Pudgy Penguins, a non-fungible token (NFT) company, is set to pioneer an Ethereum layer 2 blockchain geared towards consumer accessibility. Igloo, Inc., the parent company of Pudgy Penguins, announced on June 28th its acquisition of Frame, a crypto development firm. The acquisition includes Frame’s team and its anonymous co-founders “Cygaar” and “Beans,” with specific details of the deal remaining undisclosed. Frame will be integrated into Igloo’s operations and subsequently phased out.
The Frame team’s primary objective under Igloo will be the development of an Ethereum layer 2 solution named “Abstract,” featuring zero-knowledge proofs. Igloo emphasized that Abstract will prioritize user-friendly features, supporting applications aimed at everyday consumers.
The floor price of Pudgy Penguins’ NFT collection experienced a notable increase on June 28th, rising nearly 20% from 9.1 ETH to a peak of 10.8 ETH (approximately $37,000), according to NFT Price Floor. Despite a slight subsequent decrease, its current pricing remains higher than Yuga Labs’ Bored Ape Yacht Club collection, which holds a floor price of 9.9 ETH.
In another development, the U.S. Supreme Court delivered a significant ruling on June 28th by overturning the long-standing “Chevron doctrine” in a 6-3 decision. This doctrine had previously granted federal agencies significant leeway in interpreting ambiguous laws. Venture firm Paradigm’s policy director, Justin Slaughter, noted that the ruling marks a pivotal change in administrative law and regulatory practice, potentially impacting future regulatory actions in sectors like crypto enforcement.
Further in the crypto space, Animoca Brands and Futureverse have joined forces to integrate Futureverse’s AI capabilities into Animoca’s extensive portfolio of over 400 Web3 projects, including The Sandbox metaverse game. The partnership entails an equity swap valued at $5 million, subject to final agreements and board approval expected within two months. Both companies aim to foster interoperability between their respective metaverses, leveraging NFT-based digital identities and sci-fi themed IPs, akin to Ready Player One.
Meanwhile, Bloomberg’s ETF analysts predict delays in the launch of spot ETH exchange-traded funds (ETFs), reflecting ongoing regulatory uncertainties. Ethereum co-founder Vitalik Buterin has also voiced concerns about U.S. crypto regulations in a detailed critique.
In gaming-related news, the creator of Axie Infinity expressed intentions to move away from Discord, anticipating increased revenue from SocialFi initiatives within the Web3 gaming community.