The concept of a "corporation" has come a long way since its roots traced back to the Latin word corpus, which means a "body of people." While its relevance was somewhat less pervasive around 150 years ago, the modern-day corporation has surged to a point where some entities have grown bigger and more influential than entire countries. Despite people flaunting branded merchandise and freely advertising for corporations by wearing brand-emblazoned clothes and recommending products, the financial spoils majorly cascade to a select few—large shareholders who are mostly identified through pooled investment funds, who primarily influence the corporation's direction and have access to easy cheap capital. Although recent affiliate programs and influencer engagements have attempted to share the benefits, the structure remains considerably centralized and selective.
Web3 heralds a paradigm shift, with Pudgy Penguins at the forefront, pioneering new business models that channel value back to original and current buyers of the unique digital art who become economically aligned as project promoters. Pudgy Penguins, a web3 project, introduces a system where anyone with an Ethereum wallet and some ETH can acquire and trade endearing digital art pieces, thanks to the decentralized blockchain technology offered by Ethereum. Traditional corporations primarily benefit their shareholders only, often excluding other stakeholders like the community, workers, promoters, and supporters. The distribution of profits in traditional modern corporations really only benefit a few large shareholders who can accrue significant dividends. A corporation's publicly listed stock or shares are also usually only available to buy in select countries by individuals with permission, whereas digital art and media on ethereum is available to anyone, anywhere.
Pudgy Penguins is emblematic of a progressive corporation, traditionally incorporated as an organisation and adhering to existing and acceptable IP licensing contract norms, yet breaking new ground by reciprocating value back to art collectors and stakeholders. Through the opportunity to license one's unique piece of digital art for merchandise and digital media, the project empowers holders to potentially amplify the worth of their unique Pudgy Penguin character, especially if it garners popularity in selling toys or features in monetizable digital media. Holders of the unique digital Pudgy Penguins art images are free to create and use the unique imagery as they wish, albeit with some reasonable restrictions guidelines.
As Pudgy Penguins approaches the release of a more automated licensing system for a holders own character IPs on a shared Web3 platform, named OverpassIP, the disruption of the traditional corporation could be accelerating. This system could usher in a pivotal change, challenging the current corporate hierarchy that usually benefits those with easier access to cheaper capital. In a way, Pudgy Penguins is potentially pushing the boundaries for the benefit of web3 communities by conceptualizing an IP company similar to Disney's model, albeit with a distinctive twist. Unlike Disney, which licenses its imagery to manufacturers, Pudgy Penguins enables holders of unique digital characters to own IP rights over their assets, offering a personalized channel to generate value.
The Pudgy Penguin toys are now available nationwide in Walmart stores across the US. This is a significant milestone for web3 projects and is testament to the entire Pudgy Penguins team great combined efforts.
This uniqueness of Pudgy Penguins was exemplified when PURU Suisse created a 6ft physical inflatable version of its Pudgy Penguin character, Captain PURU, for sponsoring the PURU Transgascogne competitive professional sailing race. Also Captain PURU's appearance at the web3fest conference in Zurich further solidified the notion of how these cute digital art characters have such widespread appeal. Initially conceived as a mascot to promote the sailing race and offshore sailing, Captain PURU has naturally morphed into a pivotal brand icon.
Now, Captain PURU finds its image embossed on the bottles of one of PURU's principal best-selling products—100% natural sunscreen for babies and kids. The transition is strategic as the target demographic for truly natural premium sun care majorly comprises young families increasingly concerned about the products applied on their children's skin. Captain PURU helps in promoting sunscreen usage among kids to prevent sunburn and potential skin damage. The essence of Captain PURU extends beyond the race and sunscreen, with its character now featured in a children’s bedtime story book titled "The Adventures of Captain PURU" available on Amazon. This not only serves as a marketing funnel for PURU's products but also contributes to building the value of Captain PURU's character.
The innovative intertwine between Pudgy Penguins' digital art, Web3, and real-world brand promotion sketches a blueprint for other brands and web3 companies to follow. It reflects a narrative that transcends the rigidity of traditional corporate structures, shedding light on a more inclusive and value-driven business ecosystem in the modern digital domain.