Pudgy Penguins and OverpassIP unveil parent firm Igloo
Quick Take
- Pudgy Penguins and OverpassIP have established a parent company named Igloo Inc.
- The firm teased a new project that will be announced in the coming months.
Popular NFT project and merchandise brand Pudgy Penguins and NFT licensing platform OverpassIP said they have established their parent company, Igloo Inc.
“Igloo was formed to create an end-to-end ecosystem for new people to come into crypto, non-dilutively,” the company wrote in its X post. Igloo said its main aim is not based on the price of a cryptocurrency but rather providing an end-to-end user experience for mass adoption of crypto.
Igloo further explained that the prominent NFT brand Pudgy Penguins will be the first point of entry for its ecosystem, leveraging the emotional connection people already have with the brand. OverpassIP will then further encourage collector participation through licensing, the company wrote.
The company also teased a new project in the pipeline.“Over the coming months, 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,” Igloo said.
Pudgy Penguins, launched in 2021, has grown to become one of the most popular NFT collections, expanding its presence offline by securing retail partnerships with Walmart and Target.
In addition to its empire, it was announced last month that the Pudgy Penguins IP is partnering with gaming developer Mythical Games to develop an immersive mobile-based video game, scheduled for a soft release in 2025.
Pudgy Penguins have a floor price of around 9.13 ETH ($30,700) and a market cap of around $274 million, according to CoinGecko data. It has recorded about $1 million worth of trade volume in the past 24 hours.
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