Pudgy Penguins Acquires Frame to Build $5B-$10B Consumer-Focused AbstractChain

Jun 28, 2024, 10:34 PM

Pudgy Penguins, a leading NFT project, has announced the acquisition of Frame by its parent company, Igloo Inc. This acquisition is aimed at building AbstractChain, a new zk L2 blockchain focused on enhancing consumer experiences in the crypto space. The initiative, led by Luca, is expected to bring significant value to the Pudgy Penguins ecosystem, potentially increasing its market valuation to $5 billion to $10 billion. The new chain, which will be consumer-centric, aims to onboard millions onto Web3 by leveraging Pudgy Penguins' strong community and intellectual property. The rebranding of PengChain to PengPals, a gamified Layer 3 (L3) built on AbstractChain, further underscores the project's commitment to innovation and user engagement. This move is part of a broader trend where major NFT projects like Bored Apes and Azuki are also developing their own L2 solutions, highlighting the growing importance of community-driven IP ecosystems in the crypto industry. The initiative is seen as a step towards a consumer crypto revolution.