In the depths of the 2022 bear market, few NFT projects were thriving. Most collections saw their floor prices crumble, and the promise of mainstream adoption remained elusive. Then came Luca Netz.
As CEO of Igloo Inc., the company behind Pudgy Penguins, Luca took an NFT project many had written off and turned it into a brand that transcends the crypto bubble. With 37 billion GIF views, millions of toys sold, and a thriving community, Pudgy Penguins has set a new standard for what NFT brands can achieve.
But Luca isn’t stopping there. His latest venture, the Pengu token, aims to reshape the meme coin landscape, positioning itself as the Dogecoin of Solana. And with Abstract Chain, an L2 designed for seamless Web3 onboarding, he’s making a bold play to redefine how consumers interact with blockchain technology.
In this conversation with Bankless, Luca shared his vision for the future of Web3 branding, why memes are the ultimate distribution mechanism, and how he’s building a crypto empire that spans Ethereum, Solana, and beyond.
Pengu: The Next Evolution of Meme Coins
The meme coin market has been largely driven by speculation, with little focus on actual brand-building or utility. But Luca believes that meme coins shouldn’t just be a passing joke; they should be active participants in culture and commerce.
Pengu, launched on Solana, has already climbed to a $1.5 billion market cap, quickly becoming Solana’s biggest meme coin. Peter Pan, a crypto researcher, likened Pengu’s trajectory to Solana’s rise in the Layer 1 space: "Pengu is to Dogecoin as Solana is to Ethereum."
Luca agrees with this positioning. Unlike traditional meme coins that rely solely on community hype, Pudgy Penguins has built a massive mainstream footprint. Through toy sales in Walmart and 10,000 retailers, viral GIFs, and social media dominance, Pudgy Penguins has introduced non-crypto natives to the brand—without them even realizing it’s Web3-native.
"Meme coins shouldn't just do nothing," Luca argues. "If Doge or Shiba Inu had real operators behind them, they’d be exponentially bigger. We’re here to prove that."
The GIF Layer: The Ultimate Web3 Distribution Strategy
When it comes to Web3 marketing, Pudgy Penguins has cracked the code—and it’s all about memes.
The Pudgy brand gets over 300 million daily views on GIF platforms like Giphy and Tenor. These aren’t just crypto insiders using them—these are everyday people sending Pudgy GIFs to friends on iMessage, WhatsApp, and Telegram, embedding the brand into mainstream internet culture.
"If you control the GIFs, you control the memes. If you control the memes, you control the world," says Luca.
This viral marketing strategy is wildly effective. Even politicians like Senator Cynthia Lummis and internet personalities like Andrew Tate have unknowingly used Pudgy GIFs, further spreading its reach. It’s brand adoption through subconscious exposure—before people even know what Pudgy Penguins is, they’ve already interacted with it.
"The biggest brands in the world are built on culture," Luca explains. "NFTs alone aren’t enough—you have to break into the normie layer."
Abstract Chain: Bringing Web3 to the Masses
While Ethereum and Solana battle for dominance, Luca is taking a different approach. Abstract Chain, an Ethereum-based L2, is being designed as a consumer-first blockchain with seamless onboarding.
"Right now, using a blockchain feels like 4chan—fragmented, hard to navigate, and intimidating for new users," Luca says. "Abstract Chain is going to feel more like Instagram—curated, smooth, and accessible."
Abstract will offer:
- Instant token swaps with no signatures
- One-click smart wallet creation with just an email
- A streaming platform where creators earn rewards
The key innovation? Rewarding Web3 content creators. While platforms like YouTube and Twitch have built billion-dollar ecosystems around content creators, crypto has largely ignored them. Abstract will change that by allocating a large portion of future ecosystem rewards directly to streamers and content creators who onboard new users.
"Creators control narratives. They drive adoption. If we reward them properly, we’ll build a cultural black hole that no other L2 can compete with."
The Pudgy Empire: A Web3 Conglomerate in the Making
Pudgy Penguins, Pengu, and Abstract Chain are all part of Luca’s bigger vision: turning Igloo Inc. into Web3’s leading consumer conglomerate.
The company now has over 100 employees, spanning multiple verticals:
- Pudgy Penguins (NFTs & consumer branding)
- Pengu (Meme coin & crypto culture)
- Abstract Chain (L2 for consumer adoption)
Luca’s ambition? To dominate the NFT, meme coin, and consumer blockchain spaces simultaneously.
"By the end of 2025, we want to be the biggest consumer entity in crypto. The #1 NFT brand, the #1 or #2 meme coin, and a top-tier L2. That’s the goal."
Final Thoughts: The Future of Web3 Branding
The crypto space is evolving. The projects that will survive aren’t just speculative assets—they’re brands, businesses, and communities that expand beyond crypto’s borders.
Luca Netz is proving that Web3-native brands don’t have to stay locked in the blockchain echo chamber. By using mainstream marketing, real-world products, and cultural leverage, Pudgy Penguins is leading the way.
With Pengu taking over memes, Pudgy toys flying off shelves, and Abstract Chain set to onboard the next wave of users, the Pudgy ecosystem isn’t just surviving—it’s thriving.
And for anyone wondering how to build a sustainable Web3 brand, Luca Netz is writing the playbook in real-time.