Animoca Brands Backs Pudgy Penguins in Major Web3 Investment to Drive Growth

In order to support Pudgy Penguins, Animoca Brands made a strategic investment in Igloo Inc. This business was governed by the Simple Agreement for Future Equity (SAFE). Additionally, Animoca Brands Japan and The Sandbox, two of Animoca's companies, participated. This action demonstrates Animoca's dedication to promoting IP in the web3 environment. With NFTs and crypto becoming more and more popular, this investment puts Animoca in a good position to grow the digital economy and forge a closer bond between web3 technology and customer experiences.

Source: X

Animoca Brands’ Investment in Igloo Inc.

Cube Labs' parent firm, Igloo Inc., has unveiled plans for Abstract. An Ethereum Layer 2 (L2) solution created especially for consumer apps is called Abstract. The goal of Animoca's participation in the project is to increase cooperation between Abstract and Animoca's platform, Mocaverse. Deeper interaction in the web3 domain and cross-community marketing are made possible by this partnership. The company believes in the potential of intellectual property in the context of web3 gaming, according to Yat Siu, chairman and co-founder of Animoca Brands. This investment is intended to support innovation and growth on both platforms. 

Pudgy Penguins: From NFTs to Mainstream

With 8,888 unique NFTs, Pudgy Penguins debuted on the Ethereum blockchain in 2021. The project quickly expanded with the release of Lil Pudgys, a collection of 22,222 additional NFTs. Under the direction of CEO Luca Schnetzler, the company moved beyond digital assets in 2022 and started selling tangible goods including stuffed animals and other memorabilia. This change was a major turning point since Pudgy Penguins started to close the gap between online and offline marketplaces.During its 2023 foray into the game sector, Pudgy World and Pudgy Party, among other productions, established the company's position in popular entertainment.

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Two games were introduced in 2023 by Pudgy Penguins and Mythical Games: Pudgy Party, a mobile social party game, and Pudgy World, an online open-world game.These gaming endeavors demonstrate the brand's dedication to creating engaging user experiences that are understandable to both blockchain specialists and mainstream audiences.  By adding games to its ecosystem, Pudgy Penguins can provide more engaged experiences and draw in a wider user base. NFTs and cryptocurrency can combine with conventional entertainment to provide people with something new, as demonstrated by this foray into gaming.

Pudgy Penguins CEO Luca Schnetzler said he was thrilled about Animoca Brands' investment. According to him, it is an acknowledgement of their vision and the brand's dedication to building a flourishing ecosystem. According to Schnetzler, the collaboration will help Pudgy Penguins create the biggest on-chain community and propel the upcoming consumer cryptocurrency revolution. With this backing, Pudgy Penguins hopes to keep creating innovative, approachable solutions that improve the experience for both web3 novices and cryptocurrency enthusiasts.

A sustained effort to assist creative IPs in the web3 domain is indicated by this collaboration between Animoca Brands and Igloo Inc. A more accessible and inclusive web3 is in line with Animoca's plan to fund initiatives that advance decentralized digital economies. In order to promote adoption and engagement within the web3 environment, the partnership supports Pudgy Penguins and grows its ecosystem through Abstract. The action is part of a larger trend that is combining blockchain technology with consumer-friendly solutions to help influence the future of digital assets and games.