Pudgy Penguin’s $9M seed round could point to a growing NFT industry

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Earlier this week, Pudgy Penguins, an NFT collection that also doubles as a web3 IP company, raised $9 million for its seed round.
Why does this matter?
Pudgy Penguins isn’t the first NFT-focused company or collection to raise money. However, its seed round is another indication of the growing digital asset subsector and how projects that may seemingly be interpreted as just a collection of profile pictures (PFPs) can be turned into something more.
For context: Last September, Doodles raised $54 million at a $704 million valuation in a round led by Reddit co-fo

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