Igloo, Inc., the father or mother firm behind the Pudgy Penguins NFT assortment, has raised $11 million to ascertain Dice Labs. This new strategic initiative will oversee and additional contribute to the event of Summary, a brand new blockchain designed to drive mass adoption.
Founders Fund led the financing spherical with participation from Fenbushi Capital, 1kx, Everest Ventures Group and Selini Capital.
“Pudgy Penguins has the best 0 to 1 distribution edge we’ve seen in the crypto space. Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand. They’re leveraging this to grow Abstract, a consumer L2 focused on making onchain experiences mainstream. By building for users first, and allowing companies and brands to better interface with their consumers, Abstract is well-positioned to onboard the masses to crypto,” stated Joey Krug, Companion at Founders Fund. “Abstract is built for everyone — not just cryptonatives — and we’re extremely happy to be supporting them on this journey.”
To realize its imaginative and prescient of widespread adoption, Summary goals to make the method of creating decentralized apps simpler, cheaper and safer. To speed up onboarding, The Summary Basis gives a devoted builder and model assist.
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Summary staff
Summary was co-invented by Luca Netz, Lorenzo Melendez and Michael Lee. Netz and Melendez at present lead Igloo, Inc. as its CEO and President respectively. In the meantime, Lee has a long time of expertise within the tech business, together with video video games and web3. He beforehand led progress for ZKsync at Matter Labs and served because the VP of neighborhood at Activision Blizzard.
“Abstract will open up a new world of possibilities for crypto-native developers and global brands — in turn creating the dominant crypto consumer platform,” stated Lee, co-inventor and CEO of Dice Labs. “We are at the beginning of a new era where blockchain technology will reinvent the idea of digital ownership and seamlessly integrate into our daily lives, enhancing how we live, work, connect and play.”
The builders behind Summary — Cygaar, 0xbeans and stinkypablo — formally joined the Igloo staff in June 2024. Collectively, the group incubated the mission because the not-for-profit Summary Basis. Now, Summary will enter testnet quickly.
“Our mission is to build infrastructure to power the next wave of consumer crypto applications,” stated Cygaar, CTO at Dice Labs. “This requires collaborating on technology that makes crypto UX simpler, building a platform for mass distribution, and working closely with teams looking to build the next generation of consumer-facing experiences. By doing so, we have the potential to truly onboard retail users to crypto for the first time.”
Igloo’s Pudgy Penguin empire
Igloo, Inc. oversees the rising Pudgy Penguins empire. Along with two NFT collections, the corporate is creating the Pudgy World online game and operates OverpassIP, its IP licensing protocol for NFT holders.
On the time of writing, the unique Pudgy Penguins assortment has the second highest market cap of all Ethereum-based NFT tasks. In the meantime, the Lil Pudgy assortment is the sixth highest. Collectively, the mixed market cap of each collections totals almost $400 million.
“My work has always centered around creating a web3 ecosystem that enables new ways for brands to interact directly with their consumer base,” stated Luca Netz, CEO of Igloo, Inc. and co-inventor of Summary. “Our vision is to change the dynamic of how users interact with blockchain technology and easily merge both the real and digital worlds. We are excited to drive the consumer crypto revolution forward.”
through GIPHY
Exterior of its NFTs, Pudgy Penguins sells licensed merchandise on-line and in-store at main U.S. retailers, Walmart and Goal. Moreover, its official Giphy uploads have accrued over 25 billion views.
