According to CoinMeta, the founder of Pudgy Penguins, Luca Netz, announced the closure of Abstract. The parent company, Igloo Inc, will shift its focus to Pudgy Penguins, Pudgy NFTs, and Pengu. Over the past two years, Igloo Inc has invested tens of millions of dollars in Abstract but failed to find a market fit for its product. Abstract once achieved 300 million on-chain transactions, yet it faced issues such as a lack of an ecosystem, limited liquidity, and high costs. After incurring a loss of 10 million dollars, Igloo Inc decided not to raise funds through token issuance and will stop diverting funds from Pudgy Penguins to support Abstract.