How NFTs Are Changing the Way We Interact with the Digital World

11.01.2023

Pudgy Penguins: Experimenting with NFT IP

Pudgy Penguins stands out as a unique project in the non-fungible token (NFT) landscape. The project initially comprised 8,888 collectible NFTS, but has undergone a notable transformation since being acquired by CEO Luca Netz in April 2022 for 750 ETH. Under the leadership of Netz, Pudgy Penguins aimed to redefine the boundaries of how an NFT operates in both the physical and digital worlds. His ambitious vision for Pudgy Penguins sees the project not only as a collection of digital collectibles but as having the potential to achieve global recognition on an unprecedented scale.

Pudgy Penguins has expanded its scope under Netz’s leadership to operate as an “IP and brand development company” called Igloo Company. The project has ventured beyond digital assets into the physical realm with the introduction of Pudgy Toys. These toys come equipped with a QR code that allows users to access a Web3 experience, making it more accessible to those unfamiliar with the intricacies of MetaMask and OpenSea. The Igloo Company is thereby reducing friction for users to easily access, own, and understand NFTs and creating a gateway for new users to onboard to Web3.

Pudgy Penguins is also implementing intellectual property (IP) in other innovative ways. They have explored IP licensing to allow the NFT holders to actively participate in the growth of the ecosystem through revenue-sharing. This model aims to facilitate a mutually beneficial arrangement for both creators and collectors, thereby creating a sustainable system and strengthening connections between creators, collectors, and the broader Web3 landscape. As NFT projects continue adapting to changing consumer tastes, creative projects like Pudgy Penguins are closing the gap between web3 users and non-web3 users.

Latest News:

WELCOME FRIENDS: Hundreds of institutions and prominent individuals have invested directly in crypto, adopted the value thesis, or started building technology to support digital assets since Wave started tracking these developments in late 2020. Now the rise of the Metaverse, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Decentralized Autonomous Organizations (DAOs) is driving mainstream adoption of blockchain technologies everywhere we look. We’re continuing to keep track of it every week here:

• Mastercard has partnered with crypto payment platform MoonPay to explore Web3-based experiential marketing. The collaboration aims to find new ways to connect with Mastercard’s consumers using Web3 tools. MoonPay will provide Mastercard with its entire Web3 portfolio, including services such as auth to minting to ETHPass.
• Deutsche Bank and Standard Chartered are testing a system that will allow blockchain-based transactions, stablecoins, and central bank digital currencies to talk to one another, taking an approach similar to the SWIFT messaging layer in legacy banking infrastructure. The banks are running a series of test cases, including transferring and swapping USDC stablecoins, on the Universal Digital Payments Network (UDPN), a permissioned blockchain system composed of validator nodes run by an alliance of banks, financial institutions and consultancies.
• The World Bank issued a 100 million euros ($105 million) digital bond on Euroclear’s new blockchain-based securities issuance platform. This marks the first use of Euroclear’s Digital Securities Issuance (D-SI) service, which enables the issuance, distribution, and settlement of tokenized securities on the blockchain. The two-year bond, listed on the Luxembourg Stock Exchange, was issued by the International Bank for Reconstruction and Development (IBRD), the World Bank’s lending arm. It aims to support the World Bank’s sustainable development activities.

REGULATORY ROUNDUP: We’re living through the era of regulatory recognition of digital assets. The legislation, litigation, and regulation happening today will dictate the entire future of our industry, and we have a historic chance to shape those changes by staying informed and providing public commentary.

• The U.S. Federal Deposit Insurance Corp. (FDIC) has come under scrutiny from its inspector general due to its failure in offering banks proper instructions on how to manage cryptocurrencies. According to the inspector general’s report, the FDIC’s absence of well-defined protocols has created a state of ambiguity for banks when it comes to deciding the correct steps to follow in dealing with cryptocurrencies.
• Regulators in Singapore, Japan, the UK, and Switzerland have announced plans to conduct asset tokenization pilots for fixed income, foreign exchange, and asset management products. The Monetary Authority of Singapore (MAS) has established Project Guardian, a group that includes Japan’s Financial Services Agency (FSA), the UK’s Financial Conduct Authority (FCA), and Switzerland’s Financial Market Supervisory Authority (FINMA), to promote cross-border collaboration in asset tokenization.

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