Meet the 25-year-old entrepreneur out to transform brand ownership with NFTs

By Riley Kaminer

There are many 25-year-old entrepreneurs. But few have a story like Luca Netz.

Throughout Netz’s childhood, he moved around and experienced homelessness. Just a few years after settling in Los Angeles, at the age of 16 he dropped out of high school.

But by age 18, Netz was a millionaire. He was one of the first employees at Ring, the doorbell company that would grow from 20 to 2,000 employees during Netz’s tenure – eventually being acquired by Amazon.

While at Ring, Netz began to dip his toes into the world of e-commerce, eventually channeling his skills into an online jewelry business and a business helping influencers monetize their audience. This led him to become the CMO of clothing company Von Dutch and subsequently launching a toy gun company.

Throughout that time, Netz began to become active in the web3 space. “I was always a collector of things,” he told Refresh Miami. “That gave me a knack for NFTs.”

The first NFT he bought: a Pudgy Penguins profile picture. Little did he know at the time that he would go on to acquire Pudgy Penguins in April 2022 for $2.5 million.

“We purchased the project with the vision of creating the world’s next great character brand, while also reinventing how IPs are built,” he said.

“I believe the NFT mechanism creates an aligned incentive model that has never been there before. And it allows a new model of IP that is one centered around brand and around participants – versus the traditional model which is a model built around brand and consumer.”

The key question then for Netz and team: “How do you bring people along with the journey? How do you take their NFTs and their first-edition collectibles and bring them to life and share in the upside – and build a community that is about impacting people in a positive way?”

One early answer to these questions has been to bring Pudgy Penguins alive – well, at least in plush form. For around $25, fans can become part of the Pudgy ecosystem and enjoy their own toy. Shortly after launching, Pudgy Toys rocketed to the #1 spot on Amazon for three toy categories. In September, Pudgy Penguins signed an agreement with Walmart to put the toys in 2,000 Walmart stores across the country.

Every time a toy is sold, the NFT owner gets a percentage of the loyalties – in perpetuity. “You’re not just a consumer, you’re a participant,” said Netz of the unique model. Pudgy Penguins hosts weekly calls with NFT owners to update them on the brand, plus offering unique experiences. The floor price for Pudgy Penguins NFTs grew by 11% after the Walmart announcement, on top of a 270% daily volume spike.

Pudgy Penguins now has 50 employees, 15 of whom are in South Florida, Netz says.

Netz landed in Miami during the pandemic, inspired by Mayor Suarez’s calls to make the city a web3 capital. “I can’t point to another mayor that’s as innovative and forward-thinking as him – so this seems like the right place to be.”

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Riley Kaminer

I am a Miami-based technology researcher and writer with a passion for sharing stories about the South Florida tech ecosystem. I particularly enjoy learning about GovTech startups, cutting-edge applications of artificial intelligence, and innovators that leverage technology to transform society for the better. Always open for pitches via Twitter @rileywk or www.RileyKaminer.com.