Lotte Group’s Daehong Communications Signs Licensing Deal with Popular NFT Collection Pudgy Penguins
South Korean advertising agency Daehong Communications, a subsidiary of Lotte Group, announced on Friday that it has signed a licensing agreement with Pudgy Penguins, a popular NFT collection featuring 8,888 unique penguin characters.
Pudgy Penguins has gained significant traction in North America since its launch, and the brand has been further boosted by its Pudgy Toys line.
Pudgy Penguins has entered a strategic partnership with Lotte Group, a retail and entertainment conglomerate, to expand our presence in South Korea and beyond.
— Pudgy Penguins (@pudgypenguins) May 16, 2024
More information to be announced soon. pic.twitter.com/qDadQoFYaT
These toys, leveraging the Pudgy Penguins intellectual property (IP), debuted in September last year and have since achieved over $10 million in sales at major U.S. retailers like Walmart and Amazon.
Daehong plans to capitalize on this success by introducing limited-edition Pudgy Penguins merchandise to the South Korean market this summer.
We are proud to announce the partnership between Lotte and Pudgy Penguins (@pudgypenguins).
— daehong_official (@Daehongofficial) May 16, 2024
Pudgy Penguins, the most relevant Web3 IP out there is expanding their value into WEB2 too.
Stay tuned for our special collaboration with Bellyland (@bellygom_nft)🐧🐻. pic.twitter.com/WNpYgzitvW
The company also plans to operate offline pop-up stores to create a more interactive experience for consumers.
This licensing agreement marks the beginning of a broader collaborative marketing effort between Daehong and Pudgy Penguins across various sectors, according to the Korean company.
For more Web3 news, check out the XGA newsfeed.
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