Pudgy Penguins parent Igloo to shut down Abstract after losses
Igloo CEO Luca Netz said the company funded the Abstract blockchain for 18 months without finding product-market fit, with losses reaching tens of millions.
Abstract, the blockchain network backed by Pudgy Penguins parent company Igloo Inc., is being shut down, according to Igloo chief executive Luca Netz. He said the project incurred losses in the tens of millions of dollars.
Netz said Igloo funded Abstract for 18 months, but the network never reached product-market fit. That outcome came despite the project drawing major brands and building a community of millions.
Key details
- Abstract is being shut down, per Igloo CEO Luca Netz
- Igloo funded the project for roughly 18 months
- Losses were described as being in the tens of millions of dollars
- The network attracted major brands and a community of millions but never found product-market fit
The decision marks an end to a consumer-focused blockchain effort tied to one of the better-known NFT brands. Pudgy Penguins built its position on retail-facing products and licensed merchandise, and Igloo extended that brand into its own network.
Abstract's wind-down adds to a broader pattern of consolidation among consumer-oriented crypto networks, where user acquisition and sustained demand have proven difficult to convert into viable, long-running businesses. No timeline for the shutdown was provided in the source.