- Pudgy Penguins ran animated displays on the exterior of the Las Vegas Sphere during Christmas week.
- The project has shifted into physical toy sales after a 2022 acquisition and expects about $50 million in revenue for the year.
- The broader NFT market fell sharply in 2025, with first-quarter volumes and market capitalization down significantly.
- Real-world collectible–backed NFTs, such as trading cards linked on Courtyard, showed notable transaction activity tracked by CryptoSlam.
Pudgy Penguins ran an animated display that projected its penguin characters across the exterior screens of the Las Vegas Sphere on Christmas Eve, according to X. The Sphere is a domed venue wrapped in high-resolution LED panels visible along the Las Vegas Strip.
The NFT project was founded in 2021 and was acquired in April 2022 by Luca Netz for $2.5 million in Ether (ETH). Netz expanded the brand into physical toy production to generate cash flow and later said, “Toys generate significant revenue, but the margins are thin,” adding, “We’re selling millions of dollars’ worth of toys today, but it took time to scale into that business.”
What began as a short-term effort to extend the company’s runway has become a main business line, positioning Pudgy Penguins to finish the year with an estimated $50 million in revenue. The project also uses Instagram for promotion; the Pudgy Penguins Instagram account lists about 2 million followers.
The NFT market faced steep declines in 2025. First-quarter transaction volumes fell 63% year over year to $1.5 billion from $4.1 billion, and monthly sales in March dropped 76% to $373 million from $1.6 billion a year earlier. CoinGecko data showed total NFT market capitalization near $2.5 billion in December.
Real-world collectible–backed NFTs gained traction. Platforms like Courtyard link authenticated trading cards to on-chain tokens. According to CryptoSlam, Courtyard processed more than 230,000 transactions and generated roughly $13.9 million in sales over the past 30 days. Nicolas le Jeune, Courtyard’s CEO, said, “The cards you buy on Courtyard aren’t worth more because they’re NFTs. The value is the underlying asset — the NFT just gives you a better way to experience it.”
Definition — NFT: a non-fungible token, a unique digital token recorded on a blockchain that represents ownership of a specific item.
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