Pudgy Penguins, the non-fungible token (NFT) company, is embarking on an ambitious project to develop an Ethereum layer 2 blockchain, emphasizing a “consumer-focused” approach. 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 “Cygaar” and “Beans,” who prefer to remain anonymous. Financial details of the acquisition were not disclosed, and Frame will soon transition under Igloo’s umbrella.
Under the leadership of Frame’s team, Igloo aims to launch an Ethereum layer 2 solution named “Abstract,” incorporating advanced features like zero-knowledge proofs. The platform is designed to cater specifically to consumer needs, with Cygaar from Frame highlighting its potential to support a range of consumer-oriented crypto applications.
Meanwhile, the floor price of the Pudgy Penguins NFT collection surged nearly 20% on June 28, peaking at 10.8 ETH (approximately $37,000), according to NFT Price Floor data. Although the price has slightly decreased since, it remains higher than the floor price of Yuga Labs’ Bored Ape Yacht Club collection, which stands at 9.9 ETH.
In a significant legal development for the crypto industry, the U.S. Supreme Court on June 28 overturned the longstanding “Chevron doctrine” in a 6-3 decision. This doctrine had previously empowered federal agencies, like the Securities and Exchange Commission (SEC), to interpret ambiguous laws within their regulatory purview. Venture firm Paradigm’s policy director, Justin Slaughter, noted that this ruling marks a shift in administrative law, potentially impacting how agencies enforce regulations, particularly in emerging areas like crypto.
The decision’s implications could reshape regulatory dynamics, as Slaughter pointed out that agencies can still receive delegated rulemaking powers from Congress, provided they are explicitly granted. This legal development is seen as pivotal, especially concerning the SEC’s regulatory stance on cryptocurrencies.
In other crypto-related news, Animoca Brands has partnered with Futureverse, a company specializing in artificial intelligence and the metaverse, to integrate Futureverse’s AI technology into Animoca’s diverse portfolio of Web3 projects. This partnership includes an equity swap valued at $5 million pending final agreements and board approvals, expected to conclude within two months.
Animoca, known for its extensive involvement in the Web3 ecosystem and projects like The Sandbox metaverse game, plans to enhance its offerings with Futureverse’s AI capabilities. Both companies also aim to achieve interoperability between their respective metaverses, fostering an open and interconnected virtual environment.
Additionally, recent developments in the cryptocurrency market have seen slight price increases for tokens associated with Futureverse, such as Sylo (SYLO) and The Root Network (ROOT), reflecting growing investor interest in metaverse-related technologies.
Looking ahead, there are forecasts of potential delays in the launch of spot Ethereum exchange-traded funds (ETFs), according to Bloomberg’s ETF analysts Eric Balchunas and James Seyffart. Meanwhile, Ethereum co-founder Vitalik Buterin has voiced criticisms of current U.S. crypto regulations, underscoring ongoing debates and challenges within the industry.
In the gaming sector of Web3, there’s a notable shift as the creator of Axie Infinity expresses intentions to move away from Discord, while SocialFi strategies continue to drive revenue growth in gaming communities.