Igloo, Inc., the parent company of the popular NFT brand Pudgy Penguins, has secured over $11 million in funding to develop a new Ethereum layer-2 scaling solution named Abstract, as announced on Tuesday.
Funding Round Details
- The funding round was spearheaded by Founders Fund and saw additional investments from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.
- Igloo plans to utilize these funds to establish Cube Labs, a new initiative tasked with overseeing the development of Abstract, which is set to be an Ethereum layer-2 network.
Strategic Acquisitions and Development
- In June, Igloo acquired Frame, a layer-2 network centered around NFTs, integrating its team into the Abstract project.
- CEO Luca Netz highlighted the motivation behind these moves, expressing dissatisfaction with existing layer-2 solutions’ adequacy for consumer-centric crypto applications. He emphasized Abstract’s potential to enhance and support the broader consumer crypto experience.
Abstract’s Vision and Functionality
- Abstract is designed to facilitate the creation of decentralized applications (dapps) in a manner that is more accessible, cost-effective, and secure, leveraging zero-knowledge cryptography.
- Netz envisions Abstract as a pivotal tool in reshaping user interactions with blockchain technology, aiming to seamlessly integrate real-world and digital environments.
Evolution of Pudgy Penguins
- Originally launched during the 2021 NFT boom, Pudgy Penguins initially faced a decline in community support. However, Igloo Inc. acquired the intellectual property (IP) in 2022 and successfully revitalized it into a thriving consumer brand.
- The project has expanded beyond digital assets, introducing physical toys available in major retailers such as Walmart and Target.
- Today, Pudgy Penguins ranks among the most valuable NFT projects, with its Ethereum profile pictures (PFPs) commanding prices that surpass those of renowned collections like the Bored Ape Yacht Club.
Conclusion
Igloo Inc.’s substantial funding round underscores its commitment to advancing blockchain scalability through Abstract, a new Ethereum layer-2 network. By addressing current limitations in the space, Igloo aims to empower developers and users alike, positioning Abstract as a pivotal component in the evolution of decentralized applications and consumer-focused crypto experiences.
