Luca Netz acquired Pudgy Penguins for approximately $2.5 million, and its value has since surged to over $500 million.
He advises founders, "You are a servant to your community, whether you like it or not. The sooner you accept this, the more successful you'll be."
Luca aims to dethrone Yuga Labs, stating, "I want to show the world that it's possible to take something crypto native and develop it into a real entity that tens of millions of people will know and love."
A key element of his strategy to establish a tangible brand involves reaching customers beyond the crypto sphere by selling toys at Walmart, an innovative tactic that has never been attempted before.
He elaborated, "Are we becoming rich by selling toys? No, but does this approach place us in a position of strength where we aren't forced to mint more NFTs at our community's expense? Absolutely."
Luca contends, "Previous NFT projects have relied on monetization through minting and selling additional digital collectibles, which ultimately segments liquidity. The goal should be to consolidate liquidity to boost demand."
He further explains, "building a real business outside of digital collectibles creates more mindshare and markets with a non taboo narrative to people outside of the ecosystem. It also creates a forecastable and growable revenue stream."
"I think of it as an additive layer to the ecosystem instead of an extractive layer of the ecosystem."
If you want to jump right to the quotes above go to 27:17
Video source: Luca Netz's Pudgy Penguins Founder Journey [Entire Talk]
If this email was forwarded to you, remember to subscribe to our free weekly newsletter below.
This week in crypto
LEJILEX and the Crypto Freedom Alliance of Texas filed suit against the SEC.
Coinbase urges SEC to approve listing of Grayscale's proposed spot ether ETF.
Alliance’s ALL13 cohort early applications close tomorrow.
Apply before Feb 28th at 11:59 PM PST to be considered as an early applicant.
