727 FinanceChainCatcher Message, NFT & IP Company Igloo, Inc. Announcing the closure of consumer-grade crypto public chain Abstract, refocusing personnel and resources to Pudgy Penguins, Pudgy NFT and token Pengu.
Igloo said that Abstract's goal is to create a public chain for consumption scenarios, for which the company invests in engineering and ecological talents and infrastructure. Its growth is constrained by the excessive operating costs of independent public chains, limited liquidity, weak DeFi ecosystem, and declining market interest. Igloo has lost tens of millions of dollars over the past two years to maintain Abstract operations, expand, and find product market fit and a path to profitability.
The company said that shutting down Abstract became an appropriate decision after more well-funded enterprises also had difficulty finding a product market fit for their own blockchains. Subsequently, the brand path from product and content to Penguin and then to Pudgy Penguins NFT will be refined, and the focus will be returned to this role IP.