The face of the popular non-fungible token (NFT) collection Pudgy Penguins, will be integrated as a character on Pixelverse’s mini-game on Telegram.
On July 16, Pixelverse announced that it would introduce the Pudgy Penguin character “Pudgy” into the game, joining other crypto favorites such as Doge from the Dogecoin (DOGE) memecoin and Mew, a character that represents a Solana memecoin.
The integration allows players to play the character in the Pixelverse game, followed by the official release of the Pudgy Penguins game in 2025.
NFT market downturn in Q2
In the second quarter of 2024, the sales volume for NFTs declined by 45% compared to the first quarter of the year. Digital collection data tracker CryptoSlam showed a significant volume drop for NFTs, going from $4.1 billion in Q1 to $2.24 billion in Q2. This represented the lowest quarter for NFTs since the third quarter of 2023.
While the NFT market is down, some experts argued that the space is experiencing a correction cycle. Anoir Houmou, founder and CEO of the Sui-backed video engagement platform RECRD, said that trends indicated a market maturing after its explosive growth in the last few years.
Related: Pudgy Penguins enables access to its virtual world with Web3 domains
Gaming continues to spur Web3 adoption amid lower volumes
Despite the lower sales volumes for NFTs, Pixelverse and Pudgy Penguins remain some of the biggest names in Web3 gaming and NFTs. The Telegram mini-game PixelTap reportedly reached over 50 million users in the first month since its launch.
Kori Leon, the co-founder of Pixelverse, stressed the importance of building communities for Web3 projects. Leon explained:
“Over the years, we’ve witnessed the rise of numerous infrastructure projects that started with grand promises but failed to attract users beyond the Web3 community. For the ecosystem to thrive, it is crucial for projects to focus on what makes them successful: community, culture and distribution.”
The executive believes that projects that neglect community,…
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