This case explores how Pudgy Penguins transformed from a struggling non-fungible token (NFT) project into a mainstream character brand under Luca Netz and Austin Lee. By leading with toys, memes, GIFs, and licensing before introducing blockchain elements, the brand lowered adoption barriers and built cultural relevance. Its strategy combined mass retail, community licensing, cross-chain access, and the launch of the PENGU token, positioning Pudgy Penguins as a phygital franchise. The case takes place in December 2025 and challenges students to evaluate how far Pudgy Penguins should lean into memetic marketing versus traditional intellectual property (IP) building and how it can sustain momentum as audiences become desensitized to its rapid success.
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