NFTs
Pudgy Penguins’ parent company raises $11M to build consumer blockchain
The new chain, called Abstract, will leverage zero-knowledge technology and EigenDA.
Igloo, Inc., the company behind Pudgy Penguins, has raised $11 million in funding led by Founders Fund, with participation from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. The funding is earmarked for the establishment of Cube Labs, a new entity within Igloo focused on developing blockchain technology.
Cube Labs will focus its efforts on Abstract, a blockchain designed to facilitate cryptocurrency adoption for consumer applications. Abstract is in the preparatory stages of a testnet launch and is supported by the non-profit Abstract Foundation.
“Abstract will open up a new world of possibilities for crypto-native developers and global brands, ultimately creating the dominant platform for the crypto consumer,” said Michael Lee, co-inventor of Abstract and CEO of Cube Labs.
Abstract plans to leverage the organic growth strategy previously utilized by Pudgy Penguins to mitigate user acquisition costs and attract a mainstream audience to on-chain experiences.
“Our vision is to change the dynamics of how users interact with blockchain technology and seamlessly bridge the real and digital worlds. We are excited to power the consumer crypto revolution,” said Luca Netz, CEO of Igloo, Inc.
By leveraging ZK (zero-knowledge) cryptography, Abstract promises fast, cheap, and secure transactions. The chain will use EigenDA for data availability.
Cube Labs’ mission with Abstract is to improve the user experience of cryptocurrency applications by making them simpler and more accessible to the general public.
Pudgy Penguins is one of the few NFT collections that has not only survived but thrived in the bear market. Its minimum price is 10.7 ETH ($37,000), making it the second most valuable collection after CryptoPunks.