In a joint announcement, popular NFT collection Pudgy Penguins and NFT licensing platform OverpassIP have revealed their new parent company, Igloo Inc.
This new company aims to unite Pudgy and Overpass operations in one direction, and will focus on building user-friendly experiences for crypto newcomers, emphasizing accessibility over obsessing with floor prices.
Igloo Inc. seeks to establish “the largest onchain community,” and “drive the consumer crypto revolution” by leveraging the growing popularity of the Pudgy Penguins’ brand and the power of their OverpassIP licensing marketplace to align the incentives of the brand, collectors and creatives alike.
What is Pudgy Penguins?
Launched in July 2021, Pudgy Penguins is an NFT collection on Ethereum ($ETH) consisting of 8,888 unique cartoon penguin NFTs. Each penguin is created from up to 150 hand-drawn components, with a variety of traits including backgrounds, body types, shirts, and accessories.
Purchased by Luca Netz in April 2022, the Pudgy Penguins brand has gone from strength to strength, becoming the second most valuable NFT collection – ahead of Bored Ape Yacht Club – and breaking into the mainstream with viral social content and US-wide toy distribution, including nationwide Walmart and Target partnerships, that have seen over 1 million plushies sold thus far.
Holders, known as Huddlers, gain exclusive access to events, experiences, and IP licensing opportunities. They can also utilize their NFTs for commercial purposes, with many using them for creative purposes or to help brand their own businesses.
Expanding its presence, Pudgy Penguins recently announced a collaboration with Mythical Games to create an official mobile game, scheduled to release in 2025.
What can we expect from Igloo Inc.?
“Igloo was formed to create an end-to-end ecosystem for new people to come into crypto, non-dilutively,” the company stated on X.
Igloo Inc. has hinted at upcoming initiatives that will help to expand its ecosystem further, stating, “We will complete this loop as we make another push towards realizing our vision of creating an end-to-end user experience to push crypto to the masses.”
The market has responded positively to the news with over $1 million USD of Pudgy Penguins being trading over the past 24 hours. At the time of writing, Pudgy Penguins floor price sits at 8.57 ETH (around $28,407), with a total market cap of over $250 million USD.
Blockchain evangelist. Content creator & graphic design hobbyist. Loves gaming!