Pudgy Penguins, originally an NFT collection, has successfully transitioned into a consumer platform, setting a new precedent for tokenized intellectual property. The brand has amassed over 65 billion views on GIPHY, surpassing giants like Disney and Pokémon. Retail sales have exceeded $13 million across major outlets such as Walmart, Target, and Walgreens. Additionally, the Pudgy Party app has reached 500,000 downloads within two weeks of its launch. CoinDesk Research has analyzed this innovative business model, commissioned by Pudgy Penguins.