Only a few of Web3’s brands have managed to reach mainstream consumers like the NFT collection Pudgy Penguins.
That’s why Igloo Inc., the parent company of Pudgy Penguins, believes it can replicate its playbook with its new blockchain, Abstract. Ethereumlayer-2 chain aims to be the leader blockchain for consumer crypto products and applications.
In this article, we’ll explore Abstract’s concept of “consumer crypto” and how and what it’s building to bring the next billion users onto the chain.
What is an abstract?
Abstract – a ZK-stack and a layer-2 blockchain built on the Ethereum network, designed to enable low transaction fees and scalability for consumer-oriented applications and products.
Abstraction is specifically designed to be different from the general-purpose architecture used by most blockchains, and instead aims to align developer and consumer interests first through specific applications and protocols, such as games and social platforms, and then from the outside downwards, such as decentralized finance, or DeFiand banking.
Image: abstract
Abstract EVM is suitablethis means that Ethereum can run applications designed and built for the blockchain. Therefore, most existing Ethereum-based smart contracts can be easily ported to Abstract, allowing developers of already built applications to offer their products to Abstract users with minimal changes.
What is consumer crypto?
An Abstract blogIgloo Inc. and Pudgy Penguins leader Luca Netz explained his concept of “consumer crypto,” which refers to “blockchain-powered applications that serve the daily lives of billions of people for personal use.”
In other words, applications that the average person might use on a daily basis, such as games or social platforms. Netz refers to OpenSea, NFT and digital collectibles market and Pump.funa the same angle and a social trading platform, as two examples of successful consumer crypto platforms.
Other popular consumer crypto applications include casinos, prediction marketsand betting sites.
Who is building the abstract?
The abstract is being built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs using zero-knowledge (ZK) technologies, or cryptographic proofs that help verify transactions in a secure, private way.
In June 2024, the company announced that it had acquired the unlaunched, NFT-focused layer-2 network Frame and its development team to help build Abstract.
Then the firm Announced $11 million in fundraisingLed by Founders Fund with participation from other Web3 venture firms such as 1kx and Fenbushi Capital.
What makes the abstract special?
Abstract’s goal of bringing everyday people into the chain has led to many new developments that set it apart from other blockchains.
Abstract wallet
Abstract developed its own global wallet using new developments in account abstraction to allow users to create a wallet for on-chain use that requires no extensions or passphrases and requires no gas fees.
Abstract’s global wallet uses passkeys to allow users to log in without an email address or complex password, making it easy for users without strong technical knowledge to get started.
An example from the abstract team showcases user login and printing NFT in four clicks, far less than required in most on-chain scenarios today.
Abstract included Panoramic controla new form of governance aimed at better aligning the interests of developers and consumers in the blockchain.
Panoramic Governance aims to actively encourage participation and voting in governance, while directly rewarding the most beneficial protocols for the blockchain.
It does this by sharing payments with active constituents and letting them decide which projects should receive additional support, creating a cycle where everyone can benefit from working together.
Image: abstract
What are the applications of the abstract?
The emerging abstract ecosystem includes games, shopping platforms, and social products that Abstract mainnet commits to open when it goes live. Below we’ve compiled a list of some of the things Abstract has to offer at launch.
Games
Games that focus on abstract construction include fantasy sports like Prospect Sports and real-life (IRL) discoveries and treasure hunts like RealGo. Other games, such as Duper, the Poker-meets-Catan strategy game, and the idle RPG Onchain Heroes, also start in the abstract.
Public, IP and NFTs
Social platforms like Multiplier.fun, a new take on the classic casino game, and NFT projects like Canna Sapiens have entered Abstract.
Other projects looking to make the abstract home include swipe-based, Tinder-like dating marketplace Swipe and token launchpad Zoo.fun.
Infrastructure
Abstract’s infrastructure hosts established Web3 products such as Magic Eden, which allows trading of abstract NFTs when the mainnet is launched. Dune Analytics, a popular blockchain analytics suite, and LayerZero, a cross-chain messaging platform for interactions between chains, support Abstract on day one.
When will Abstraction go live?
Currently, Abstract is only available via testnet, but the team has announced plans Launch the Abstract mainnet In January 2025.
