Pudgy Penguins, the non-fungible token (NFT) company, is embarking on a new initiative to develop an Ethereum layer 2 blockchain with a strong emphasis on consumer accessibility. The parent company, Igloo, Inc., announced on June 28 that it has acquired Frame, a crypto development firm, along with its talented team and co-founders known as “Cygaar” and “Beans.” The financial details of the acquisition were not disclosed, and Frame will eventually phase out under Igloo’s direction.
Under the leadership of Frame’s team, Igloo plans to launch a consumer-centric Ethereum layer 2 solution named “Abstract,” incorporating advanced features such as zero-knowledge proofs. Cygaar from Frame expressed confidence that this platform will empower a new wave of consumer-focused crypto applications.
The floor price of Pudgy Penguins’ NFT collection experienced a significant surge on June 28, climbing nearly 20% from 9.1 Ether (ETH) to a peak of 10.8 ETH (approximately $37,000), as reported by NFT Price Floor. Despite a slight decline since then, the floor price remains higher than Yuga Labs’ Bored Ape Yacht Club collection, which currently stands at 9.9 ETH.
In a landmark decision on the same day, the U.S. Supreme Court ruled to eliminate the long-standing Chevron doctrine by a 6-3 vote. This doctrine had previously granted federal agencies considerable authority to interpret ambiguous laws. Venture firm Paradigm’s policy director Justin Slaughter hailed this decision as a pivotal moment in administrative law, suggesting it would compel agencies to seek more explicit congressional delegations for rulemaking.
Meanwhile, the DeFi Education Fund predicted earlier this year that overturning Chevron would prompt courts to prioritize the most compelling interpretations of laws over deference to agency interpretations, particularly impacting enforcement actions like those of the SEC in the crypto sector.
In other developments, Animoca Brands and Futureverse have joined forces to integrate Futureverse’s artificial intelligence capabilities into Animoca’s extensive portfolio of Web3 projects, including the popular metaverse game The Sandbox. The partnership involves an equity swap valued at $5 million, pending definitive agreements and board approvals expected to conclude within two months.
Both companies aim to establish interoperable metaverses, with Animoca operating Mocaverse featuring NFT-based digital identities, and Futureverse developing Readyverse based on the intellectual property of the sci-fi metaverse saga Ready Player One.
On the market front, Sylo (SYLO) and The Root Network (ROOT), tokens associated with Futureverse, saw modest increases, contributing to their respective seven-day gains of 6.1% and 10%, according to CoinGecko.
In related news, Bloomberg’s ETF analysts Eric Balchunas and James Seyffart anticipate delays in the launch of spot ETH exchange-traded funds (ETFs), while Ethereum co-founder Vitalik Buterin has publicly criticized U.S. crypto regulations in a detailed critique.
Furthermore, in the realm of Web3 gaming, the creator of Axie Infinity expressed intentions to move away from Discord, highlighting the growing impact of SocialFi on gaming revenue streams.