NFT Boom Predicted: Netz Sees Repeat of 2020s Crypto Mania, Gaming Potential
NFTs may be experiencing a quieter period, but figures like Luca “Netz” Schnetzler remain optimistic about a future resurgence, comparing it to the explosive mania of 2020 and 2021. Netz, CEO of Igloo Inc. and co-creator of the Ethereum L2 Abstract, holds a similarly bullish view for the gaming sector.
Pudgy Penguins’ Expansion Beyond NFTs
While the Pudgy Penguins NFT collection rose to prominence under Netz’s leadership since early 2022, the IP has diversified significantly. This includes video games, social media content, children’s literature, and physical plush toys. Netz explicitly stated the goal is not primarily a toy company but to build a comprehensive, long-term IP, positioning Pudgy Penguins to compete with meme icons and potentially household names in the future.
Differentiating Physical Toys: A Brand Presence Strategy
The physical toy line offers a distinct advantage: maintaining brand visibility outside digital spaces and facilitating intergenerational connections with the core NFT audience. Despite not considering it a “great revenue business” by his own admission, Netz views toy sales positively as a means to deepen fan engagement rather than a primary profit driver.
Origin and Future Vision: Dominating Crypto Consumer Space
Netz secured the Pudgy Penguins brand three years ago for approximately $2.5 million (€2 million). His ambition centers on integrating the Pudgy Penguin IP across the existing crypto community and their families, while also expanding into broader consumer markets. He emphasizes the vast, untapped potential within consumer products compared to DeFi, with Igloo Inc. aiming for $50 million in revenue this year.
Consumer Opportunity in Crypto’s Open Ocean
Netz firmly believes the future of crypto lies in consumer applications, not just decentralized finance. Despite differing metrics between consumer tech and DeFi, he argues that building successful consumer products promises significantly greater financial rewards for creators than most DeFi ventures thus far.
