Once a non-fungible token (NFT) project during the crypto boom of 2021, Pudgy Penguins is moving toward real-world exposure with a high-profile ad placement at the Las Vegas Sphere during Christmas week.
Only a few crypto-related brands have secured advertising space at the Sphere, a massive LED-covered venue known for its immersive screens and performances by artists like U2 and the Eagles. A Bitcoin-focused activation took place in July, but other examples have been rare.
The Pudgy Penguins commercial will air for several days starting Dec. 24 and will include several animated segments, according to a person familiar with the matter. The brand spent around $500,000 on placement – which is standard for a race at the Sphere.
“It kind of shows that a crypto project can go beyond and beyond crypto, touch the hearts and minds of everyday consumers,” Vedant Mangaldas, head of strategy and brand at Pudgy Penguins, told CoinDesk. He said the deal was made possible because the project has a “real business” behind it.
Launched in 2021 on Ethereum, Pudgy Penguins is best known for its collection of 8,888 cartoon-style penguin NFTs, each with unique traits. Under new management, the project has since expanded to physical toys sold at major retailers and a social browser game called Pudgy World.
The most popular Pudgy Penguin was reportedly sold in August 2022 for 400 ETH, worth around $650,000 at the time. Today, the NFT would be worth over $1.2 million at the current ETH price of $3,086.
The project has fought to stay relevant during the NFT bear market that has lasted for the past few years – not without success. Last December, it made headlines when it announced plans to launch a token called PENGU on Solana. .
A few weeks later, the NFT set became the second-highest valued NFT in the world with a minimum price – or floor – for one of 8,888 comical penguins surpassing $100,000 and knocking the value of collections above its comical ape precursor, the Bored Apes Yacht Club.
PENGU, which is listed on major exchanges such as Coinbase (COIN) and Robinhood (HOOD), is down about 80% over the past year and about 74% from its all-time high of $0.042 in July.
