Pudgy Penguins Acquires Frame, Launches Abstract Chain Layer-2
The parent company of the NFT collection Pudgy Penguins has announced plans to develop its own blockchain by acquiring the Frame project.
Pudgy Penguins Acquires Frame, Launches Abstract Chain Layer-2
In an announcement on the evening of June 28, Igloo Inc., the company behind the Pudgy Penguins NFT collection, revealed the acquisition of Frame, a layer-2 protocol for NFTs.
Pudgy Penguins is one of the most renowned NFT collections in the crypto space, having made waves with plush toy sales in Walmart, the largest retail chain in the US, and enabling holders to receive airdrops from major projects like ZKsync, LayerZero, NIM, Omni Network, and more.
Although the specific details of the acquisition deal were not disclosed, both parties stated their intention to jointly develop Abstract Chain, a layer-2 solution aiming to be the blockchain platform for the next generation of crypto consumers.
Frame has been acquired by @IglooInc, the parent company of @pudgypenguins, to contribute towards Abstract.@AbstractChain is the blockchain for consumer crypto, pioneering culture, community, and creativity onchain.
— Frame (@frame_xyz) June 28, 2024
Here’s what this means: pic.twitter.com/J0AgihsJc8
Abstract plans to establish a vibrant on-chain economy with clear incentives for developers and engagement mechanisms for users, leveraging Pudgy Penguins' extensive community.
From a technological standpoint, Abstract will be built on ZKsync's layer-2 ZK Stack platform, utilizing EigenDA's data availability solution to provide low-cost programmability and high transaction speeds.
Abstract will use ZK stack’s cutting-edge cryptography and EigenDA to provide a secure, ultra fast, low-cost, developer-friendly way for builders to build. pic.twitter.com/6iet2uYeIx
— Frame (@frame_xyz) June 28, 2024
Igloo Inc. founder Luca Netz confidently claimed that no other project in the current crypto market combines the elements of community, culture, and reward allocation as effectively as Pudgy Penguins. Abstract aims to focus on cultural expansion and sustainable community building to deliver products capable of achieving large-scale reach, prioritizing consumer experience over technical aspects like existing solutions.
While specific information about the project remains sparse, speculation suggests that Abstract Chain may have its own token.
Abstract is the latest project to announce the development of its blockchain on ZKsync, following the Lens Protocol social network.
ZKsync recently unveiled its 3.0 roadmap with ambitions to become Elastic Chain, an infrastructure layer for other layer-2 and layer-3 solutions to build upon.
The floor price of Pudgy Penguins NFTs has surged by over 18% in the last 24 hours following the announcement of the Frame acquisition and the development of the Abstract layer-2 chain.
Recent price floor movement for Pudgy Penguins NFTs in the past month, screenshot from NFT Price Floor at 02:55 PM on June 29, 2024.
