Popular NFT project and merchandise brand Pudgy Penguins and NFT licensing platform OverpassIP announced the establishment of Igloo Inc., a parent company.
“Igloo was formed to create an end-to-end ecosystem where new people can get into cryptocurrency without dilution,” the company wrote. X post. Igloo said its main goal is to provide an end-to-end user experience for mass adoption of cryptocurrencies, rather than basing it on the price of the cryptocurrency.
Igloo also explained that Pudgy Penguins, a popular NFT brand, will be the first entry point into the ecosystem, leveraging the emotional connection people already have with the brand. OverpassIP will further encourage collector participation through licensing, the company said.
The company also teased new projects in the pipeline.“Over the coming months, we will complete this loop as we make another push to realize our vision of creating an end-to-end user experience to bring cryptocurrency to the masses,” Igloo said.
Launched in 2021, Pudgy Penguins has grown to become one of the most popular NFT collections and has secured retail partnerships with Walmart and Target to expand its presence offline.
The Pudgy Penguins IP is working with game developer Mythical Games to develop an immersive mobile-based video game, the company announced last month, with a soft release scheduled for 2025.
According to CoinGecko data, Pudgy Penguins’ lowest price is about 9.13 ETH ($30,700) and its market capitalization is about $274 million. In the last 24 hours, it recorded about $1 million worth of trading volume.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.