The crypto market is experiencing yet another bear season, causing major turmoil in the web3 sector and negatively impacting the growth of many decentralized projects, including non-fungible token collections. This NFT bear season has made it very difficult for many platforms and collections to gain traction. However, some non-fungible token projects have been made different and have flourished, while others have faded.
In this article, we will explore the Pudgy Penguins NFT collection, which has strongly defied and conquered the NFT bear market season. Pudgy Penguins, the once-niche internet project born during the height of the NFT boom, has defied every prediction, transforming into one of the most powerful new franchises in the $535 billion global collectibles industry. Below is the drastic 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
Pudgy Penguins Explained
Launched in 2021, Pudgy Penguins is a globally recognized non-fungible token collection featuring a limited set of over 8,000 cute, plump, and irresistibly charming wide-eyed penguins. The Pudgy Penguins NFT project began as cartoon penguin avatars on the Ethereum blockchain network, gaining rapid fame during the NFT craze. Penguins NFT owners get IP rights to their specific penguin, allowing them to license it for products and earn royalties.
Pudgy Penguins was founded by college students Cole Villemain, Clayton Patterson, Mickyj, and Jonah, but the brand was later acquired by Luca Netz, who is now the CEO. Despite the company suffering a bad reputation after accusations flew around on social media and within its community, Villemain and Patterson were expelled from the company in January 2022 following a Discord vote; the team stood out not just for their artwork but for what they represented.
Under the leadership of CEO Luca Netz, Pudgy Penguins has become one of the only digital-native brands to successfully jump into the physical world. His leadership has successfully navigated the project amid the bearish market by re-establishing the project’s commitment to its goals. Netz incorporated an exciting business model from his entrepreneurial background and rebranded the Pudgy Penguin NFT ecosystem via the various models.
From 2023 to 2025, Pudgy Penguins introduced NFT-inspired toys and raced past retail velocity expectations. Viral social clips have racked up over 61 billion views on their Giphy, six times more than the Japanese powerhouse Pokémon. The plushies and figurines became instant best-sellers on Amazon. Parents bought them. Teens bought them. Adults bought them. Collectors cleared the shelves. In the meantime, Pudgy Penguins toys are available in South Korea, Hong Kong, the UK, and the United States of America.
Luca Netz and his team have defied to remain in the NFT toy market. They have transformed into a multiplatform franchise, complete with digital worlds, storytelling experiences, licensing opportunities, and character expansion, positioning them alongside IP powerhouses like Pokémon, Disney, and Hello Kitty. Most recently, the team collaborated with Be@rBrick and sold their product in less than 30 minutes.
Pudgy Penguins Defies The NFT Winter
In the midst of the unfavorable NFT market conditions, which began in November and led to many NFT prices falling, Netz and his team have managed to steer the Penguin’s ship onto a favorable course. Despite the overall NFT market plummeting by more than 66% from its January peak, the Pudgy Penguins NFT floor has remained above 5 ETH, comparable to globally recognized non-fungible token collections, such as the 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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