A significant development is unfolding in the Web3 space: Pudgy Penguins, the popular digital collectibles, under CEO Luca Netz, are seeking new funding for the development of Abstract, an Ethereum Layer 2 solution.
What’s Known About Pudgy Penguins and Abstract’s New Funding
CEO Luca Netz announced the ongoing search for a new funding round for Abstract during the ‘When Shift Happens’ podcast. Abstract is not just another blockchain project; it is an Ethereum Layer 2 developed by Igloo Inc., the parent company behind Pudgy Penguins. This initiative underscores a strategic shift towards building infrastructure that meets the growing demands of digital assets and decentralized applications.
Why an Ethereum Layer 2 for a Leading NFT Brand?
Igloo Inc.'s decision to develop Abstract as an Ethereum Layer 2 is a strategically significant move, as Ethereum faces scalability issues such as high fees and slow transactions. Layer 2 solutions like Abstract aim to make transactions more efficient and affordable, which is crucial for NFT projects.
The Strategic Importance of NFT Funding and Ecosystem Growth
The pursuit of substantial funding for Abstract plays a crucial role in fortifying the entire Pudgy Penguins ecosystem and ensuring long-term growth. Securing fresh capital will allow for accelerated development, ecosystem expansion, and the creation of a sustainable business model.
The pursuit of new funding for Abstract represents a vital step for Pudgy Penguins, strengthening their role in the cryptocurrency ecosystem and creating a more equitable and accessible infrastructure for all users.
