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7:08 PM · Nov 27, 2024 · Igloo, Inc., the innovative parent company of the beloved Pudgy Penguins NFT collection, has announced a strategic investment from Animoca Brands, a global leader in digital entertainment, blockchain, and gamification. This investment marks a significant milestone in Igloo's mission to drive mainstream adoption of consumer crypto through its ambitious new blockchain, Abstract.
This strategic partnership will leverage the strengths of both companies to accelerate the development and growth of Abstract, a Layer-2 scaling solution designed specifically for consumer-centric applications. The investment will also facilitate cross-community marketing and collaboration between Abstract and Animoca Brands’ Mocaverse, fostering a vibrant and interconnected ecosystem.
Abstract: A Consumer-Focused Blockchain for the Future
Abstract is an Ethereum Layer-2 scaling solution built using zero-knowledge (ZK) rollup technology. This approach promises to deliver faster transaction speeds, lower gas fees, and enhanced scalability compared to the Ethereum mainnet, making it ideal for consumer-facing applications like NFT marketplaces, games, and other interactive experiences. By prioritizing user experience and ease of use, Abstract aims to remove the barriers to entry that have traditionally hindered widespread adoption of blockchain technology.
Pudgy Penguins: Driving Innovation in the NFT Space
Pudgy Penguins, the flagship NFT collection under the Igloo umbrella, has consistently demonstrated its commitment to innovation and community building. Since its launch in 2021, the collection has garnered a dedicated following and expanded into various avenues, including physical merchandise, gaming, and the development of Pudgy World, a social open-world game. The recent partnership with Mythical Games for the creation of Pudgy Party, a mobile social party game, further exemplifies the brand's dynamic approach to engaging its community.
A Strategic Partnership for Growth
Animoca Brands' investment in Igloo, Inc. is structured as a Simple Agreement for Future Equity (SAFE), reflecting a long-term commitment to the company's success. The Sandbox and Animoca Brands Japan, subsidiaries of Animoca Brands, also participated in the investment, underscoring the comprehensive nature of this partnership.
This investment follows a previous funding round led by Newman Capital on October 30th, and a $11 million round in July 2024 led by Founders Fund, with participation from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. This latest investment from Animoca Brands further strengthens Igloo's financial position and reinforces its strategic direction.
Leadership Quotes:
- Yat Siu, Co-founder and Executive Chairman of Animoca Brands: "Our investment in Pudgy Penguins is not only a financial commitment but also reflects our belief in the transformative power of intellectual property rights. Given Luca’s strong track record in innovation and execution, we’re thrilled to support him and his team as they continue to push the envelope and create engaging user experiences for one of the most recognizable brands in the world of Web3.”
- Luca Schnetzler, CEO of Pudgy Penguins: “This investment from Animoca Brands is a testament to our vision and commitment to building a thriving ecosystem. It will continue to help us create the largest on-chain community and power the next wave of consumer crypto.”
About Igloo, Inc.:
Igloo, Inc. is the parent company of Pudgy Penguins and OverpassIP, dedicated to developing innovative blockchain solutions for consumer applications. With a focus on user experience and community engagement, Igloo is pioneering the next generation of consumer crypto experiences.
About Animoca Brands:
Animoca Brands is a global leader in digital entertainment, blockchain, and gamification. With a portfolio of successful projects and investments, Animoca Brands is driving the evolution of the open metaverse and shaping the future of digital ownership.
About Pudgy Penguins:
Pudgy Penguins is a popular NFT collection known for its vibrant community and innovative approach to digital collectibles. With expansions into merchandise, gaming, and social experiences, Pudgy Penguins is at the forefront of the consumer crypto movement.
Compiled by CMO Intern team
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