Cumulative losses in the tens of millions of dollars, Abstract is gradually shutting down, Igloo Inc. pivots to Pudgy Penguins and PENGU
Luca Netz posted on X that Abstract is gradually shutting down, and its parent company Igloo Inc. will shift all of its focus to Pudgy Penguins, Pudgy NFTs, and PENGU. Igloo has continued to provide funding support for Abstract over the past 18 months. Over its two years of operation, the project has accumulated losses in the tens of millions of dollars and has still not found product-market fit (PMF).He said that Abstract had previously processed over 300 million onchain transactions, launched Portal and AGW, and attracted multiple global brands to join, but issues such as an insufficient DeFi ecosystem, limited liquidity, low institutional participation, high costs, and declining demand for related products continued to constrain growth. In the end, Igloo Inc. could no longer continue diverting funds from the Pudgy Penguins business to support Abstract, and it did not choose to raise funds through token issuance or an ICO.
