To advance digital property rights, Animoca Brands Corporation Limited has invested in Igloo, Inc., the parent company of one of the NFT-based IPs, Pudgy Penguins. The Simple Agreement for Future Equity (SAFE) reiterates Animoca’s belief in the prospects of consumer crypto and the abilities of Pudgy Penguins to integrate Web3 into the actual consumption sphere.
Collaboration with Abstract Blockchain
Igloo, Inc. is associated with Abstract, an Ethereum Layer 2 (L2) designed for borderless, scalable, convenient use cases. The abstract concentrates on smooth onboarding processes and an efficient, integrated environment for the consumers of cryptocurrencies. Animoca’s engagement helps to strengthen community support by serving as a key partner for the integration of Abstract with Mocaverse, which is Animoca’s concept of the collective development of consumer applications in the Web3 ecosystem.
Empowering Web3 Intellectual Property
Under the leadership of its CEO, Luca Schnetzler, Pudgy Penguins has revolutionized the utilization of NFTs by integrating Web3 technology and physical merchandise. Recognizing this, the Pudgy Penguins have an unconventional IP holding model that grants NFT owners special rights over an IP but simultaneously rides on physical products as well as digital spaces. Luca said that Animoca’s investment aligns with the idea of building an on-chain community to support the next generation of consumer crypto.
Vision of Collaboration and Growth
The merger of the two companies was driven by the fact that Animoca Brands executive chairman and co-founder Yat Siu stressed the harmonization of the company’s vision. “Our investment in Pudgy Penguins reflects our belief in the transformative power of intellectual property rights. We’re excited to support Igloo’s innovative team as they shape one of the most recognizable brands in Web3,” said Siu.
The partnership allows Igloo and its partner companies, such as Cube Labs, to bring efficiency to the application of blockchain platforms and the experiences of users. Other investors involved in the funding round are Animoca Brands Japan and The Sandbox, which indicates the companies’ support for Igloo’s blockchain projects.
About Igloo, Pudgy Penguins, and Animoca Brands
Igloo, Inc. is a fast-growing and diverse business in Miami, consisting of Pudgy Penguins, Pudgy World, and OverpassIP. Igloo aims to help millions adopt Web3 easily by introducing effective and unique crypto-based product solutions. Another flagship Igloo project, Pudgy Penguins, is famous for owning exclusive rights to copyright for their avatars and providing a connection between virtual Web3 and customary markets, offering tangible products capped with NFT ownership.
Animoca Brands is an international Web3 company working to establish the open metaverse and promote decentralized digital ownership rights. Animoca has bought stakes in more than 540 Web3 firms, The Sandbox and Mocaverse among them, and Yuga Labs, OpenSea, and Polygon. Its work in blockchain’s progression remains steadfast in the connection of people to decentralized expertise across the globe.
