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Will we ever see the NFTS boom again? That’s what Luca Nets thinks.
Since Luca “Netz” Schnetzler took the helm in early 2022, eventually becoming CEO of Igloo and later co-inventor of the Ethereum L2 summary, the drooping penguin has become one of the most well-known brands for codes.
“I think we’ll see the fanatics again,” the Nets told me in an interview. “I think there’s a 2020, a 2021 version. I think we’ll see it again.”
The Nets also have hot take that game is evenly balanced more It could pos in a big way. “I’m even more confident about the game than the NFT,” he said.
Penguins started out as an NFT collection, but since then they’ve expanded far beyond that with games, meme-inspired social videos, children’s books and gorgeous toys.
Believe it or not, they’re not trying to create a toy brand. Netz is an IP play that we think is competing with memes like Doge and Pepe in the short term, and is a giant like Pokemon and Hello Kitty for the next few years.
Part of the appeal from a brand perspective is that the physical toy captures a different part of someone’s life and maintains the brand’s presence when all screens are off. It is also intergenerational and can retain meaning for adults and children.
“Being fair isn’t even a big revenue business. It makes a lot of top-line revenue, but it doesn’t mean you didn’t buy a sneaky penguin to build a toy business,” he said. “If you’re not making money on toys, that’s fine. If you lose money on toys, you’re fine to some extent. Now we make money on toys.
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Netz bought the Penguin brand three years ago for 750 ETH, or about $2.5 million (today it’s $2.9 million).
I have resolve and confidence to chat with the Nets, and I feel confident that “Crypto’s Everyonge in Crypto” will not stop until I own a portion of Penguin IP and a brand’s affiliated memo coin.