Pudgy Penguins will achieve its $50 million revenue target this year. CEO predicts that the NFT market will be revived?

Will the Non-Fungible Token Market Regain Its Former Glory? Pudgy Penguins CEO Luca Netz believes the answer is yes. In an interview with Blockworks, Netz suggested that the NFT frenzy of 2020 and 2021 could potentially reoccur. Beyond Non-Fungible Tokens, Netz is also confident about the development of crypto gaming, emphasizing that the gaming market has stronger crowd appeal and scale potential, and could become a crucial engine for mainstreaming the crypto industry. Pudgy Penguins initially started as an NFT series on ETH, but after Netz took over, it has transformed into a diverse intellectual property licensing brand. Its IP content now covers games, social videos, children's books, and plush toys, far exceeding its original NFT positioning. Although Pudgy Penguins has achieved good sales in the physical toy market, conquering the children's toy market is not the ultimate goal. Netz views it as a strategic tool to enhance brand influence, especially in scenarios beyond screens, achieving cross-generational cultural penetration through physical toy sales. Netz states that Pudgy Penguins will compete with Doge and Pepe in the meme coin market, with long-term goals targeting global mainstream heavyweight IPs like Pokémon and Hello Kitty. "Crypto-native" is just the starting point, with expansion into broader consumer markets being the core of future blueprints. Netz's Igloo Inc., which owns Pudgy Penguins, ETH Layer 2 protocol Abstract, and Non-Fungible Token licensing platform Overpass, aims to achieve $50 million in revenue by 2025. This performance demonstrates the initial effectiveness of its cross-platform and cross-domain development strategy. Netz points out that compared to DeFi, the market directly engaging consumers in the crypto industry harbors even more massive business opportunities, with consumer-oriented entrepreneurship considered to have more potential value and income. Netz's vision is for every crypto user to own Pudgy Penguins' IP or related memecoin "PENGU". Starting from the native community and family consumer market, the brand is gradually moving towards globalization and normalization, attempting to establish the next truly culturally penetrative crypto brand. Compared to most NFTs stuck in speculation, Pudgy Penguins demonstrates a clearer brand strategy and execution. It quickly expanded from pure digital assets to physical products and mainstream markets, establishing a brand image and breaking the limitations of crypto projects that often only rotate within their communities. Pudgy Penguins does not rely on short-term speculative value but continuously invests in intellectual property rights' depth and content creation, gradually planning out a long-term operational brand asset from toys to books to games. Additionally, the management team possesses cultural and creative product management capabilities, clearly understanding how to bridge Web3 consumers and the mass market - a key element lacking in other Non-Fungible Tokens. Most importantly, Pudgy Penguins uses Non-Fungible Tokens as a launch point, not the sole product form. Even after the NFT wave recedes, it can extend its product lifecycle through IP, truly moving towards becoming "the next Pokémon or Hello Kitty". These qualities make Pudgy Penguins one of the few Non-Fungible Token brands capable of evolving from crypto-native to a globally conquering IP brand, rather than just another fleeting meteor in the NFT market. Pudgy Penguins (PENGU) surged 28% today, with reasons including Binance removing the high-risk "Seed Tag", overall Non-Fungible Token market recovery, and technical breakthroughs attracting buying interest. However, overheating signals have also raised market concerns about potential short-term pullbacks.

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Binance Removes Seed Tag, Opening the Door for Institutional Funds

On July 21, Binance officially removed the "Seed Tag" label from PENGU. This label was primarily used to mark high-risk tokens, so its removal symbolizes PENGU being viewed as a more mature asset and increases its attractiveness to institutional investors. After the news was released, PENGU began to gradually rise.

NFT Market Explodes, PENGU Rises with the Tide

Besides the positive news from Binance, the overall NFT market's recovery also provides strong support for PENGU. The floor price of Pudgy Penguins' Non-Fungible Token surged 15% in a single day, reaching 16.75 ETH (approximately $63,500), indicating the market's rapidly warming confidence in the project.

Large investors are also participating, such as a CryptoPunks acquisition worth $5.87 million that further ignited market enthusiasm. Additionally, ETH breaking through $3,800 served as an accelerant. The overall NFT trading Volume suddenly increased by 344% to $42.7 million, which in turn boosted tokens associated with NFT projects, like PENGU.

(NFT Reserve Company? Market Trading Volume Triples to a New High, Large Investors Sweep CryptoPunks for Millions)

Technical Breakthrough with Increased Risk, High Probability of Short-term Pullback

From a technical chart perspective, PENGU successfully broke through a symmetric triangle pattern and exceeded the estimated target price of $0.0379, reaching as high as $0.0398 and triggering a wave of momentum buying.

However, overheating signals are gradually emerging. According to TradingView data, PENGU's daily RSI (Relative Strength Index) is as high as 81, already entering an extremely overbought zone. Technical analysts warn that if a correction occurs, the short-term may test the support range of $0.031 to $0.032.

Altcoin Season Arrives, Funds Shift from Bitcoin to Smaller Coins

In the macro market, Bitcoin's dominance has dropped from 63% to 58%, releasing a large amount of funds into other crypto assets. According to the Altcoin Season Index, the altcoin season index has surged 235% in a single month, indicating a market preference for projects with both topic and community heat.

As a meme coin highly associated with NFT and with consistently high community discussion, PENGU naturally becomes one of the targets of fund pursuit.

Market Outlook: How Long Can the NFT Craze Last?

PENGU's recent surge is the result of multiple positive factors converging: exchange policy benefits, NFT market recovery, and technical breakthrough. However, the risk of technical indicators entering the overheating zone cannot be ignored.

The future key will depend on whether the NFT market can sustain its momentum and whether Bitcoin can regain market dominance. Once funds re-concentrate on mainstream coins, high-beta assets like PENGU may face greater volatility.