Pudgy Penguins, the non-fungible token (NFT) project that once broke out in the 2021 crypto boom, is increasing its real-world visibility with an attention-grabbing ad in the Las Vegas Sphere during Christmas week.
Only a few crypto brands have secured advertising space at the Sphere, a massive LED-covered venue known for its immersive displays and performances by the likes of U2 and the Eagles. A Bitcoin-focused activation was carried out in July, but other examples are rare.
The Pudsey Penguins ad will run for several days starting Dec. 24 and will include multiple animated segments, according to a person familiar with the deal. The brand spent about $500,000 on its placement, which is standard for a Sphere run.
“This kind of shows that crypto projects can go beyond cryptocurrencies, go beyond cryptocurrencies, and touch the hearts and minds of everyday consumers,” Vedant Mangaldas, head of strategy and brand at Pudsey Penguins, told CoinDesk. He said the deal was made possible because the project had “real business” behind it.
Launched on Ethereum in 2021, Pudgy Penguins is best known for its collection of 8,888 cartoon-style penguin NFTs, each with unique characteristics. Under new leadership, the project has since expanded to include physical toys sold at major retailers and a browser-based social game called Pudgy World.
The most popular stocky penguin was reportedly sold for 400 ETH in August 2022, and was worth around $650,000 at the time. Today, the NFT is worth over $1.2 million at ETH’s current price of $3,086.
The project has struggled to stay relevant during the NFT bear market of the past few years, but not without success. Last December, the company made new headlines by announcing that it planned to launch a token called PENGU on Solana. sol$133.23.
A few weeks later, this NFT set became the second most valuable NFT in the world, with 8,888 comic penguins having a reserve price, or floor price, of more than $100,000, and the collection’s value surpassing Comic Monkey’s predecessor, the boring Monkey Yacht Club.
PENGU, which is listed on major exchanges such as Coinbase (COIN) and Robinhood (HOOD), has fallen about 80% over the past year, and is down about 74% from its all-time high of $0.042 in July.