The parent company of the popular non-fungible token (NFT) collection Pudgy Penguins, Igloo, has announced that it has acquired blockchain development firm Frame. And according to the latest news, Pudgy Penguins may be getting their own layer 2.
Pudgy Penguins & Frame: soon a new layer 2 on Ethereum?
Igloo, the company behind the Pudgy Penguins non-fungible token (NFT) collection, has announced the acquisition of blockchain development firm Frame and unveiled Abstract, an upcoming layer 2 on the Ethereum blockchain.
The main objective of this acquisition is to accelerate the development of Abstract, designed to meet future mass adoption of cryptos by the general public. Abstract aims to provide a simple user experience, good scalability, and low transaction fees.
👉To learn more – Layer 2, scalable solutions for current blockchains
The co-founders of Frame, Cygaar and Beans, recognized for their contribution to the blockchain sector, will notably participate in the development of Abstract. Following the acquisition of Frame, the platform will also close its doors.
This strategic acquisition combines Igloo’s experience in building communities and cultures on the Internet with Frame’s technical expertise in blockchain development. For Cygaar, this is a turning point for the future of the industry:
“We are incredibly excited to partner with the Igloo team and help build the infrastructure that will power the next wave of mainstream crypto applications. There is no other team in this space that I would rather work with. Together, we have the potential to truly bring consumers into crypto for the first time in history.”
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Igloo: A Complete Ecosystem for Crypto Adoption
According to its CEO Luca Netz, Igloo was created to allow newcomers to discover crypto by pushing the boundaries of on-chain experiences.
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Within Igloo, Pudgy Penguins is positioned as the company’s flagship brand, introducing users to Web3 and NFT culture. The Pudgy Penguins NFT collection also maintains its dominance in the NFT market by ranking in the top 5 of the first collections.
In a press release, Luca Netz explains his vision and the future of Igloo:
“Our goal is to combine our success in building unique communities and cultures on the web with the expertise of the Frame team. We will be delighted to contribute to the success of Abstract and its mission of building the largest onchain community in the world, by propelling the crypto revolution directly to the general public. In the coming months, Igloo plans to contribute to the development of a more than complete user experience and developer experience.”
Currently, the floor price of the Pudgy Penguins collection is at 12.2 ETH with a market cap of 108,000 ETH.
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Source : Press release
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