Acquisition of Frame is Igloo, Inc.'s latest
step to create a new paradigm for Web3 brand-building
MIAMI, June 28,
2024 /PRNewswire/ -- Igloo, Inc. ("Igloo"),
Pudgy Penguins' parent company with a mission to onboard the next
generation of builders and users onchain by fostering community,
culture, and creativity, today announced the acquisition of the
Frame team, a team of pioneering crypto developers.
Frame co-founders and notable blockchain developers Cygaar and
Beans will contribute towards building a new Ethereum
Layer 2 blockchain, Abstract, designed to take on the consumer
crypto opportunity. Frame will be sunsetted.
Frame was launched in 2023 by a leading developer team with
experience building industry-leading NFT projects and onchain
protocols. Co-founded and built by Cygaar, Beans, and Pablo,
Frame's unique technology prioritizes its community by ensuring
that creators are properly protected and rewarded through a
proprietary onchain royalty system. With this acquisition by Igloo,
the innovative team behind Frame will leverage their extensive
experience to help build for the next generation of
crypto users. As the team's first initiative, they
will contribute to the Abstract network, which will provide a
secure, ultra-fast, low-cost, and developer-friendly way for
developers to build.
Cygaar from Frame commented, "We're extremely excited to join
forces with the Igloo team and contribute to building
infrastructure that will power the next wave of consumer
crypto applications. There is no other team in the
space that I'd rather work with than the Igloo team. Together, we
have the potential to truly onboard retail users to
crypto for the first time."
Igloo, Inc. was formed to create an end-to-end ecosystem for new
people to come into crypto by pushing the boundaries
of onchain experiences. Within Igloo, Inc., Pudgy Penguins operates
as the brand at the top of the funnel introducing people to Web3.
Pudgy Penguins has successfully bridged the gap between Web2 and
Web3, with the Pudgy NFT collection maintaining its dominance as
one of the top five collections across all NFT marketplaces.
Additionally, Pudgy toys have sold out in record time at Walmart
and Target, and the company recently partnered with Lotte. Another
Igloo, Inc. project, OverpassIP, has allowed collectors to explore
licensing opportunities for their Pudgy Penguins NFTs.
"Since inception, Igloo has remained steadfast in our commitment
to creating a Web3 ecosystem that enables new ways for brands to
interact directly with their consumer base," said Luca Netz, Chief Executive Officer at Igloo,
Inc. "Frame's team has unmatched experience in building platforms
that change the dynamic of how users interact with blockchain
technology and how to easily merge both the real and digital
worlds. By combining our successful history in creating onchain
communities and unique cultures with the expertise of the Frame
team, we are excited to contribute to the success of Abstract and
its mission of building the world's biggest onchain community,
driving the consumer crypto revolution. In the next
few months, Igloo plans on contributing to the development of an
end-to-end user and builder experience."
As the next steps following the acquisition, Cygaar and Beans
will be leveraging their experience to contribute towards the
highly anticipated consumer-focused blockchain called Abstract, a
secure, ultra-fast, low-cost, and developer-friendly
Ethereum L2 powered by zero-knowledge proofs, to lead
the next generation of consumer crypto adoption.
Abstract is set to create a new standard for culture-driven
economies by leveraging new distribution rails, empowering
builders, and introducing innovative economic mechanisms onchain.
Abstract's primary focus will be building the world's biggest
onchain community, driven by the culture economy.
The financial terms of this deal are not being disclosed.
About Igloo, Inc.
Igloo, Inc. is a collection of
companies, the largest of which is Pudgy Penguins. Founded in 2024,
the company is headquartered in Miami,
Florida. Millions of people use its wide range of popular
crypto-native products and platforms each day, from
Pudgy Penguins®, Pudgy World™, OverpassIP™, and more.
To learn more about Igloo, visit igloo.inc.
About Abstract
Abstract is a consumer-focused
blockchain powered by cutting-edge ZK cryptography for consumer
crypto, pioneering culture, community, and creativity
onchain. Its mission is to build the world's biggest onchain
community, driven by the culture economy, leveraging ZK Stack and
EigenDA to provide cheap, fast, and secure transactions. Abstract
was invented by individuals who launched and scaled Pudgy Penguins,
Ethereum, and Kubernetes.
To learn more about Abstract, visit abs.xyz
About Frame
Frame is an Ethereum-based
rollup that focuses on creator empowerment, royalty enforcement,
and safety for users. With a mission to build a better home for
NFTs, Frame was created by people who've built and advised some of
the top protocols and projects in the space.
To learn more about Frame, visit https://www.frame.xyz/
Media Contact
M Group Strategic Communications (on
behalf of Igloo, Inc.)
press@mgroupsc.com
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SOURCE Igloo, Inc.