Pudgy Penguins-backed Abstract to shut down after ‘tens of millions’ in losses
60-second summary
Igloo CEO Luca Netz confirms that the company funded Abstract for 18 months, yet the platform never achieved product‑market fit despite courting major brands and amassing a community of millions, leading to “tens of millions” in losses and prompting the Pudgy Penguins‑backed project to shut down, signaling heightened caution for crypto‑linked venture funding.
Igloo CEO Luca Netz said the company funded Abstract for 18 months but still failed to find product-market fit despite attracting major brands and a community of millions.