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NFT collections are starting to transcend the digital realm. And some of the largest retailers in the United States are behind it.
What’s happening:
- Popular NFT collection Pudgy Penguins has announced they have sold 1M physical units of their Pudgy Penguins toy collection
Why it matters:
- One of the largest critiques of NFT collections has been their inability to shift from speculative assets into viable businesses, which is a paradigm that is now beginning to shift
- Pudgy Penguins success with retailers represents one of the first times ever that a NFT project has been able to translate into meaningful physical merchandise sales
By the numbers:
- Pudgy Penguins has sold 1M units of their toy collection in less than 12 months since striking their first distribution agreements with retailers in the United States
- The average Pudgy Penguin NFT currently trades at approximately $34K USD
Going deeper:
- Target and Walmart (NYSE: WMT) are two of the largest retailers that currently have distribution partnerships with Pudgy Penguins
