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What have Pudgy Penguins been up to lately?
May 18 Pudgy Penguins announces Pudgy Toys and Pudgy World.
Pudgy Toys is its first community-supported marketplace product, and each toy is available as a digital experience on its website.
Pudgy World provides a very fast digital experience. Users only need an email address to register a blockchain wallet, and users can dress up their favorite penguins on the website.
There are six types of Pudgy Toys, priced from a few dollars to more than 20 dollars. They are sold online through Amazon and retailed offline in cooperation with PMI Toys and Retail Monster.
Each toy includes a birth certificate, which is a QR code that links to the Pudgy World website. Users can scan the code and log in to unlock unique features in Pudgy World. Each toy can unlock four to six features. Holders can decorate these traits onto their Forever Pudgy Penguin, while also buying and selling them on the Trait Marketplace powered by @OriginProtocol. After dressing up the Forever Pudgy Penguin that they are satisfied with, users can choose Mint. The Mint process is to cast it as a soul-bound NFT (ie SBT) on the blockchain. The whole process is 0 gas, and the on-chain technology is supported by Polygon.
After Pudgy Toys was launched on Amazon on May 18, more than 20,000 were sold in two days.secondary title。
What do the top IPs of the past have in common, and what can NFT learn from them?
IP-based derivative products are the most important source of income, and the main source of income for these brands is product sales. These brands make money by selling a variety of related merchandise such as toys, clothes, books, etc. Commodities are usually associated with brand images and storylines, which can attract consumers' interest and desire to buy.
These brands all target children as their main audience. This positioning helps to promote consumer behavior among different age groups, thereby expanding the brand's market size and influence.
The long-term operation of IP is based on the emotional utility between users and IP, and the core value of these brands is emotional utility rather than economic drive. This means that these brands attract consumers through emotional resonance and identification, rather than through financial incentives or other economic drivers to promote consumption behavior. This emotional utility can help brands build deeper connections and loyalty, leading to longer-term profitability and growth.
Today's most successful intellectual property brands, such as Disney, DC Comics, and Yu-Gi-Oh, all started out in simple mediums such as animated films, comics, and card games.
At the same time, trillions of dollars are spent on IP/entertainment every year. People's demand for this type of consumption is very high, and this demand may stem from the love and pursuit of animated characters and storylines, as well as the desire to buy related commodities and peripheral products.
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Advantages of Operating IP in Web3
Operating an IP in Web3 has a lower threshold than traditional IP. Storytellers and artists can create IP brands from scratch without the high costs and lengthy start-up times of traditional IP ecosystems. In contrast, NFT IP can spend as much as $1,000 to issue NFTs in a few days through low-cost issuance tools such as Manifold, Fair, and OpenSea. This allows independent artists and teams the opportunity to participate in the creation of intellectual property brands, and ordinary people can also obtain relatively equal opportunities.
With a more streamlined initial IP brand creation process, brands can focus more on story and narrative building. By reducing the time it takes to build a product, the team can perform more community building, and community members are more motivated to provide input and attract the attention of the market because they have IP ownership and corresponding benefits. This enables community members to better participate in and shape the direction and development of intellectual property brands, and can gain more benefits.
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Innovations in Pudgy Penguins' Business Model and IP Licensing
Promote its NFT IP brand to the younger generation by using memes, videos, etc. on platforms such as Tiktok and Instagram. It is worth noting that they did not mention "encryption" or "NFT" in their publicity. Removing these tags effectively avoided some users' unfamiliarity and distrust of these technologies and concepts, thereby improving user participation. Attract a wider user base.
The sale of IP derivatives ensures sustainable project business income, expands the consumer base, and ends the current zero-sum game of Web3 scrambling for inventory to a certain extent.
Arrange the authorization agreement with the community Holder in a unified manner. Among the released penguin image toys, 16 images come from more than a dozen Holders in the community. The project party prepays a signing fee to these Holders, and the subsequent toy sales revenue will be tied to the corresponding NFT number according to a certain percentage. Certainly.
For most Holders, the penguin images they hold are authorized for promotion on social media, such as emoticons on Instagram, small videos, GIFs, etc.
Pudgy Penguins may launch a new productized IP solution: OverPass (details not yet announced).
Pudgy Penguins focuses on creating digital experiences based on the unique properties of cryptocurrencies and abstracts UI/UX complexity as much as possible. Pudgy Penguins hopes to enable even those who are completely new to blockchain technology and concepts to participate in the blockchain world by providing an easy-to-use digital experience.
At present, Pudgy Penguins has achieved initial results in IP operations. We are looking forward to more follow-up actions of Pudgy Penguins, and we also look forward to NFT IP becoming the next breakthrough for Web3 to attract tens of millions of users.
