Igloo Inc. is gradually shutting down Abstract, according to a statement posted by Luca Netz on X. The company will redirect its full attention to Pudgy Penguins, Pudgy NFTs, and PENGU after continuing to fund Abstract over the past 18 months. Netz said the project has lost tens of millions of dollars over two years of operations and still has not found product-market fit.
He said Abstract had previously processed more than 300 million on-chain transactions, launched Portal and AGW, and brought in several global brands. Even so, growth remained constrained by a weak DeFi ecosystem, limited liquidity, low institutional participation, high costs, and falling demand for related products. Netz also said Igloo could no longer keep diverting funds from the Pudgy Penguins business to support Abstract, and that the company did not choose to raise money through a token issuance or an ICO.
Igloo Inc. is gradually closing Abstract and will shift its full focus to Pudgy Penguins, Pudgy NFTs, and PENGU, according to a post by Luca Netz on X.
Netz said Igloo had continued funding Abstract over the past 18 months. After two years of operations, the project had accumulated losses in the tens of millions of dollars and still had not found product-market fit, or PMF.
He said Abstract had previously recorded more than 300 million on-chain transactions, launched Portal and AGW, and attracted several global brands. Still, its growth was held back by a lack of DeFi activity, limited liquidity, relatively low institutional participation, high costs, and weaker demand for related products.
Netz added that Igloo could no longer continue pulling funds from the Pudgy Penguins business to support Abstract. He also said the company did not choose to raise capital through a token issuance or an initial coin offering, or ICO.
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