For many, Busan was never on the map
But for us, every Pengu matters, no community is too small, no city too far
So we reached out to @Edward__Park with a simple idea:
“What if we held a small Pengu gathering in Busan?”
We didn’t expect much. But to our surprise, he immediately said yes, not only that, he believed @pudgypenguins should have an official presence there.
That’s how it all began
A small idea, born from heart and community spirit
During the gathering, Edward shared his vision for how Pudgy Penguins could grow stronger in Korea, not just as a brand, but as a family of builders, dreamers and believers like Pengpal Mafia
That day reminded us of something important:
Never underestimate the power of small groups with big conviction
Because sometimes, the smallest gatherings carry the loudest hearts🐧💙
🌊 Recap of the 1st busan @pudgypenguins meet up
with @FoxyPenguinApe @AaronTeng @MissWRosa @Symphony_Young
Busan pengus enjoyed beautiful seascape and grab some great food (especially kimbap). After having chat we also had great ama and vision speech about @pudgypenguins
1️⃣ Understanding business model
I learned that Pudgy Penguins’ physical products such as toys, card games, stamps, and other merchandise are produced through licensing agreements. Under these agreements, the contracted manufacturers create the products, while IGLOO earns revenue from the licensing business.
Through this structure, Pudgy Penguins can operate a more stable, lower-risk business centered around Pudgy Penguins’ licensing activities. Moreover, by signing contracts with partners not only in the U.S. but also in Hong Kong, China, Japan, and Korea, Pudgy Penguins has built a system that allows for the rapid production of locally adapted products in each region.
2️⃣Approach as Web 2.5
I was able to understand why Pudgy Penguins is considered a Web2.5 business, and what unique strengths and features allow it to prove that position.
What impressed me the most was the term “community value capture.”
Unlike traditional IP companies that must rely purely on marketing budgets to promote their products, Pudgy Penguins benefits from a powerful community that has now expanded beyond NFTs into the $PENGU ecosystem. This growing community voluntarily promotes Pudgy Penguins, organizes events, and builds collaboration cases, allowing the brand to achieve much broader and more cost-efficient marketing.
It was as if the community’s value was being proven right there "in Busan" The Q&A session on site was incredibly productive and meaningful. @FoxyPenguinApe took notes on every question and answer, carefully writing down insights about the Korean IP market and effective strategies.
Watching her so focused and dedicated, I saw the truest image of a builder. I’m certain that everyone get greater conviction at that moment.
There was no loud DJ music, no mind-numbing alcohol yet it was one of the most vibrant and fully charged meetups I’ve ever experienced.
Hope pengu busan meetup #2
🐧 @Edward__Park He replied very fast and very supportive
A man with pure action and heart 💙
🐧🐧 @Edward__Park is a genuine Pudgy builder everyone calls Papa Pengu 💙
So many Koreans joined the Pudgy fam because of him, few years ago eventhough @LucaNetz is the CEO
He’s the living proof of what we call the Pengpal Mafia 🫡
5.95K
72
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.