🌊 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