Thread by @joeykrug

I wanted to add some additional info on why we believe @pudgypenguins @IglooInc @AbstractChain is really cool and why we invested.

1) They have a unique distribution advantage. Most platforms in crypto pay massive amounts to acquire users, but Pudgy actually has a negative CAC

https://twitter.com/bridge__harris/status/1815807254857408668

The reason is whenever someone buys a pudgy penguin in stores like @Walmart and @Target, @IglooInc actually makes money on those sales, and it's basically a way to not only not pay for users, but actually acquire users profitably, which is extremely novel within crypto

It's also impressive how they have premium shelf-space in these stores, which is notoriously hard to get, and that they're bringing in both crypto natives and people where this is their first interaction with crypto. It's also a positive, light-hearted, and fun way to onboard

2) There's also an extremely strong community of Pudgy Penguins NFT holders as well. The fact that @LucaNetz had the conviction to acquire the IP during the bear market and grind out to continue building the community that coalesced around it is super impressive. He's one of the best marketers on the planet

We like people who are relentless and don't give up, and often, the best time to do something is when almost no one else believes in it. Doing our first main investment in a project in the NFT space (that plans to expand from there) right now feels contrarian, but I believe over the next year Luca will continue to take this more and more mainstream such that it no longer feels that way

3) There are a ton of interesting directions they can expand this friendly, positive, and upbeat brand, whether via games/mmos, tv shows, the l2 they're building, and more. And there is no team better placed to do what Pudgy is aiming to do

P.S. I also just like the penguins. I first became a fan of penguins when I got a laptop and installed Linux on it when I was 5 or 6, and Tux Racer was super popular (a game where you slide a penguin down a mountain and race, would actually be cool if Pudgy brought it back but with pudgies since it's open source).