Animoca Brands, a prominent player in the web3 ecosystem, has made a strategic investment in Igloo Inc., the parent company of Pudgy Penguins. The investment was made through a Simple Agreement for Future Equity (SAFE) and included participation from Animoca Brands’ subsidiaries, The Sandbox and Animoca Brands Japan. This move underscores Animoca’s commitment to supporting intellectual property (IP) in the web3 space.

Pudgy Penguins’ Parent Company Igloo Inc. Backed by Animoca

About Igloo Inc.

Igloo Inc. is the parent company of Cube Labs, which recently revealed plans for Abstract, a custom-built Ethereum Layer 2 (L2) solution designed for consumer-focused applications. Animoca’s involvement aims to foster collaboration between Abstract and its own Mocaverse platform, creating opportunities for cross-community marketing and deeper engagement within the broader web3 community. Yat Siu, co-founder and chairman of Animoca Brands, emphasized the company’s belief in the transformative potential of intellectual property rights within web3 gaming.

“Our investment in Pudgy Penguins is not only a financial commitment but also reflects our belief in the transformative power of intellectual property rights. Given Luca’s strong track record in innovation and execution, we’re thrilled to support him and his team as they continue to push the envelope and create engaging user experiences for one of the most recognizable brands in the world of web3.”

Igloo Logo

Pudgy Penguins: From NFTs to Mainstream

Pudgy Penguins debuted on the Ethereum blockchain in 2021 as a collection of 8,888 unique non-fungible tokens (NFTs). Shortly after, the project launched Lil Pudgys, an additional collection of 22,222 NFTs. In 2022, under the leadership of new CEO Luca Schnetzler, Pudgy Penguins diversified beyond digital assets by introducing physical products such as plush toys and merchandise.

The brand has also expanded its presence in gaming. In 2023, Pudgy Penguins announced Pudgy World, a social open-world game, and later partnered with Mythical Games to develop Pudgy Party, a mobile social party game. These initiatives aim to create engaging user experiences that bridge the gap between blockchain technology and mainstream audiences.

Schnetzler also commented on the exciting news, stating, “This investment from Animoca Brands is a testament to our vision and commitment to building a thriving ecosystem. It will continue to help us create the largest on-chain community and power the next wave of consumer crypto.”

Mythical Games to Develop Pudgy Party

Implications for the Web3 Space

This partnership highlights Animoca Brands’ strategy to support innovative IP and projects that align with its vision of a decentralized and inclusive digital economy. By leveraging Pudgy Penguins’ established brand and expanding its ecosystem through initiatives like Abstract, the collaboration seeks to further enhance adoption and engagement within web3. For both companies, the investment marks a step toward integrating consumer-friendly solutions with blockchain technology to drive the next wave of web3 innovation.

Source: blockchaingamer.biz