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NFT company Pudgy Penguins plans to create a user-focused Ethereum Layer-2 blockchain network. The U.S. Supreme Court on June 28 overturned a 40-year-old legal doctrine that potentially weakened the SEC’s actions related to crypto. Crypto venture company Animoca Brands and AI and metaverse company Futureverse partnered to bring Futureverse’s AI to Animoca’s invested projects. Here are three significant developments from the past week:
Important Step by Pudgy Penguins Team
Pudgy Penguins‘ parent company Igloo, Inc. announced on June 28 that it acquired crypto development company Frame, along with its team and co-founders Cygaar and Beans, to join Igloo. The financial terms of the deal were not disclosed, and Frame will be dissolved.
The Frame team will be involved in creating an Ethereum Layer-2 network called Abstract, which Igloo says will include zero knowledge proofs. Igloo stated that the network will be user-focused, while Cygaar from Frame added that the network will power user crypto applications. According to NFT Price Floor data, the base price of the Pudgy Penguins NFT collection increased by approximately 20% from 9.1 Ethereum to 10.8 Ethereum as of June 28.
Notable Decision in the U.S.
The U.S. Supreme Court on June 28 overturned a 40-year-old legal doctrine that potentially weakened the SEC’s actions related to crypto. The court, by a 6-3 vote, overturned the Chevron doctrine, which previously gave federal agencies the authority to interpret ambiguous laws in their areas of expertise. Justin Slaughter, policy director at risk company Paradigm, commented on the decision:
“This decision ends what was a cornerstone of administrative law and regulations. The court will allow any reasonable effort, but the path is now less clear.”
Slaughter noted that the court did not say Congress cannot delegate rule-making authority to agencies, but that delegations must be explicitly stated:
“Chevron is about regulations, not enforcement actions. Some smart people on the left found a way to focus on enforcement actions to prevent the court from pressuring Chevron.”
Investment Decision by Animoca Team
Animoca announced in a June 28 blog post that the firms plan to swap shares worth $5 million each, subject to definitive agreements and board approval, expected to be completed within two months. Animoca plans to integrate Futureverse’s AI technology into its investment portfolio, which includes over 400 Web3 projects, including The Sandbox metaverse game.
Both firms’ metaverses will operate in an interoperable and open manner. Animoca runs Mocaverse, which has an NFT-based digital identity, and Futureverse’s Readyverse is based on the IP of the metaverse-centric sci-fi story Ready Player One.
According to CoinGecko, crypto assets related to Futureverse, Sylo (SYLO) and The Root Network (ROOT), saw slight price increases, bringing their seven-day gains to 6.1% and 10%, respectively.
