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  • 28 Nov 24

Animoca Brands Invests in Pudgy Penguins and Their Blockchain Ecosystem

Animoca Brands has announced a strategic investment in Igloo, Inc., the parent company of the Pudgy Penguins project.

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Animoca Brands has announced a strategic investment in Igloo, Inc., the parent company of the Pudgy Penguins project. The deal, structured through a SAFE (Simple Agreement for Future Equity), aims to support one of the leading NFT projects and advance Abstract — the blockchain associated with Igloo, Inc., according to the company’s official website.

Focus on NFTs and Web3

Pudgy Penguins is one of the most recognizable names in the NFT space. Its leader, Luca Schnetzler, has been actively developing the concept of a Web3 brand, including launching physical products based on NFTs. This approach could strengthen the project’s position as a successful example of integrating digital assets into the traditional economy.

Schnetzler emphasized that Animoca’s support would enable the project to grow its largest on-chain community and prepare a new wave of crypto users.

Animoca Brands, for its part, sees Pudgy Penguins as a key player for developing intellectual property in Web3 and believes in their potential to attract new users.

The Role of Abstract and Future Prospects

The announcement also highlights that, in addition to Pudgy Penguins, Animoca’s investment will focus on developing Abstract — an Ethereum Layer 2 network tailored for consumer applications. This blockchain aims to simplify interactions with crypto assets by providing seamless access to the Web3 ecosystem.

Abstract is expected to serve as a platform for integrating Animoca Brands’ initiatives, such as Mocaverse — a project designed to create a unified entry point for developers and users of Web3 applications.

Yat Siu, co-founder and chairman of Animoca Brands, noted that the investment reflects confidence in the importance of intellectual property and the Pudgy Penguins team’s ability to create engaging user experiences.

Animoca Brands is already well-known for its active role in the NFT space. Previously, its Japanese division announced the release of an NFT collection inspired by the iconic anime Ghost in the Shell.

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