Pudgy Penguins, a notable non-fungible token (NFT) project that gained prominence during the 2021 cryptocurrency surge, is enhancing its real-world presence with a high-profile advertisement at the Las Vegas Sphere this holiday season. The campaign is set to kick off on December 24 and will feature several animated segments, showcasing the brand to a wide audience.
Only a select few crypto brands have managed to secure advertising space at the Sphere, an enormous venue renowned for its striking LED displays and performances from major artists like U2 and the Eagles. Previously, a bitcoin-focused campaign took place in July, but opportunities for similar promotions have been scarce. The ad placement for Pudgy Penguins reportedly cost around $500,000, which aligns with the typical expenses associated with advertising at this prominent location.
Vedant Mangaldas, the chief of strategy and brand at Pudgy Penguins, expressed that this initiative demonstrates the potential of a cryptocurrency project to transcend the digital realm and connect with everyday consumers. Mangaldas emphasized that the backing of a “real business” made this advertising venture possible.
Founded in 2021 on the Ethereum blockchain, Pudgy Penguins is celebrated for its collection of 8,888 unique cartoon-style penguin NFTs. Under new management, the project has diversified its offerings, introducing physical toys available at major retailers and a browser-based social gaming experience called Pudgy World.
One of the most notable Pudgy Penguins was sold in August 2022 for 400 ETH, valued at approximately $650,000 at that time. Currently, this NFT”s worth has surged to over $1.2 million, given the current price of ETH at $3,086. Throughout the prolonged NFT bear market in recent years, the project has worked diligently to maintain its relevance, achieving some success along the way.
In December of the previous year, Pudgy Penguins made headlines by announcing plans to launch a token named PENGU on the Solana blockchain. Shortly thereafter, the NFT collection became the second most valuable in the world, with a minimum price, or floor price, exceeding $100,000, thus surpassing the previously dominant Bored Apes Yacht Club collection.
PENGU is currently available on major exchanges, including Coinbase and Robinhood, although it has seen a significant decline of approximately 80% over the past year, down about 74% from its all-time high of $0.042 recorded in July.
