Igloo

Igloo, Inc., founded in 2024 and headquartered in Miami, is the parent company of the prominent NFT brand Pudgy Penguins. The company's formation unified Pudgy Penguins with the NFT licensing platform OverpassIP to create an ecosystem aimed at simplifying the crypto experience for new users. Igloo's CEO is Luca Netz, who acquired Pudgy Penguins in April 2022 and has been central to its strategy of merging the digital and real worlds.

The company's primary mission is to drive mainstream crypto adoption by creating the largest on-chain community, focusing on culture, community, and creativity. A key part of this strategy is leveraging the Pudgy Penguins brand, which has gained significant traction through partnerships with major retailers like Walmart and Target for physical toys, bridging the gap between Web2 and Web3. The business model centers on building a comprehensive user experience, using the popular NFT collection as a top-of-funnel entry point into its ecosystem.

In July 2024, Igloo secured over $11 million in a funding round led by Founders Fund to establish Cube Labs, a new venture focused on blockchain research and development. This initiative will oversee the development of Abstract, a consumer-focused Ethereum Layer 2 blockchain designed for mass adoption. Abstract aims to make decentralized app development more accessible and affordable by using advanced ZK (zero-knowledge) cryptography for fast, low-cost, and secure transactions. The platform also introduces user-friendly features like passkey-based wallets to lower the barrier to entry for mainstream users.

Keywords: consumer crypto, NFT brand, on-chain community, Layer 2 blockchain, digital collectibles, Pudgy Penguins, Abstract blockchain, ZK cryptography, Web3 ecosystem, brand licensing, crypto adoption, venture capital, digital ownership, blockchain development, consumer applications