This Week in Crypto – Pudgy Penguins, Chiliz, and Bitcoin

Reading Time: 2 minutes

This week in the crypto world we saw Pudgy Penguins continuing their march into Walmart, Chiliz landing two major soccer-themes partnerships, and Michael Saylor claim that Microstrategy may never sell its Bitcoin. 

Really? Really?

Pudgy Penguins Expand Walmart Footprint

NFT collection Pudgy Penguins this week announced plans to launch a new line of toys in Walmart, expanding its presence to an additional 1,100 stores across the US, totaling 3,100 locations nationwide. This follows the successful debut of the initial Pudgy Penguins toy line in 2,000 Walmart stores last year, marking a significant milestone in promoting mainstream adoption of Web3 intellectual property.

The Pudgy Toys line has already generated $10 million in sales within a year, with over 750,000 toys sold, including plush toys, action figures, and mystery igloo collectibles. Additionally, the toys feature QR codes for access to NFT items and customizations within the upcoming Pudgy World game, with plans to refine branding and enhance QR code conversion rates for an improved user experience.

Chilliz Does the Double

It’s been a hell of a week for web3 company Chiliz, which announced two soccer-themed deals this week, one with French giants PSG and another with the Korean K-Leage. The PSG deal expands on a previous deal from 2018 and sees PSG becoming the first soccer club to become a node validator, with Chiliz committing to reinvesting all revenues generated from this activity into the purchase of PSG Fan Tokens.

Meanwhile, South Korea’s premier soccer competition will use Chiliz to revolutionize fan engagement. The league will also become a Chiliz node validator and will use Chiliz’s technology to step into the world of web3 fan engagement, integrating the ‘K League Fantasy’ project into the Chiliz Chain ecosystem, giving fans will the opportunity to create their own lineups and compete in the league’s official fantasy game.

More Tales of Bitcoin Buys

Reddit emerged as a buyer and holder of bitcoin as well as ether and Polygon’s MATIC token. While the latter two are important for its new web3 drive, the holding of bitcoin is purely for investment purposes, making Reddit another company holding crypto for this purpose.

Talking of holding bitcoin, whale Michael Saylor said this week that his company, Microstrategy, which currently holds around 190,000 bitcoin, has “no reason to sell” any of its coins as it would only be doing so for an inferior asset. There are concerns within the community about what would happen to the market if Saylor began to take profits, but Saylor isn’t minded to shed any bitcoin any time soon, calling it the “exit strategy” compared to other assets and fiat currency.

Phew…for now.