Pudgy Penguins’ Igloo Inc. Secures $11M for Ethereum Breakthrough

Igloo, Inc., the pioneering force behind the beloved NFT brand Pudgy Penguins, has successfully secured over $11 million in funding to forge a groundbreaking Ethereum layer-2 scaling network dubbed Abstract, the company disclosed on Tuesday.

This substantial financial backing was spearheaded by the Founders Fund, alongside notable contributions from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. The investment will catalyze the establishment of Cube Labs, a newly minted venture tasked with spearheading the development of Abstract.

In a strategic move last June, Igloo announced its acquisition of Frame, an NFT-centric layer-2 network. This acquisition is set to bolster the development efforts for Abstract, with the Frame team playing a pivotal role.

Luca Netz, CEO of Igloo Inc., shared insights on Twitter about the impetus behind this venture: “While building Pudgy Penguins, we’ve come to the unfortunate truth that current L2s are not built for the consumer crypto revolution. This acquisition allows us to address these challenges head-on and create an ecosystem that supports and enhances the consumer crypto experience.”

Abstract aims to revolutionize the creation of decentralized apps (dapps) by leveraging zero-knowledge cryptography to make the process more accessible, cost-effective, and secure. The impending launch of its testnet is highly anticipated within the crypto community.

“Our vision is to change the dynamic of how users interact with blockchain technology and seamlessly integrate the real and digital worlds,” Netz expressed in a recent release.

Pudgy Penguins initially took flight during the peak of the 2021 NFT bull run. However, after losing traction with its community, the project underwent a transformative rebirth under Netz and his team in 2022. They not only revived the brand but also extended its reach into the consumer market with toys now available at major retailers such as Walmart and Target. Today, Pudgy Penguins stands as one of the most prestigious NFT projects, surpassing even the Bored Ape Yacht Club in terms of initial Ethereum profile pictures (PFPs) pricing.