Animoca Brands Invests in Igloo, Inc., the Parent Company of Pudgy Penguins

Animoca Brands, a global leader in digital property rights, has announced a strategic investment in Igloo, Inc., the parent company of Pudgy Penguins. The deal, structured through a Simple Agreement for Future Equity (SAFE), underscores Animoca Brands’ confidence in the growth potential of Pudgy Penguins and the transformative power of consumer crypto. This investment also highlights the company’s commitment to Abstract, a blockchain project contributed to by Igloo, Inc., that focuses on direct distribution for consumer crypto applications.

Joining Animoca Brands in this investment are its subsidiaries, The Sandbox and Animoca Brands Japan. Together, they aim to strengthen the Pudgy Penguins project, which has gained recognition for its innovative intellectual property model that empowers NFT holders. Under the leadership of Luca Schnetzler, Pudgy Penguins has successfully bridged Web3 IP with real-world applications, offering a range of physical merchandise tied to its NFTs and solidifying its position as a leader in the consumer crypto space.

Igloo, Inc., alongside its subsidiary Cube Labs, has also announced its commitment to Abstract, an Ethereum Layer 2 (L2) blockchain designed for consumer-centric crypto applications. Abstract focuses on delivering seamless onboarding, high-quality applications, and a cohesive ecosystem, making it an ideal infrastructure for the next generation of Web3 users.

With this investment, Animoca Brands aims to foster community engagement through collaborative initiatives between Abstract and Mocaverse, its own ecosystem designed to connect networks and simplify Web3 onboarding with a unified login system. This partnership promises to accelerate the adoption of consumer crypto while setting new standards for cross-community collaboration in the Web3 space.

Source: https://www.animocabrands.com/animoca-brands-makes-strategic-investment-in-pudgy-penguins-parent-company-igloo-inc