Only a handful of Web3 brands have managed to reach as many mainstream consumers as the Pudgy Penguins NFT collection.
That’s why Igloo Inc., the parent company of Pudgy Penguins, is confident it can replicate its playbook with its new blockchain Abstract, a Ethereum layer 2 chain that wants to be leading blockchain for consumer crypto products and applications.
In this article, we explore Abstract’s concept of ‘consumer crypto’, and how and what it is building to bring the next billion users on-chain.
What is abstract?
Abstract is a ZK rollup and layer-2 blockchain built on the Ethereum network, designed to provide low transaction fees and high scalability for consumer-facing applications and products.
Abstract is specifically designed to differentiate itself from the general-purpose architecture that most chains use, and instead focuses first on aligning the interests of developers and consumers through specific applications and protocols – such as games and social platforms – and then moves outwards to popular activities in the chain, such as decentralized finance, or DeFiand banking.
Image: Summary
Abstract is EVM compatible, meaning it can run applications designed and built for the Ethereum 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’s users with minimal modifications.
What is consumer crypto?
In an abstract blog, Igloo Inc. explained. and Pudgy Penguins leader Luca Netz expressed his concept of “consumer crypto,” which refers to “blockchain-powered applications that serve billions of people in their daily lives for personal use.”
In other words, applications that the average person is likely to use on a given day, such as games or social platforms. Netz mentioned OpenSea, a marketplace for NFT and digital collectibles, and Pump.fun, a meme coin and social trading platform, as two examples of successful consumer crypto platforms.
Other popular consumer crypto applications include casinos, prediction markets, and gambling sites.
Who builds Abstract?
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 more secure, private way.
In June 2024, the company announced the acquisition of the unlaunched NFT-focused Layer-2 network Frame and its development team to help build Abstract.
Subsequently, the company announced an $11 million fundraising led by Founder’s Fund with participation from other Web3 venture capital firms such as 1kx and Fenbushi Capital.
What’s so special about Abstract?
Abstract’s goal of bringing everyday people on-chain has led to several new developments that set it apart from other blockchains.
Abstract wallet
Abstract has developed its own global form wallet for on-chain use, taking advantage of new developments in account abstraction to allow users to create a wallet that requires no extension or secret phrase, and requires no gas fees.
The Abstract global wallet uses passkeys to allow users to log in without an email address or complex password, making it easier for users without a strong technical background to get started.
An example from the Abstract team shows a user logging in and creating an NFT in just four clicks, far less than would be required in most on-chain scenarios today.
Want to see the power of @AbstractChain Global Wallet?
In this demo, you can log in, transact, and create an NFT in just four clicks without touching a browser extension.
The best part? The user paid ZERO in gas fees using Abstract’s own account abstraction.
This is the future. pic.twitter.com/C3N6HyqkR4
— cygaar (@0xCygaar) November 8, 2024
Panoramic governance
Abstract has introduced Panoramic Governance, a new type of governance design aimed at better aligning the interests of developers and consumers on the blockchain.
Panoramic governance aims to actively encourage board participation and voting, while directly rewarding the protocols that are most beneficial to the blockchain.
This is done by sharing the fees with active voters and letting them decide which projects should receive additional support, creating a cycle in which everyone benefits from collaboration.
Image: Summary
Which apps will be on Abstract?
The fast-growing Abstract ecosystem includes games, trading platforms and social products that have committed to open when the Abstract mainnet goes live. Below we’ve compiled a list of just some of what Abstract has to offer at launch.
Games
Games committed to building on Abstract include fantasy sports like Prospect Sports and in-real-life (IRL) exploration and quests like RealGo. Other games like Duper, a poker-meets-Catan strategy game, and the idle RPG Onchain Heroes are scheduled to appear on Abstract as well.
Social, IP and NFTs
Social platforms like Multiplier.fun, a new take on a classic casino game, and NFT projects like Canna Sapiens have committed to Abstract.
Other projects looking to make Abstract their home include swipe-based, Tinder-like prediction market Swipe and token launch platform Zoo.fun.
Infrastructure
Abstract’s infrastructure will host established Web3 products such as Magic Eden, which will enable trading of Abstract NFTs at mainnet launch. The popular blockchain analytics suite Dune Analytics and LayerZero, a cross-chain messaging platform for cross-chain interoperability, will support Abstract from day one.
When does Abstract go live?
Currently, Abstract is only available via testnet, but the team has announced plans to launch the Abstract mainnet in January 2025.
Abstract main net.
Available January 2025. pic.twitter.com/41KdhL5egb
— Abstract (@AbstractChain) December 15, 2024
Edited by Stephen Graves
