Volume
Pudgy Penguins NFTs experienced a sharp increase in trading volume after it was recently revealed that the project had partnered with Walmart. According to data from CoinGecko, the NFT collection saw a 530% increase in trading volume, totaling 1,033 ETH (or roughly $1.6 million) in trading volume.
The collection’s floor price increased by over 11% to 5.2 ETH, or about $8,200, and its market cap rose to 46,008 ETH, or about $73 million, at the same time.
According to Luca Netz, CEO of Pudgy Penguins, Walmart’s decision to include Pudgy Toys in their stores is a sign that customers want to interact with digital brands. He said: “Walmart’s decision to include Pudgy Toys in their stores is a testament to the evolution of how consumers engage with brands in the digital era.”
Beyond the crypto industry, the collection’s popularity will undoubtedly grow as a result of Walmart’s position as the largest retailer in the United States and one of the largest companies in the world by revenue in 2022.
Pudgy World, an immersive multiplayer digital realm, allows players to engage in exploration, gaming, and complete customization of their very own Forever Pudgy character.
Pudgy Penguins has earned an incredible $400 million in sales since its launch in 2021. This success can be credited directly to the brand’s smart use of social media and experiential marketing strategies, which set it apart from other NFT collections that struggled to garner traction.
Takeaways
Although NFTs are frequently dismissed by the mainstream media due to their price volatility and perceived lack of demand in a competitive market, the integration of physical products into established platforms provides a unique opportunity for NFT collections to engage with a broader audience and cultivate more robust brands. No doubt, the expected release of 16 unique Pudgy Toys by Walmart, with prices ranging from $2.99 to $11.97, is a big step.
