Updated: June 28, 2024 5:53 PM EDT
Igloo Inc., the parent company of popular NFT project Pudgy Penguins, has acquired on-chain creator economy platform Frame. Terms of the deal were not disclosed.
Luca Netz, CEO of Igloo Inc., explained to social media platform
Now, the Frame team has joined Igloo, adding that “together, we will provide the infrastructure and distribution needed to drive the cryptocurrency consumer revolution.”
Frame develops infrastructure such as permissionless creation of NFT marketplaces that enforce creator royalties. According to the company’s website, the platform also allocates a portion of Layer 2 gas fees to support creators.
“Abstract will pioneer a new era driven by the cultural economy, creating distribution rails, empowering builders, and introducing innovative economic mechanisms on-chain,” Frame wrote on social media platform X.
According to The Block’s data dashboard, the Pudgy Penguins NFT collection recorded more than $4 million in trading volume this week, and nearly $14 million from June 16 to June 23.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is The Block’s largest investor. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Current financial disclosures are as follows:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.