Pudgy Penguins parent firm Igloo Inc acquires Frame
Quick Take Pudgy Penguins’ parent firm Igloo Inc. acquired the web3 creator-focused platform Frame. The Frame team will join Igloo in developing Abstract Chain, a network building out on-chain culture and communities.
Igloo Inc., the parent firm behind the popular NFT project Pudgy Penguins, acquired the on-chain creator economy platform Frame. The terms of the deal were not revealed.
The purpose of the acquisition is to develop Abstract Chain, a Layer 2 network designed for on-chain culture and communities, Igloo Inc. CEO Luca Netz explained on the social media platform X.
The Frame team will now join Igloo. "By combining forces, we will provide the infrastructure and distribution necessary to usher crypto into the consumer crypto revolution," Netz added.
Frame develops infrastructure such as the permissionless creation of NFT marketplaces that enforce creator royalties. The platform also allocates some of its Layer 2 gas fees to support creators, according to the firm's website.
"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.
The Pudgy Penguins NFT collection brought in over $4 million in trade volume this week and nearly $14 million between June 16 and June 23, according to The Block's Data Dashboard.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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