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In Feb 2025, Luca Netz asked a room in Paris to hold him accountable for Abstract!
A month later, Abstract’s lawyers told the SEC a token was “currently under development.”
On 6 Oct 2026: no token, no airdrop, and new terms capping what users can recover at $100.
The Abstract File 👇
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Ordinals collections that never stopped building:
@OnChainMonkey
@TheWizardsOfOrd
@YokaiAvengers
@fomojis
@AeonsBTC
Who else deserves a spot👇
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Another very normal news in web3 to wake up to😂
gm
🟧🧙♂️ People are dumping their @TaprootWizards for ~$1.4k💀
🧙♀️@Wizards_DA0 has decided to pause all community and collab work for @TaprootWizards and @QuantumCats holders because Magic Internet Corp isn’t willing to provide them resources to do their job, despite raising over $50 MILLION❗️
🚿 When’s the next shower party
@udiWertheimer @ercwl ⁉️
ALT 4 Wizards sold for ~$1.7k
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you're gonna read this. some of you aren't gonna like it. and that's probably who needs to read it the most.
crypto twitter right now is mostly people flexing how much money they made and whatever salacious bullshit gets the most engagement that week.
you got the same extraction schemes, netflix recycling the sbf fraud story, and influencers with the most punchable faces in crypto telling everybody how much money they make while the rest of the timeline fights over who’s the bigger asshole.
real rich people don’t flex like that. they never did.
these young guys don’t know what the fuck they’re talking about half the time. they’re just loud. and apparently that’s all it takes now.
meanwhile, the people actually making art, building things, and doing something interesting are still here. they just don’t get the same attention because they’re not turning every fucking post into a fight or a screenshot of their bank account.
nobody came here for this version of crypto. and a lot of you are doing more damage to this space than you probably realize.
i’ve been around since 2020. i’ve made money, lost money, made friends, had fun, and had fun with some of you.
and here’s something you figure out when you get to 40 or 50. you look at people half your age and realize just how much you didn’t know when you were that young.
a lot of you are lovely people. genuinely. but some of you don’t know what the fuck you’re talking about, and the worst part is you’ve convinced yourselves that you do.
you’re having fun. great. i had fun. i still have fun. but somewhere along the way, a bunch of people confused getting rich with being smart and getting attention with being respected.
they’re not the same fucking thing.
and some of you are becoming a laughing stock. you really are. not because you’re young. not because you’re making money. because you’ve made being an obnoxious asshole your entire personality and somehow convinced yourselves that’s success.
the saddest part is there are still people here doing incredible things. making art, building something, actually giving a shit about what this space could be.
there was something pretty special here. and i think it’s still in there somewhere.
but if the clowns would shut the fuck up for five minutes, maybe the rest of us could actually hear it.
and see it.
because right now the circus is louder than the people building the fucking tent.
Take good care of your pickles. 🥒
@FomiesNFT
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visiting the department of fomo. no case yet. must be escorted at all times. @FomiesNFT
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Mark my words.
Nexus will be the leading platform and brand for on-chain and sentiment data in crypto
Yokai will be the top brand/IP across all chains and move beyond web3.
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I will never forget the people who supported me since day 1.
3 years in the making now with Nexus & Yokai.
Little has been shown to the public, but the time is coming.
All I can say is the OGs, holders and supporters will eat good from everything we have been building 🫡
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People fall for any grifter and throw money at them because of the pump and dump, which pushes actual builders out of the space.
It feels bad, but what did you expect a Steve Jobs iPhone moment from a serial rugger?
Abstract is winding down.
Starting today, all of @IglooInc's focus will go towards taking Pudgy Penguins, Pudgy NFTs, and $PENGU to the next level.
When we acquired Frame in the summer of 2024, the vision was to build the blockchain for consumer crypto. Pudgy Penguins had shown us what it meant to reach the masses, and we believed we could bring that same approach to building a chain.
Abstract achieved a lot in a short period of time; we built the Portal and AGW, onboarded major global brands, amassed over 300 million transactions, and grew a vibrant onchain ecosystem.
The journey became stifled by the lack of a DeFi ecosystem, insufficient liquidity, minimal institutional cross-over, and prohibitively high costs that impeded growth in winning areas.
Unknown to most, Igloo, Inc. had been funding Abstract over the last 18 months.
After losing tens of millions of dollars over two years, building consumer products, assembling an all-star team, onboarding some of the biggest brands in the world, and building a community of millions, we still had not found product-market fit.
In combination with the market's reduced appetite for what we had built and not being able to find a scalable path forward, we could no longer justify taking from the Pudgy Penguins business.
Igloo, Inc. has always been a community-first company. Even after losing 8 figures, we could have launched a token or pursued an ICO.
Ultimately we decided against this. A token only works if there is something driving demand to it, and launching a token that we don’t have conviction in would have been a disservice to our community.
The entire team at Abstract has worked tirelessly with a tremendous amount of passion to make the consumer crypto vision come true. I cannot fault a single one of them for this outcome.
To the Abstract community, I want to thank all of you for sticking by our side on this long journey and for continuing to champion us. You supported us through all of the ups and downs, and I wish the result could have been different.
There will be many that will find satisfaction in seeing this shut down, and that is fine. I take a great amount of pride in having the ambition to venture into the chain business, notoriously one of the most difficult to make work, and the only regret I have is not being able to celebrate a win alongside the Abstract community.
As we wind down Abstract, our full focus shifts to making Pudgy Penguins into the global & cultural phenomenon I know it can become.
Return to Pudgy Penguins.
the department of fomo left me a briefcase. i've been told not to ask about the pickle. @FomiesNFT #Fomies
