The Projects

What Are Pudgy Penguins? The Ethereum NFT Collection and Toy Brand

Published

1 month ago

February 2, 2025

Since gracing the cover of the New York Times, Pudgy Penguins have been on a rollercoaster ride. Originally a cute profile picture NFT collection, Pudgy Penguins endured the ousting of its founder before finding mainstream success, with licensed toys landing on the shelves of Walmart and Target stores nationwide.

Launched amid the NFT boom in 2021, the collection and its ecosystem of companions has become the face of Web3, garnering millions of social impressions and exploding beyond the relatively small sector of crypto participants on X (formerly known as Twitter).

Here’s everything you need to know about Pudgy Penguins.

What are Pudgy Penguins?

A collection of 8,888 flightless bird NFTs, Pudgy Penguins first launched in July 2021, selling out shortly after launch for a price of 0.03 ETH, or around $90 at the time, according to data from NFT Price Floor.

The collection quickly gained acclaim, gracing the cover of the New York Times in August 2021 after columnist Kevin Roose shared his experience in “joining the Huddle.”

In just a few months after its mint, the collection held a floor price, or the lowest listed asset on the marketplace, of more than $6,000 according to NFT Price Floor. That price would dip towards $1,000 through the next six months amid the subsiding of NFT mania and some unrest within its community, leading to the ousting of its founder and a leadership turnover.

All change at the top

Restlessness in the Pudgy Penguins community grew throughout the early months of 2022 in part due to criticisms of its project founder, Cole Villemain, who goes by ColeThereum on X.

Allegations of mismanagement and more led to distrust between the founding team and the community.

As displeasure with the team grew increasingly loud, the project held a community vote which led to the removal of Villemain and takeover offers from the community.

One offer came from Netz Capital’s Luca Netz, who publicly offered around $2.5 million, or 750 ETH, in January 2022.

Months later, that offer was accepted and Netz purchased the project and its intellectual property for the amount, tweeting that he was “looking forward to spreading love.”

After Netz’ acquisition, the Pudgy Penguins floor price quickly rebounded, jumping from about $4,300 on the day of the announcement to $8,900 three days later.

Under new leadership, the project quickly installed a new roadmap and began the journey to establishing itself as a leading NFT project.

Pudgy Penguins: from NFTs to toys

One of the first major initiatives led by the new leadership was launching a Pudgy Toys line.

The project announced its intentions to work with PMI Toys in July 2022, for which it licensed Pudgy Penguin NFTs via its OverpassIP project, allowing holders to directly benefit from the usage of their Pudgy NFTs in commercial endeavors such as the physical toys.

The first toyline launched in May 2023 and could be purchased directly on Amazon, but it later expanded to include major retail partnerships with Walmart, Target, Walgreens, and more.

Just a year after rollout, Pudgy Toys had sold more than 750,000 units, according to the company, bringing in more than $10 million in the process.

Building the Pudgy Penguins brand

Since Netz took over the Pudgy Penguins have been hard at work to reach as many eyeballs around the world as possible and proliferate the brand.

One major focus for Pudgy Penguins has been in growing its social media channels to reach more consumers. The project had around 100,000 Instagram followers in July 2022, but it has since increased that following to 1.7 million as of January 2025 while amassing more than 39 billion GIF shares, according to data from GIPHY.

Efforts to spur the brand even further were buoyed when it raised $9 million in 2023 shortly after signing with talent agency WME.

Since that time, it’s also gone on to notch collaborations with brands like PEZ, CD Castellon, and Last Crumb (as well as MYRIAD, the prediction market from Decrypt’s parent company DASTAN).

PENGU: The Pudgy Penguins token

In November 2024, the project announced it would launch an ecosystem token on Solana as a way to better align incentives between the brand and its fans. The PENGU token was claimable for Pudgy Penguin NFT holders and a wide range of other Web3 communities and active crypto participants.

The token launched in December 2024, granting holders of Pudgy Penguins NFTs with 1.7 million PENGU tokens, worth more than $100,000 at the token’s all-time high as recorded by CoinGecko.

Beyond Pudgy Penguins: the other NFTs

It’s not just “big Pudgys” that make up the Penguin NFT ecosystem.

Lil Pudgys

The Pudgy Penguins ecosystem first grew with the launch of Lil Pudgys.

A companion was claimable for free for each of the 8,888 Pudgy Penguins NFTs, with another batch of Lil Pudgys going on sale to the general public for a total of 22,222 smaller versions of the original NFT.

In January 2023, the collection went “cross-chain” as part of the project’s partnership with interoperability platform LayerZero. Holders were able to transport their Lil’ Pudgys via a bridge in an effort to expand the Penguin IP.

“By enabling the Lil Pudgys to go cross-chain, we’re setting up the Pudgy Penguins ecosystem to reach millions of people,” the project wrote.

Lil Pudgys can bridge from Ethereum mainnet to Arbitrum, Polygon, or Binance Smart Chain.

Pudgy Rods (Rogs)

Pudgy Rods are a collection of fishing rod NFTs that were gifted to Pudgy Penguin holders in 2021.

The collection was initially named “Pudgy Presents,” but later changed to Pudgy Rods after fishing rods hatched from the eggs which previously populated the metadata for the NFTs.

The mismatch of fishing rods hatching from an egg was met with confusion from the community and added to the tension between the founding team and ecosystem participants that arose in late 2021.

Since that time, the Rods have found their home as the third NFT in the Pudgy hierarchy, granting holders similar benefits to those of the original Pudgys, like a PENGU token claim, albeit at smaller scales.

The future of Pudgy Penguins

Though the project already has big accomplishments under its belt, Netz has big plans for the project in the future.

The project’s parent company, Igloo Inc., is actively building out Pudgy World—a Web3 playground and storytelling universe that houses mini-games and customizable Penguins with a direct link to Pudgy Toys, which provide a QR code to get new users onboarded.

Beyond Pudgy World, the project is also working on Pudgy Party, a mobile royale game built together with Mythical Games.

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source link

The Projects

Getting Started With MYRIAD – Decrypt

Published

4 days ago

March 7, 2025

admin

Now available on Abstract, MYRIAD is the evolution of Decrypt and Rug Radio’s interconnected media ecosystem, integrating on-chain prediction markets into news stories and creator content.

Here’s how it works, and how to get started.

What is MYRIAD?

MYRIAD is a new platform that integrates prediction markets alongside written and video content from Decrypt and Rug Radio—enabling new forms of reader engagement, opening up new business models for publishers and content creators, and ultimately aiming to rebuild user trust in media.

How to get started with MYRIAD

Creating an account

Head to myriad.markets.
Click “Install MYRIAD Extension.”
You’ll be sent to the Chrome Web Store, where you can click “Add to Chrome” to download the MYRIAD extension.
Head back to myriad.markets and click “Sign in with Abstract.” You can choose whether you want to register or sign in using an email address or wallet.
Check your email for the verification link, then click through to set up your profile.

Finding your way around MYRIAD

Once you’ve registered for MYRIAD, head to myriad.markets to view the main hub for MYRIAD activities. Along the top of the page you’ll see several options:

Markets: Your hub for hot markets and activity.
Earn: Take part in MYRIAD Quests to earn points.
Leaderboard: See how you stack up against others
News: View the latest news stories and related prediction markets.
Portfolio: Track your points and active predictions.

What are MYRIAD prediction markets?

MYRIAD’s on-chain prediction markets are the heart of the platform, enabling users to back their calls on real-world events with Points. Those events can include anything from sports and crypto to gaming and politics.

As more people take part in the prediction market, the odds shift in real-time, indicating what outcome the community thinks is likely to happen.

MYRIAD’s prediction markets are made up of “shares” with values ranging from between 0 to 1 points, with its value correlating to the percentage chance of it winning. So if a share for outcome A in a prediction market is valued at 0.53 points, the market reckons that outcome A has a 53% chance of happening.

When the market resolves, the price goes to 1 point a share for whichever outcome took place; thus, the lower the odds of something happening, the cheaper betting on it becomes—and vice versa.

There are two types of market on MYRIAD: points markets and USDC markets.

Points markets

Points are MYRIAD’s in-platform currency and have no real-world monetary value. They can be used to take part in prediction markets and measure your success on the MYRIAD platform. Within prediction markets, points serve as a measure of your confidence in the outcome, and track your reputation for making successful predictions (or not!).

MYRIAD points can be earned by participating in different activities throughout the ecosystem, such as connecting your social media accounts, reading stories on Decrypt and watching Rug Radio videos.

You can also earn points through completing MYRIAD Quests, which set a series of linked tasks such as reading a Decrypt story and then completing a quiz based on it, with points awarded for completing each task.

USDC markets

Launched in March 2025, USDC markets enable MYRIAD users to make predictions on the platform using USDC, a regulated stablecoin backed 100% by U.S. dollars and dollar-denominated assets and redeemable 1:1 for U.S. dollars.

Within prediction markets, USDC enables users to stake real money on the outcome of predictions, increasing the accuracy of predictions and sentiment tracking. MYRIAD generates revenue through taking a percentage on the volume of markets, underpinning its new revenue model for media and creator content.

How to take part in MYRIAD prediction markets

To take part in MYRIAD prediction markets, you’ll first need to have installed the MYRIAD Chrome extension, which you can download at myriad.markets.

Relevant MYRIAD prediction markets appear embedded alongside Decrypt and Rug Radio content. You can also view Featured Predictions within the Chrome extension.

To view all MYRIAD prediction markets, click “Visit Dashboard” within the extension and then click “Markets.”

Regardless of how you’re viewing a prediction market, participating is simple: simply click the button under the market corresponding to the outcome you think is more likely to happen, and type in the number of points or USDC you want to bet. There are buttons to bet 5%, 10% or 100% of your holdings. Once you’ve selected how much you want to bet, click the button below the market to bet them.

You can also click on the title of any market to go through to its page, which provides a chart showing how betting intentions have varied over time, along with the rules for resolving the market.

If an event is cancelled, you’ll get your stake back, or MYRIAD will settle based on whatever official information is available.

Using USDC on MYRIAD

In order to use USDC on MYRIAD, you’ll need to fund your wallet on Abstract.

Navigate to abs.xyz.

Select “Enter Portal” in the upper right hand corner of the screen.

Click on “Fund.”

You can either purchase USDC directly from Coinbase or Moonpay, bridge USDC from another chain, transfer funds from a centralized exchange or send funds manually.

To bridge USDC from another chain, click “Bridge” to open multi-chain bridging service Jumper. Click “Connect wallet” to link your existing wallet to Jumper, and enter the amount of the token you’d like to send. Select USDC.e on Abstract.

Alternatively you can select “Centralized exchange” to transfer ETH from exchanges such as Binance or OKX to a one-time address on zkSync Era. Copy the deposit address and paste it into the send field on your exchange, or use the QR code, making sure to send funds on zkSync era.

If you hold assets other than USDC on Abstract, you can use the “Trade” function in the Abstract portal to swap them for USDC.e on Abstract.

Click on “Trade,” then search for USDC.

Click on “USDC.e” to bring up the USDC page.

In the “Trade” window, select the token you’d like to sell for USDC, and click “Review” before approving the transaction.

Help! Something’s not working!

If you encounter a bug or other issue, let us know by filling out our support form.

How does MYRIAD protect my account?

MYRIAD is committed to providing a safe, secure experience for users. Your account is protected by:

Secure authentication using email or wallet login.
Blockchain-based security for transparent and secure transactions.
Data encryption to protect your information.

To try MYRIAD now, head to myriad.markets.

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source link

The Projects

How to Prepare for Monad: The High-Speed EVM Layer-1 Blockchain

Published

2 weeks ago

February 22, 2025

admin

A new layer-1 blockchain is set to rival Ethereum and Solana. Here’s how you can prepare.

After years of building and more than $225 million raised, Monad officially unveiled its testnet on February 19.

The high-performance Ethereum Virtual Machine layer-1 network aims to rival the speed and scalability that Solana offers, while interacting with the vast Ethereum ecosystem and its applications and protocols.

It does so by using parallel execution, in other words, executing transactions that don’t depend on each other at the same time, boasting more than 10,000 transactions per second in the process.

Before the highly-anticipated debut of its mainnet, here’s how you can prepare for Monad.

Dig deep on testnet

The Monad Testnet is the first version of the network that is publicly available for users. On day one of its start, a variety of apps and protocols were available, allowing users to get a feel for the upcoming mainnet while potentially earning along the way.

The project encourages users to engage with Monad’s testnet using a fresh browser, and fresh wallet for the most secure experience.

Acquiring testnet tokens

To interact on testnet, users will need testnet Monad tokens which users can acquire from the Monad faucet. Testnet tokens do not have any economic value, but allow individuals to facilitate transactions with apps and protocols on the development network.

The faucet allows any EVM address to claim Monad testnet tokens every 12 hours. Those with a verified role in the Monad Discord may be eligible to claim a larger share of tokens when using the faucet.

Additionally, in the hope of getting users to engage with Monad testnet, the project sent more than 8.8 million EVM addresses some testnet tokens in advance based on their on-chain activity with other blockchains.

To check your balance, users can add the Monad Testnet to any EVM compatible wallet. Some popular wallets, like Phantom and Backpack, already provide native support for Monad and its testnet.

Engage with apps on testnet

Monad’s testnet has a robust ecosystem of apps, which can all be found in the network’s directory. In addition to gaining familiarity with the user experience of the highly-anticipated blockchain, users may also be eligible to earn from points programs or NFT whitelists by participating with the applications.

Gaming

Monad’s testnet is home to a handful of gaming applications, some of which are native only to Monad–like Rug Rumble, a gamified memecoin trading experience and LootGO, a walk-to-earn social app.

Other gaming apps on the chain include Plato, Anterris, and the popular Ethereum social fantasy game, Fantasy Top.

NFTs

Monad has been vocal about its intentions for a successful NFT ecosystem, partnering with an NFT ambassador as early as April 2024 and hosting NFT hackathons as recently as January 2025.

As such, the network is already partnered with major NFT infrastructure players like OpenSea and Magic Eden, who will be ready to support collectible endeavors from day one.

A variety of testnet NFTs like MonBois, Skrumpets, and LaMouch have already minted and can be traded. Plus, whitelists from collections like MeowwNads, Chog, and others can be earned via testnet activity.

More consumer focused applications–like prediction markets, social applications, and token launchpads are also available on testnet.

Examples include Kizzy, Nad.fun, and Bean Exchange.

What benefits exist for gaining exposure to Monad?

In December, the network officially unveiled the Monad Foundation, an independent organization designed to propel the future “development and adoption” of the Monad blockchain.

Though it is not explicitly stated, the creation of a foundation in Web3 is often followed by the creation and distribution of a token. Furthermore, with the unveiling of its development network and “testnet MON” tokens–users are continuing to speculate on a Monad token airdrop.

However, no official information has been provided thus far, and participating with testnet is not a guarantee of any future rewards.

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source link

The Projects

What Is Abstract? The Consumer Crypto Blockchain From the Creators of Pudgy Penguins

Published

3 months ago

December 15, 2024

admin

Only a handful of Web3 brands have managed to reach as many mainstream consumers as NFT collection Pudgy Penguins.

That’s why Igloo Inc., the parent company of Pudgy Penguins, is confident it can replicate its playbook with its new blockchain Abstract, an Ethereum layer-2 chain that aims to be the leading blockchain for consumer crypto products and applications.

In this article, we’ll explore Abstract’s concept of “consumer crypto,” and how and what it is building to bring the next billion users on-chain.

What is Abstract?

Abstract is a ZK-rollup and layer-2 blockchain built on the Ethereum network, designed to provide low transaction fees and high scalability for consumer-focused applications and products.

Abstract is specifically designed to differentiate from the general purpose architecture that most chains utilize, and instead focuses first on aligning developer and consumer interests via specific applications and protocols—like games and social platforms—and then move down outwardly towards popular on-chain activities like decentralized finance, or DeFi, and banking.

Abstract is EVM compatible, meaning that it can run applications designed and built for the Ethereum blockchain. Therefore, most existing Ethereum-based smart contracts can be easily ported to Abstract, enabling developers of already built applications to offer their products to Abstract’s users with minimal modifications.

What is consumer crypto?

In an Abstract blog, Igloo Inc. and Pudgy Penguins leader Luca Netz explained his concept of “consumer crypto,” which refers to “blockchain-powered applications that serve billions of people in their everyday lives for personal use.”

In other words, applications that the average person is most likely to use on any given day—like games, or social platforms. Netz referenced OpenSea, an NFT and digital collectibles marketplace, and Pump.fun, a meme coin and social trading platform, as two examples of successful consumer crypto platforms.

Other popular consumer crypto applications include casinos, prediction markets, and betting sites.

Who is building Abstract?

Abstract is being built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs, utilizing zero-knowledge (ZK) technologies or cryptographic proofs that help to verify transactions in a more secure, private way.

In June 2024, the company announced the acquisition of the unlaunched, NFT-focused layer-2 network Frame and its development team to help build Abstract.

Subsequently, the firm announced an $11 million fundraise, led by Founder’s Fund with participation from other Web3 venture capital firms like 1kx and Fenbushi Capital.

What’s so special about Abstract?

Abstract’s goal of bringing everyday people on-chain has led to multiple new developments that differentiate it from other blockchains.

Abstract Wallet

Abstract has developed its own global wallet for use on-chain, utilizing new developments in account abstraction to allow users to create a wallet that needs no extension or secret phrase, and does not require gas fees.

The Abstract global wallet makes use of passkeys to enable users to sign in without an email address or complex password, making it easier for users without a strong technical background to get started.

An example from the Abstract team showcases a user signing in and minting an NFT in just four clicks, far fewer than would be required in most scenarios on-chain today.

Want to see the power of @AbstractChain Global Wallet?
In this demo you can sign in, transact, and mint an NFT in just 4 clicks without touching a browser extension.
The best part? The user paid ZERO in gas fees using Abstract’s native account abstraction.
This is the future. pic.twitter.com/C3N6HyqkR4
— cygaar (@0xCygaar) November 8, 2024

Panoramic Governance

Abstract has introduced Panoramic Governance, a new type of governance design aimed at better aligning the interests of developers and consumers on the blockchain.

Panoramic Governance aims to actively incentivize governance participation and voting, while also directly rewarding the protocols that are most beneficial to the blockchain.

It does this by sharing fees with active voters and letting them decide which projects should get extra support, creating a cycle where everyone benefits by working together.

Which apps will be on Abstract?

The burgeoning Abstract ecosystem includes games, trading platforms, social products that have committed to opening when the Abstract mainnet goes live. Below we’ve compiled a list of just some of what Abstract will offer upon launch.

Games

Games committed to building on Abstract include fantasy sports like Prospect Sports and in-real-life (IRL) discovery and treasure hunts like RealGo. Other games like Duper, a poker-meets-Catan strategy game, and idle RPG Onchain Heroes are slated to launch on Abstract as well.

Social, IP, and NFTs

Social platforms like Multiplier.fun, a new take on a classic casino game, and NFT projects like Canna Sapiens have committed to Abstract.

Other projects looking to make Abstract their home include the swipe-based, Tinder-like prediction market Swipe and token launchpad Zoo.fun.

Infrastructure

Abstract’s infrastructure will host established Web3 products like Magic Eden, which will allow for trading of Abstract NFTs upon the mainnet launch. Popular blockchain analytics suite Dune Analytics, and LayerZero, a cross-chain messaging platform for interoperability between chains, will support Abstract on day one.