- Igloo Inc., the parent company of Pudgy Penguins, purchased the web3 creator-focused platform Frame.
- The Abstract Chain network, which expands on-chain communities and culture, will be developed by the Frame team in collaboration with Igloo.
Igloo Inc., the group behind the popular NFT project Pudgy Penguins, has acquired the blockchain-powered creative economy platform Frame. The terms of the arrangement were not disclosed.
On the social media platform X, Igloo Inc. CEO Luca Netz stated that the goal of the acquisition is to create Abstract Chain, a Layer 2 network designed for on-chain communities and culture.
Now, the Frame crew will join Igloo. Together, we will offer the distribution and infrastructure required to launch cryptocurrency into the consumer revolution, Netz continued.
Frame creates infrastructure that enforces creative royalties, like the permissionless development of NFT marketplaces. On the company website, the platform states that it also donates a portion of its Layer 2 gas prices to creative support.
Abstract aims to usher in a novel era powered by the culture economy, establish unique economic processes on-chain, empower makers, and develop distribution rails. Frame posted a message on the social media network X.
Pudgy Penguins NFT collection generated over $4 million in trade volume this week and around $14 million between June 16 and June 23.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
