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 crypto-related actions. Crypto venture company Animoca Brands partnered with AI and metaverse company Futureverse to bring Futureverse’s AI to Animoca’s invested projects. Here are three significant developments from the past week:
Significant Move by Pudgy Penguins Team
Pudgy Penguins‘ parent company Igloo, Inc. announced on June 28 that it had 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 claims 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 floor 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 crypto-related actions. The court voted 6-3 to overturn the Chevron doctrine, which previously allowed federal agencies to interpret ambiguous laws based on their expertise. Risk company Paradigm’s policy director Justin Slaughter commented:
“This decision ends what has been 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 powers to agencies, but that delegations must be explicitly stated:
“Chevron is about regulations, not enforcement. Some smart people on the left found a way to prevent the court from pressuring Chevron by focusing on enforcement actions.”
Investment Decision by Animoca Team
Animoca’s June 28 blog post stated that the firms plan to exchange shares worth $5 million within two months, subject to definitive agreements and board approval. 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 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.
