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How plushies saved Pudgy Penguins from bankruptcy

The Pudgy Penguins NFT project nearly ran out of cash before branching out into toys and building a brand that thrived in the bear market.

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How Plushies Saved Pudgy Penguins NFTs From Bankruptcy

Just about three years ago, non-fungible token (NFT) brand Pudgy Penguins was nearing bankruptcy — now it’s projected to end the year with $50 million in revenue. CEO and owner Luca Schnetzler (better known as Luca Netz) built a fortune through Instagram before breaking into the toy industry. In the blockchain world, he was among the largest Pudgy Penguins holders, but like many in the community, he wasn’t happy with the collection’s price perfo…

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