In a significant move within the cryptocurrency ecosystem, Igloo Inc., the parent company behind the popular NFT project Pudgy Penguins, has announced the acquisition of the web3 creator-focused platform Frame. This strategic acquisition aims to further Igloo’s vision of developing Abstract Chain, a Layer 2 network designed to support on-chain culture and communities.
Combining Forces for the Crypto Revolution
Luca Netz, the CEO of Igloo Inc., expressed the company’s enthusiasm for the acquisition, stating, “By combining forces, we will provide the infrastructure and distribution necessary to usher crypto into the consumer crypto revolution.” The Frame team will now join Igloo, collaborating to bring their shared vision to life.
I am thrilled to announce that we have acquired @frame_xyz and its team to contribute towards building @AbstractChain. By combining forces, we will provide the infrastructure and distribution necessary to usher crypto into the consumer crypto revolution. https://t.co/ndPi1cl69d
— Luca Netz 🐧 (@LucaNetz) June 28, 2024
Empowering Creators and Building On-Chain Culture
Frame, known for its infrastructure, such as the permissionless creation of NFT marketplaces that enforce creator royalties, will now be integrated into Igloo’s plans. Additionally, Frame’s model of allocating a portion of its Layer 2 gas fees to support creators aligns with Igloo’s goal of empowering the crypto ecosystem.
“Abstract will pioneer a new era driven by the culture economy, create distribution rails, empower builders and introduce innovative economic mechanisms on-chain,” Frame wrote on the social media platform X.
Say goodbye to Frame and hello to Abstract, the chain made to lead the next generation of consumer crypto adoption.
Abstract will pioneer a new era driven by the culture economy, create distribution rails, empower builders, and introduce innovative economic mechanisms onchain. pic.twitter.com/hIvXUKsSPG
— Frame (@frame_xyz) June 28, 2024
Pudgy Penguins’ Continued Success
The Pudgy Penguins NFT collection, under Igloo’s stewardship, has been thriving. According to The Block’s Data Dashboard, the collection generated over $4 million in trade volume this week and nearly $14 million between June 16 and June 23.
This acquisition marks a significant step in Igloo’s strategy to expand its influence in the cryptocurrency space, leveraging the Frame team’s expertise to drive the development of Abstract Chain and further support the growth of the Pudgy Penguins ecosystem.
