Lil Pudgys were introduced by the founders and previous team as a cute and affordable entry to the Pudgy world, a second-tier if you will. The collection released on December 19, 2021 with the following structure:
Claimable per Pudgy Penguin: 8,888 Public Mint Total: 13,334 Total Collection Size: 22,222
The public sale was structured as a Dutch auction; the minting price decreased over the span of two hours until it settled at 0.03 eth. It sold out shortly after those two hours.
The Lil Pudgy claim remains open indefinitely, so to date, any Penguin that hasn't claimed theirs can still do so. You can check on any Penguin's eligibility on our website, or on etherscan (9. canClaim). At the time of writing, 1,661 Pudgy Penguins have yet to claim their Lil Pudgys. Lil Pudgys are purchasable on secondary markets including our Native Marketplace and OpenSea.
Simply put, with the Pudgy Penguin you own, you can use it in your personal endeavors, which include using it as your PFP, showing it off, selling it, and merchandising it through the sales of physical merch.
The main takeaways about the limitations of using your Pudgy Penguins assets include:
• You can only use the Pudgy NFT that you own in your commercial efforts. • If your commercial efforts exceed $500k or the equivalent in ETH in annual gross revenue, you need to contact us. • If you're engaging in a licensing deal with a third party, (e.g., you're signing a licensing deal with Starbucks to sell penguin cupcakes), you need to contact us. • You may not use the name "Pudgy Penguin" or any Pudgy Penguin logo or trademark. • The use of Pudgy assets shall not be damaging or adversely impacting the Pudgy reputation.
What's the thought process behind the IP terms?
The reasonings behind the limitations mainly boil down to:
💎 Protecting the Pudgy Penguin brand and its IP.
The team is honing in on licensing initiatives and is aiming to grow the brand to its full potential. In order for these efforts to create deals with major brands to be successful, we need to ensure there are no conflicts between our future products and initiatives and the community's.
We are working hard to build a brand that is family-friendly, respectful, and inclusive of everyone. Therefore, we take care to ensure we are entering licensing deals with companies that align with our vision.
💎 Protecting the community from bad actors.
The web3 space is swarmed with bad actors whose main purpose is to get money out of your wallet. To mitigate and avoid confusion regarding unofficial derivatives and unsolicited websites, our stance is that we don't allow minting of Pudgy Penguins derivative collections.
💎 Ensuring all community initiatives lead to conversations with the team so we can ensure that your project complies with our agreement, and if it does, discuss how best we can support you.
We want to know about and consider promoting your Pudgy Penguin projects, where appropriate, regardless of whether those projects are for your own personal, non-commercial use, or whether they are commercial projects. If you are getting started on a project where you intend to make commercial use of your Pudgy Penguin NFT and related art, please let us know by describing your project here.
The team had always recognized the potential Pudgy Penguins have in going viral and global. The IP of something is only as good as the utilization of it, so we have tapped into our own connections with major distributors, brands, and companies with the main purpose of offering more opportunities to our holders. In addition to reaching out to our own network, we formed a partnerships team to assist in the process of growing the Pudgy Penguins brand through collaborations and community involvement. With that being said, we are one of the first NFT companies to offer major licensing opportunities to their holders.
As we continue to embark on this journey of creating the fastest growing Web3 brand in the world, utilization and mass adoption of Web3 IP is very important. With that in mind, we partnered with PMI Toys to incorporate these two aspects and push forward Web3 culture through the Pudgy Penguins brand. The partnership with PMI Toys will bring the Pudgy Penguins to life. In addition to that, we also offered licensing opportunities for the Pudgy Toys to our holders.
On September 20th, 2022, we announced an extension of the toy collection: An exclusive collectibles that feature Lil Pudgys, licensed directly from our community.
Learn more about our partnership with PMI here. Green Kids Club
The Green Kids Club partnership we announced was the second IP licensing opportunity for our holders, which enabled us to expand our IP initiatives to new avenues, all through storytelling.
The Pudgy Penguins children's book is planned to come to a bookstore near you in Q1 of 2023, and the Pudgy characters featured in the book are directly from the community.
How to get involved with the community?
We use Fam's (https://gmfam.xyz/) decentralized community calendar to organize activities and stay up-to-date on past and upcoming events. Holders of Pudgy Penguins, Lil Pudgys, and Pudgy Rods can create events on the calendar.
We are actively structuring ideas for initiatives and listening to the community's input by hosting regular discussions, mainly on Discord and Twitter, These discussions help us shape our game-plan and ensure the team is aligned with the community.