Animoca Brands has made history by supporting Igloo Inc., the company that creates Pudgy Penguins. This partnership was established through a Simple Agreement for Future Equity (SAFE), with support from two of its subsidiaries, Animoca Brands Japan and The Sandbox.
It’s a strong indication that Animoca is fully committed to advancing intellectual property (IP) in the web3 arena, and it’s not just about the money.
Igloo Inc. and the Evolution of Abstract
Igloo Inc. is far more than its playful NFT collections. The company is also home to Cube Labs, which is developing Abstract—a tailored Ethereum Layer 2 (L2) solution aimed at making blockchain applications more accessible to everyday users.
With Animoca’s support, Abstract is positioned to integrate with Mocaverse, Animoca’s proprietary platform, unlocking unprecedented opportunities for collaborative ventures within the web3 community.
Yat Siu, Animoca’s co-founder and chairman, highlighted the strategic significance of the partnership, stating, “This isn’t just about investment; it’s about recognizing the transformative potential of IP in web3 gaming. With Luca Schnetzler’s innovative leadership, we’re eager to support the Pudgy Penguins team as they redefine the boundaries of this space.”
From Digital to Physical
In 2021, the Ethereum collection of 8,888 unique NFTs known as Pudgy Penguins gained prominence. The brand expanded rapidly and acquired greater market power with the introduction of Lil Pudgys, a line of 22,222 NFTs.
After CEO Luca Schnetzler took over in 2022, Pudgy Penguins added cuddly toys and collectibles to their catalog in addition to digital art. The company’s reputation as a web3 pioneer was enhanced by its foray into the gaming sector.
By 2023, Pudgy Penguins had launched Pudgy World, an open-world multiplayer gaming experience, and Pudgy Party, a mobile game developed in collaboration with Mythical Games. These initiatives aim to make the web3 ecosystem more relatable and enjoyable by bridging the gap between mainstream audiences and blockchain technology.
Luca himself is thrilled: “This investment from Animoca Brands validates our vision. We’re building something bigger—a vibrant on-chain community that’s going to lead the next wave of consumer crypto.”
What’s Next for Web3?
This partnership isn’t just a feather in Pudgy Penguins’ cap—it’s a glimpse into the future of web3. Animoca is doubling down on projects that merge creativity and tech while pushing for a more open and inclusive digital world. By joining forces, Pudgy Penguins and Animoca aim to make web3 friendlier, more accessible, and packed with exciting possibilities.
