Animoca Brands has made a strategic investment in Igloo Inc., the company behind the popular NFT collection Pudgy Penguins.

The funding aims to accelerate the development of Pudgy Penguins’ ecosystem and its integration into blockchain-based gaming and consumer applications.

In addition to Animoca Brands, The Sandbox and Animoca Brands Japan also took part in the funding.

What are the details of this investment?

The investment, structured as a Simple Agreement for Future Equity (SAFE), will provide Igloo Inc. with resources to expand its operations and develop new technologies. A key focus is on integrating Pudgy Penguins’ ecosystem with Animoca’s platforms, including Mocaverse, to foster community engagement and broaden the use of blockchain applications.

“Our investment in Pudgy Penguins is not only a financial commitment but also reflects our belief in the transformative power of intellectual property rights,” said Yat Siu, Co-founder and chairman of Animoca Brands. “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 Inc. is also developing Abstract, an Ethereum Layer 2 blockchain solution designed to make blockchain technology easier to use for consumers. Abstract will be integrated with Animoca’s Mocaverse platform to enhance user experience and connectivity between blockchain communities.