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Pudgy Penguins, once on the brink of bankruptcy, is now projected to hit $50 million in revenue by 2025. CEO Luca Netz turned the struggling NFT project around with a bold pivot into physical toys. This move defied the NFT market crash and Terra collapse that devastated digital assets.
- Luca Netz acquired Pudgy Penguins' parent company for $2.5M in ETH during the 2022 NFT market crash.
- The Terra collapse and subsequent bear market threatened to derail the acquisition before the toy pivot.
- Physical toy sales became the unexpected revenue driver, projecting $50M by 2025 despite NFT valuation drops.
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