Web3's Fastest Growing IP, "Pudgy Penguins," Becomes a BE@RBRICK! | MEDICOM TOY

DESIGN / FEATURES

November 25, 2025

Web3's Fastest Growing IP, "Pudgy Penguins," Becomes a BE@RBRICK! | MEDICOM TOY

MEDICOM TOY | MEDICOM TOY

BE@RBRICK Pudgy Penguins 100% & 400%

Pudgy Penguins, the penguin characters that have garnered significant global attention as an Ethereum-based NFT collection, have now been immortalized as BE@RBRICKs. To commemorate their creation, the CEO and COO of Pudgy Penguins visited Japan for a discussion with MEDICOM TOY's President, Mr. Akashi.

Text by SHINNO Kunihiko | Edit by TOMIYAMA Eizaburo

What are Pudgy Penguins?

Pudgy Penguins, born in July 2021, is an Ethereum-based NFT (Non-Fungible Token) collection featuring 8,888 adorable penguin characters. With a substantial social media following—713,000 on X, 782,000 on TikTok, and 1.961 million on Instagram (as of November 2025)—and a record 20 billion views on GIPHY, the world's leading GIF search engine, they stand out as a rare entity embraced not only by the NFT community but also by the general public.

Uniquely, they have expanded their business beyond the metaverse, "Pudgy World," by launching a line of toy products, bridging the gap from NFTs to physical goods. Their success extends to the physical realm, with toys sold at Walmart in the United States and licensing opportunities offered to holders.

This collaboration with MEDICOM TOY has resulted in the creation of a BE@RBRICK with a charming design, featuring small Pudgy Penguins dangling from its ears, which will also be released in Japan.

To celebrate this, Pudgy Penguins CEO Luca Netz and CCO Peter Lobanov visited MEDICOM TOY. This marked their first meeting with President Tatsuhiko Akashi. Cheryl Law and Aaron Teng, representing Igloo APAC, the holder of Pudgy Penguins' IP rights in Asia, also attended the discussion, which took place in a relaxed atmosphere.

We want to make them the world's most popular penguins

AkashiIt's a pleasure to finally meet you. I'm very happy to be working together on this.

Luca & PeterThe honor is all ours.

AkashiFirst, could you tell us about the origins of Pudgy Penguins? I imagine you've answered this hundreds of times, but (laughs).

LucaI always thought that while everyone loves penguins, there wasn't a "cool" penguin character out there. So, my first thought was how to bring a cute penguin to life.

Peter, our Creative Director, was the one who conceived it. It all started with the desire to 'create the cutest penguin in the world' using Pudgy Penguins.

Luca Netz

CEO of Pudgy Penguins

After enduring a harsh childhood, including ten years of homelessness with his mother, he became a successful entrepreneur and self-made millionaire in his teens. In 2022, he acquired the NFT project "Pudgy Penguins" and became its representative. Since then, he has established a business model that spans both digital and physical realms, driving the expansion of physical products, including plush toys. Notably, he has achieved significant success in the physical market, selling over a million plush toys in major US retailers like Walmart and Target, creating a pathway for NFT purchasers to acquire tangible goods. This project is recognized as the first and largest of its kind to achieve this. The total transaction volume has reached 495,000 ETH (a trading volume of approximately $1.5 billion), and it continues to expand globally as one of the world's leading NFT projects.

AkashiIn reality, what do you believe has been the biggest factor in Pudgy Penguins' success?

LucaThere are probably two main reasons. First, we effectively utilized social media to convey our message of love and positivity, which resonated with people. Second is the community.

PeterWhile previous IPs were developed in a centralized manner, our aim was decentralization. The fact that our many holders worldwide helped spread Pudgy Penguins through the power of social media and community was, I believe, the biggest catalyst.

AkashiRegarding the dissemination through social media and community, what surprised me most was the ability for individuals to conduct business using their own Pudgy Penguins. What inspired this idea?

LucaOur initial thought was to create a system where early adopters, those who acquired the NFTs early on, would benefit significantly.

For example, with Pokémon, the idea is that someone who got the first edition Charizard should become a major shareholder later on. As Peter mentioned, this business all started with the community, so we considered how early supporters could profit in the future.

Pudgy Penguins holders are participants in the brand, consumers, and initial collectors. I believe this is a very interesting case study.

AkashiThe business scheme felt very similar to stocks or securities. Was that intentional?

LucaYes, it was.

AkashiHow is Pudgy Penguins itself growing as a business right now?

LucaPhysical products are a major focus for us. What's currently in motion is the expansion through network collectibles, meaning products created by our rights holders. Simultaneously, we have a popular toy line worldwide.

Our top priority is to make this IP known and to become the world's most popular penguin. Therefore, we are primarily focused on virality, with business growth following that.

AkashiDoes the environment where multiple holders can commercialize goods pose any challenges regarding quality control or brand building?

LucaWe prohibit anything that could cause damage or negative impact when using the Pudgy Penguins name or trademark. Our approach is that we are like "landlords." The ownership remains with the Pudgy Penguins team, and we essentially rent out the commercialization rights to the NFT holders.

We retain all rights, including commercialization, for the original blue penguins. However, since all 8,888 Pudgy Penguins have unique designs, holders can profit by creating their own merchandise, such as T-shirts, using their respective IPs. This system effectively utilizes decentralization to incorporate everyone's ideas and generate further virality.

AkashiI see. So, you hold all copyrights and registries, and then grant commercialization and sub-licensing rights to everyone. By the way, many NFT developers likely tried to replicate Pudgy Penguins' success. Why do you think they failed while Pudgy Penguins succeeded?

LucaThe most crucial factor was creating the best penguin brand, inspired by penguins themselves. Additionally, many successful entrepreneurs joined and participated in the team, which I believe made our team's capabilities overwhelmingly superior.

AkashiThere's also the advantage of being a first mover. Creating and launching a system that didn't exist before aligns well with BE@RBRICK's philosophy.

We aspire to become a brand like MEDICOM TOY in the future

AkashiWhat are your thoughts on Pudgy Penguins becoming a BE@RBRICK?

LucaIt's truly wonderful. I already have an idea in mind for a giant snow globe BE@RBRICK with Pudgy Penguins inside a transparent body, where snow falls when you shake it (laughs).

AkashiIf this is successful, let's definitely collaborate on many things (laughs). What do you see as the significance of bringing NFT characters into the physical realm?

LucaI believe it truly demonstrates a new way of building brands for this era. Many NFT projects lean entirely into the digital side, like the metaverse, but we are still in a transitional phase between physical and digital.

We collect many NFTs ourselves, but we believe there's significance in advocating for a new method of IP creation by manifesting them physically. Our first soft vinyl figure, targeted at community members, sold out instantly at $250 per piece for a limited run of 250. It now commands a minimum of $5,000 on the secondary market.

AkashiThat's fascinating. There are many potential business avenues. What are your future aspirations?

LucaBoth of us love collectibles, and we grew up admiring BE@RBRICK. We aspire to become a brand like MEDICOM TOY. Furthermore, we aim to reshape this market itself as a new paradigm for IP creation.

PeterI own 1000% BE@RBRICKs of Andy Warhol, Mickey Mouse, and Basquiat. We were avid fans of BE@RBRICK, so the opportunity to collaborate with you has provided new motivation and inspiration. Our ultimate goal is to develop a wide range of lifestyle-oriented products, such as daily necessities, cafes, and miscellaneous goods. We want to create a brand that permeates people's lives, regardless of age or gender. That's our next step.

AkashiI look forward to it. Peter, what are your thoughts on the BE@RBRICK design?

PeterBE@RBRICK has many charms, but what attracts me most is that the brand itself has infinite potential for expansion and influences so many people. Above all, it serves as a canvas for artists. This aspect is quite similar to Pudgy Penguins, and as a BE@RBRICK collector, I feel incredibly honored to have collaborated with Pudgy Penguins. We want as many people as possible to own them.

AkashiThey will also be released in Japan, so I'm very much looking forward to the reaction.

PeterThis is my first time in Japan, and I already want to live here (laughs).

LucaTokyo is my favorite city in the world. Shibuya, Parco, Harajuku. While IPs have historically originated from the West, led by Disney, I believe we'll see more emerging from the East in the next decade.

Japan is the global center of "KAWAII," so it's very important for Pudgy Penguins to be here. Peter is currently creating a promotional video, so please look forward to that as well. I'm honored to have met you today. I am deeply impressed by how MEDICOM TOY has consistently maintained such high quality throughout its long history with BE@RBRICK.

I am deeply impressed by how MEDICOM TOY has consistently maintained such high quality throughout its long history with BE@RBRICK.

PeterWhen I was 13 and poor, my dream was to one day own a BE@RBRICK. To have that dream realized now is incredibly moving. My goal is to create so much that President Akashi can be proud of us.

AkashiThank you. I wish Pudgy Penguins continued success in the future.

BE@RBRICK Pudgy Penguins 100% & 400%

Size | Approx. 70mm / 280mm tall each

Release Date | November 23, 2025 (Sun) on Pudgy Penguins Online and Pengu Asia E-Commerce, November 24, 2025 (Mon) at MEDICOM TOY's directly managed stores.

Domestic Price | ¥42,350 (incl. tax)

※The photo shows a sample under supervision. The actual product may differ slightly.

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