The cryptocurrency market is going through another bear season, which is causing major disruption in the web3 sector and negatively impacting the growth of many decentralized projects, including non-fungible token collections. This NFT drop season has made it very difficult for many platforms and collections to gain traction. However, some non-fungible token projects were created differently and thrived while others faded.
In this article, we will take a look at the Pudgy Penguins NFT collection that has strongly weathered and conquered the NFT bear market season. Pudgy Penguins, a once-niche internet project born at the height of the NFT boom, has defied all predictions and transformed into one of the most powerful new franchises in the $535 billion global collectibles industry. What follows is the rapid evolution of Pudgy Penguins to become the leading NFT collection in the global NFT market.
Trojan Horse 🐧 pic.twitter.com/LJTSYHuq4i
— Pudgy Penguins (@pudgypenguins) December 11, 2025
Chunky Penguin Description
Launched in 2021, Pudgy Penguins is a globally recognized collection of non-fungible tokens featuring a limited edition set of over 8,000 cute, chubby and irresistibly eye-catching penguins. The Pudgy Penguins NFT project launched as a cartoon penguin avatar on the Ethereum blockchain network and quickly rose to fame during the NFT craze. Penguins NFT owners can obtain the IP rights to specific penguins to license their products and receive royalties.
Pudgy Penguins was founded by college students Cole Villemain, Clayton Patterson, Mickyj and Jonah, but the brand was later acquired by current CEO Luca Netz. Despite the bad publicity the company received after criticism spread on social media and within the community, Villemain and Patterson were expelled from the company in January 2022 following a Discord vote. The team stood out not only for their artwork, but also for what they expressed.
Under the leadership of CEO Luca Netz, Pudgy Penguins has become one of the only digitally native brands to successfully enter the physical world. His leadership has kept the project moving forward successfully, even during downturns, by re-establishing the project’s commitment to its goals. Netz leveraged its entrepreneurial background to put together an interesting business model and rebrand the Pudgy Penguin NFT ecosystem through a variety of models.
From 2023 to 2025, Pudgy Penguins will launch NFT-inspired toys and exceed retail velocity expectations. The viral social clip has amassed more than 61 billion views on Giphy, six times more views than Japan’s mighty Pokémon. The plush toys and dolls became instant bestsellers on Amazon. My parents bought it for me. Teenagers bought them. Adults bought it. Collectors have cleared the shelves. In the meantime, Pudgy Penguins toys are available in Korea, Hong Kong, the UK, and the US.
Luca Netz and his team refused to remain in the NFT toy market. They’ve transformed into multi-platform franchises with digital worlds, storytelling experiences, licensing opportunities, and character expansions, positioning themselves alongside IP powerhouses like Pokémon, Disney, and Hello Kitty. Most recently, the team worked with Be@rBrick to sell a product in less than 30 minutes.
Pudgy Penguin Defies NFT Winter
Amid unfavorable NFT market conditions that began in November, with many NFT prices falling, Netz and his team steered Penguin’s ship in their favor. Despite the overall NFT market plummeting more than 66% from its January high, the Pudgy Penguins NFT floor remained above 5 ETH, comparable to globally recognized collections of non-fungible tokens such as Bored Ape Yacht Club. Netz’s refusal to remain digital is one of the factors behind the success of the Pudgy Penguins NFT project.
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