- • Igloo Inc, the parent company of Pudgy Penguins NFT brand, raised over $11 million in funding to develop a new Ethereum layer-2 scaling network called Abstract.
- • The funding round was led by Founders Fund, with additional investments from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.
- • Igloo will use the funds to establish Cube Labs, a new venture that will oversee the development of Abstract, designed to make building decentralized apps (dapps) easier, cheaper, and safer using zero-knowledge cryptography.
Igloo Inc, the parent company behind the popular NFT brand Pudgy Penguins, has raised over $11 million in a recent funding round to develop a new Ethereum layer-2 scaling solution called Abstract. The funding comes on the heels of Igloo’s acquisition of Frame, another NFT-focused layer-2 network.
Details of the Funding Round
The funding round was led by Founders Fund and included investments from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. Igloo plans to use the funds to establish Cube Labs, a new venture focused on building out Abstract.
Abstract’s Design and Goals
Abstract will utilize zero-knowledge cryptography and is designed to make building decentralized apps (dapps) on Ethereum cheaper, easier, and more secure. According to Igloo CEO Luca Netz, Abstract aims to “change the dynamic of how users interact with blockchain technology and easily merge both the real and digital worlds.”
The Pudgy Penguins Backstory
Pudgy Penguins launched during the 2021 NFT bull run but saw community support wane in subsequent months. Igloo acquired the project in 2022 and rebuilt the brand, including partnerships for Pudgy Penguins toys and other consumer products. Pudgy Penguins NFTs now rank among the most valuable, with higher floor prices than Bored Ape Yacht Club.
The Promise of Layer-2 Scaling
Ethereum faces congestion and high gas fees due to its popularity. Layer-2 scaling solutions like Abstract aim to improve transaction speeds and reduce costs by handling transactions outside of Ethereum’s main chain before settling on-chain. Improved scalability could make Ethereum more accessible for mainstream adoption.
