The Rise of Abstract: Igloo Inc. Secures Funding for Ethereum Layer-2 Network
As a crypto enthusiast, you must be curious about the latest developments in the blockchain space, especially when it comes to scaling solutions for Ethereum. This year, Igloo Inc, the parent company behind the popular NFT brand Pudgy Penguins, has secured over $11 million in funding to launch Abstract, a cutting-edge Ethereum layer-2 scaling network. Let’s dive into the details of this exciting announcement and what it means for the future of decentralized applications (dapps) on the Ethereum network.
Abstract: Revolutionizing Layer-2 Scaling for Ethereum
- Igloo Inc, the parent company of Pudgy Penguins, has raised $11 million in funding for Abstract, an Ethereum layer-2 scaling network.
- Founders Fund led the funding round, with additional investments from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.
- The funds will be used to establish Cube Labs, a new venture overseeing the development of Abstract, an Ethereum layer-2 network.
- In June, Igloo acquired Frame, an NFT-centric layer-2 network, with plans to integrate their team into the development of Abstract.
- Abstract aims to address the limitations of current layer-2 solutions and enhance the consumer crypto experience.
- It will soon launch its testnet and is designed to simplify the creation of dapps using zero-knowledge cryptography.
- Pudgy Penguins, initially launched during the NFT boom of 2021, faced challenges with community support in the following months.
- In 2022, Igloo Inc. acquired the project IP and rebranded it into a successful consumer brand, expanding into physical products sold at major retailers.
- Today, Pudgy Penguins has become one of the most valuable NFT projects, with original profile pictures (PFPs) fetching prices higher than those of the Bored Ape Yacht Club.
The Transformation of Pudgy Penguins: From NFT Project to Consumer Brand
The Road Ahead: Abstract’s Vision for Blockchain Technology
Abstract’s vision encapsulates the goal of enhancing user interactions with blockchain technology and bridging the gap between the digital and physical worlds. Netz, the CEO of Igloo Inc, envisions Abstract as a game-changer in the blockchain space, making blockchain technology more accessible and user-friendly for all.
Hot Take: What Does Abstract’s Funding Mean for Ethereum?
As a crypto enthusiast, you should keep an eye on Abstract’s development as it has the potential to transform the Ethereum ecosystem and drive adoption of decentralized applications. The funding secured by Igloo Inc represents a significant step towards creating a more scalable and user-friendly blockchain network.
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