Key Points
- Animoca Brands invests in Igloo to boost consumer crypto power and support Pudgy Penguins’ growth.
- The Sandbox and Animoca Brands Japan also invested in Igloo.
Animoca Brands announced a strategic investment in Igloo, the parent company of Pudgy Penguins.
Animoca Brands, a company that’s driving digital property rights, revealed the execution of a Simple Agreement for Future Equity (SAFE) for the latest investment which expresses the firm’s support for the transformative power of consumer crypto and the potential growth of Pudgy Penguins and Abstract.
Pudgy Penguins is one of the leading NFT-based intellectual properties and Abstract is the blockchain that Igloo contributes to, emphasizing the direct distribution of consumer crypto.
The Sandbox and Animoca Brands Japan, both subsidiaries of Animoca Brands, also invested in Igloo.
Empowering Intellectual Property Rights in the NFT and Gaming Sectors
Animoca Brands aims to empower intellectual property rights in the sectors of NFTs and gaming, and the best example of this potential is the Pudgy Penguins project, with its unique IP rights agreement with NFT holders.
Pudgy Penguins, led by Luca Schnetzler, proved that Web3 intellectual property can be bought in the real world via various physical merch representing the source NFT, and positioning the project at the top in the consumer crypto market.
Igloo and its subsidiary, Cube Labs, also announced recently a strategic initiative to contribute to Abstract.
This is a highly scalable, secure Ethereum L2 focused on consumers and built to offer robust infrastructure for consumer crypto apps.
Driving Community Engagement and Web3 Onboarding
Abstract targets the optimization of the consumer experience by providing the following:
- Simple onboarding
- Top-notch apps
- A highly cohesive ecosystem
Animoca Brands’ investment in Abstract will help drive community engagement via an initiative that offers cross-community collaboration and participation between Abstract and Mocaverse.
Animoca Brands’ Mocaverse builds a network of networks with a single login entry point where partners can build together various consumer apps for Web3 onboarding, the official press release notes.
An Investment Beyond Financial Commitment
Yat Siu, co-founder and executive chairman at Animoca Brands, said the investment is beyond a financial commitment.
This also reflects the firm’s belief in the transformative power of intellectual property rights. Given the strong track of innovation and execution that Pudgy Penguins has, Siu is happy to support the firm and its team to continue creating engaging UX for one of the most important brands in Web3.
Also, the CEO of Pudgy Penguins, Luca Schnetzler, said that Animoca Brands’ investment is a true testament to their vision of building a strong and continually developing ecosystem. This will help his firm continue to build the largest on-chain community and power the next wave of consumer crypto.
Pudgy Penguins was founded in 2021 and the next year it was acquired by Igloo Inc., a strategic move aimed at expanding its reach and capabilities.
