NFT Marketplace Magic Eden Announces Support For The Upcoming Abstract L2 Network

Updated: 30 October 2024

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Igloo Inc., the digital asset incubation studio, toy brand, and the team behind the Pudgy Penguins non-fungible token collection, has partnered with Magic Eden, a cross-chain non-fungible token marketplace, to develop its upcoming Ethereum layer two blockchain network, Abstract. The Pudgy Penguins NFT team began developing upcoming layer two blockchain networks sometime in June 2024.

Magic Eden Adds Support For The New Abstract Network

In an October 29 blog post, Igloo Inc., through its Abstract account on X (formerly Twitter), confirmed partnering with Magic Eden to develop its upcoming layer two (L2) blockchain network on the Ethereum main net called Abstract. Under the new partnership, non-fungible token collection on the new Abstract network will have a launchpad and marketplace support.

Abstract X @MagicEden

On day 1, NFTs on Abstract will have launchpad and marketplace support.

We’re bringing collectors and culture to Abstract NFTs, with Magic Eden. pic.twitter.com/TBxQ3AUnqT

— Abstract (@AbstractChain) October 28, 2024

Revealed in June 2024, Igloo Inc. is the digital asset firm and the parent company of the Pudgy Penguins, a non-fungible token collection featuring a fixed set of 8,888 cute penguins hosted on the Ethereum network, and Lil Pudgys, a non-fungible token collection featuring a limited set 22,222 NFTs originating from Pudgy Penguins. Pudgy Penguins is its flagship NFT collection after gaining massive traction among crypto traders.

On the other hand, Magic Eden is one of the leading multi-chain NFT marketplaces that supports non-fungible tokens on the Solana, Ethereum, Polygon, Bitcoin, Arbitrum, Base, and ApeChain blockchain networks. Fast forward to 2024, Magic Eden NFT marketplace has rapidly grown to become the most prominent NFT marketplace on the Bitcoin and Solana blockchain network.

Under the new integration, the Igloo anticipates leveraging Magic Eden NFT market platform functionality to offer NFTs on its new Abstract Layer Two network that will have a launchpad and marketplace support right from the first day of launch. The creator of Pudgy Penguins aims to bring collectors and culture to Abstract NFTs with the Magic Eden NFT market platform.

About Upcoming Abstract L2 Network

Igloo Inc. has started crafting its upcoming blockchain network sometime mid-this year, intending to remove the complicated parts of blockchain to get mass adoption. The Abstract is a zero-knowledge (ZK) Layer Two blockchain network built on Ethereum’s main network. The new blockchain network is built using the ZK stack, a standardized and open-source solution for ZK rollups built by ZKsync.

The upcoming Abstract network is a highly scalable and secure L2 network exclusively built to foster community and culture. The network anticipates improving app discoverability and utilizes state-of-the-art encryption for optimal security and scalability. With a consumer-centric approach, the upcoming Abstract network will focus on distribution through various partners and help apps build real communities and cultures.

The Pudgy Penguins team joins the rapidly growing list of non-fungible token projects that have already created their blockchain network, which includes Blur NFT marketplace and Yuga Labs, the creator of Bored Ape Yacht Club. The Abstract L2 network will join the burgeoning ETH L2 landscape, in which the Arbitrum, Base, Blast, and ApeChain are currently the biggest Ethereum-based L2s in the world in terms of total value locked.