TechFlow News — The company behind the NFT project Pudgy Penguins has raised $9 million in funding, led by 1kx, with participation from Big Brain Holdings, Kronos Research, and the founder of LayerZero Labs.
Luca Netz, the current CEO of Pudgy Penguins, gained full control over the entire Pudgy Penguins brand in 2022. Since then, an irreconcilable rift has emerged between NFT holders—collectively calling themselves the "igloo"—and the original team that created Pudgy Penguins.
From the outset, Netz has built his strategy around the idea that Pudgy Penguins could become more than just a picture collection. The brand has already launched a range of merchandise, from hoodies to sunglasses. Upcoming is Pudgy Toys, physical-world toys based on the Pudgy Penguins IP. Overall, if any Pudgy Penguins brand initiative succeeds, it should enhance the value of the NFTs to some degree.
