About Abstract
Abstract is an Ethereum-based ZK-rollup, developed by the creators of Pudgy Penguins, aiming to become a catalyst for mass-market adoption, bringing blockchain technology into the mainstream. Many teams have already started developing on Abstract and plan to launch immediately after the mainnet release.
Here are the five most prominent projects in the Abstract community (listed in descending order of X platform followers at the time of writing):
Key Highlights
- DOGAMÍ: A Web3 dog-themed entertainment brand, combining NFTs, gaming, and family-friendly products. The project has raised $14 million in funding.
- Freee: A multi-chain, no-code platform that enables easy minting of NFTs and provides rewards for creators and collectors. The platform focuses on accessibility and transparency, lowering the barrier to entry.
- Canna Sapiens: An NFT project that combines cannabis culture and digital art. The project uses narrative-driven marketing, provides innovative collaboration tools, and partners with high-end collaborators.
- Moonsheep: Introduces an experimental ERC-404 hybrid token standard, combining the features of fungible and non-fungible tokens. Applicable to various use cases, expanding the possibilities.
- Multiplier: A on-chain application focused on meme coins and micro-cap tokens. Provides gamified trading, token rewards, and content monetization features, enhancing user engagement and liquidity.
The Layer 2 solution Abstract, led by the creators of the iconic Pudgy Penguins NFT series, is generating widespread community attention. Abstract is hailed as the "blockchain for consumer crypto" and its potential is highly anticipated, as it may bring revolutionary changes to the era of user-friendly and scalable decentralized applications (dApps).
Abstract's mainnet is planned to launch in January 2025, and developers are flocking to it, eager to leverage its zero-knowledge technology and vibrant community.
The technical complexity of the crypto ecosystem has created friction for new users to join, and now more than ever, there is a need to provide intuitive and seamless user experiences.
According to Crypto.com's "2024 Year-End Review", by the third quarter of 2024, approximately 43% (around $324 million) of the losses from crypto hacks were due to private key compromises. This clearly demonstrates a significant lack of consumer-level understanding of crypto technology.
This article will delve into five promising projects currently being developed on Abstract, showcasing the diverse and exciting landscape of this highly anticipated Layer 2 ecosystem.
A Quick Overview of Abstract
Abstract aims to bring blockchain technology closer to everyday consumers, focusing on user-friendly applications such as gaming, social platforms, and Non-Fungible Tokens (NFTs). It simplifies the crypto user experience by addressing common issues like high transaction fees and complex wallet setup.
As an Ethereum-based ZK-rollup, Abstract leverages Zero-Knowledge (ZK) technology to enhance security and privacy, while providing low transaction fees and high scalability. It is Ethereum Virtual Machine (EVM) compatible, meaning existing Ethereum smart contracts can be hosted with minimal modifications.
Abstract also introduces "Panoramic Governance," a new governance model that aligns the incentives of developers and users. It rewards participants through fee-sharing, and allows the community to vote on resource allocation decisions.
Additionally, through the Paymasters feature, applications on Abstract can provide gas-free transactions, with the platform covering the transaction fees on behalf of users. This will be a core functionality to attract mass-market users and expand into new domains.
Now, let's take a closer look at some of the most exciting developments on the Abstract chain.
DOGAMÍ
DOGAMÍ positions itself as the first Web3-driven dog-themed entertainment brand, aiming to create a family-friendly entertainment experience for parents and children to engage with. The project offers a unique collection of 3D NFT dog avatars, each with distinct appearances and personality traits.
DOGAMÍ's co-founders and executives include Kristofer Dayne Penseyres as the CEO, who has 15 years of experience in the film and entertainment industry and is known for his successful $15 million sales record. The other two co-founders are Max Stöckl as the Chief Financial Officer (CFO) and Adrien Magdelaine as the Chief Operating Officer (COO), responsible for the company's financial and operational strategies.
DOGAMÍ has successfully hired 25 full-time employees and gained over 200,000 followers on social media, with its Discord community receiving over 50,000 messages per month, demonstrating strong community engagement and support. Additionally, the project has sold approximately 24,000 NFTs and received backing from prominent crypto figures, such as Sébastien Borget, the co-founder and Chief Operating Officer of the popular metaverse project, The Sandbox.
The project raised $14 million in funding in December 2022, with investors including Tezos, Ubisoft, The Sandbox co-founder, Animoca Brands, and other industry leaders. DOGAMÍ Academy is the core gaming product of the project, launching a fun dog racing mobile game for both Android and iOS users.
DOGA is the utility and governance token of the DOGAMÍ ecosystem, with a total supply of 888.8 million. As a multi-functional token, DOGA empowers users to participate in various activities, such as shopping, rewards, franchise governance, and staking.
DOGAMÍ's core ecosystem products include the central DOGAMÍ Hub, which provides users with a comprehensive platform to access the DOGAMÍ universe and its various features, such as updating profiles, buying/selling tokens, in-game updates, and rewards.
Other notable products include:
- DOGA Comics: Publishing comic books;
- DOGAMÍ Bytes: Releasing short animated videos;
- DOGA Merch: Offering exclusive apparel and toys;
- DOGAMÍ TV: Providing family-friendly Web3 entertainment content.
Freee
Freee is an NFT platform that supports Abstract, as well as Ethereum mainnet and Base. Through this multi-chain platform, users can mint new NFTs, share them with other wallet addresses, and earn rewards by collecting NFTs.
Freee's no-code feature allows users to mint NFTs through simple steps, without requiring technical expertise or blockchain knowledge. Users only need to provide the NFT's name, symbol, media file, preferred network, price, minting limit per address, royalty percentage, and payment address to complete the minting process.
To encourage more creators to mint NFTs through Freee, the platform has waived any minting fees, and users only need to pay the Gas fee of the selected network. However, to offset the cost, the platform charges a fixed fee from NFT collectors, which will be transparently displayed before purchase.
Freee's built-in versioning tool helps users easily build their own NFT projects, allowing them to organize custom NFT collections as needed and flexibly set fixed or unlimited supply quantities. Based on user requirements, they can also choose between the ERC-721 and ERC-1155 token standards on Ethereum.
Freee's default reward system aims to incentivize NFT minters and collectors to participate in platform activities. These rewards include creator rewards, referral rewards, and minting referral rewards. For free-to-mint creators, they can receive 40% of the platform fee as a reward, which is approximately 0.00004 ETH per mint.
Canna Sapiens
Canna Sapiens is an exciting NFT project that combines cannabis culture with digital art in a new way. The project will launch on the Abstract platform in January 2025, aiming to create a creative community based on humor, teamwork, and bold ideas.
The first important initiative of the project is the Canna Sapiens cannabis brand, which will establish brand activities through storytelling marketing and fictional characters, building deep emotional connections with the audience. This plan will start with the first physical store in Prague, Czech Republic, and plans to expand to other regions in the first quarter of 2025.
The second core pillar of the project is the Creative Flow State (CFS), which combines technology with creative collaboration tools to promote community engagement and interaction through crowdsourced content creation. By introducing virtual influencers, original IPs, and providing services for external clients, this plan focuses on enhancing creativity while ensuring user-driven experiences and authenticity are not compromised.
To realize the Creative Flow State (CFS), Canna Sapiens has established a partnership with its Web2 partner Eallin, a hybrid media production company and international animation studio that has worked with renowned clients such as Coca-Cola, Sony, and Adidas, with unparalleled creative expertise. Through this collaboration, Canna Sapiens aims to enhance its storytelling, design, and distribution capabilities to create an NFT series that stands out in terms of artistic quality and cultural impact.
Canna Sapiens' key Web3 partner is The Plague, a decentralized platform dedicated to promoting transparency, fair business practices, and equal opportunities within the NFT community. The collaboration aims to create a more inclusive and ethical space where creators, collectors, and enthusiasts can thrive, and to set new benchmarks for collaboration and innovation in the Web3 domain.
To ensure no compromise in talent recruitment, Canna Sapiens has partnered with its human resources partner Eqlipse, which has extensive experience in recruiting top professionals, ensuring the ability to recruit talent aligned with the project's vision. This is a critical factor in driving the development, growth, and sustainability of this innovative initiative.
Moonsheep
Moonsheep is a crypto project that combines memes and NFTs, creating a playful and engaging digital ecosystem that infuses humor into the blockchain world. The project satirizes "following the herd" behavior in a tongue-in-cheek manner, like a flock of blindly following sheep, encouraging people to break free from habitual thinking, think freely, and enjoy themselves, thus escaping the traditional patterns in the crypto world.
Dan Hoban, the founder of the Moonsheep project, is also the creator of the successful clothing brand Sadire. In building Sadire, Dan placed great emphasis on infusing unique storytelling elements into the products, with stories full of ideas, emotions, and sensations, or a combination of the three, making the products not just fashion items, but deeply resonating with customers.
The Moonsheep project is a continuation of Dan's previous work, The Sad Times, in which he used an animated sheep character as the core to reflect on the phenomenon of people blindly following trends in society. This humorous expression and the use of the sheep character attracted the audience's attention, sparked interest and popularity, and ultimately led to the birth of The Sad Times NFT series, which contains 3,333 NFTs.
The revolutionary aspect of Moonsheep is that it has become the first project on the Abstract Chain based on the ERC-404 hybrid token. This innovative Ethereum token standard is a combination of the ERC-721 (Non-Fungible Token) and ERC-20 (Fungible Token) standards, integrating the characteristics of non-fungible and fungible tokens, opening up new possibilities.
The flexibility of the ERC-404 token standard allows the SHEEP token of the Moonsheep project to adapt to various industry applications, such as gaming, the metaverse, real-world assets (RWAs), and digital art, among others. This advantage opens up more possibilities for Moonsheep to expand its DeFi applications.
Multiplier
As a on-chain application, Multiplier provides users with the opportunity to earn substantial returns on meme coins and microcaps. These microcaps include emerging, low-market-capitalization cryptocurrencies with significant growth potential. Multiplier focuses on these two asset classes because their investment returns are significantly higher than mainstream cryptocurrencies.
To start using the platform, users need to log in through their X (formerly Twitter) account and join its Telegram channel to access exclusive updates, community interactions, and support. Users can choose to hold their winning assets in one of the following three ways:
- Retain the original staked token
- Convert to MINT tokens
- Allocate equally between the two
After each win, users will receive rewards in the form of MINT tokens, which can be redeemed at any time. This cryptocurrency also serves as the in-platform game currency, making transactions related to games and other activities more convenient.
Multiplier's main use cases are: Staking meme coins and microcaps: Users have the opportunity to win high-potential tokens through staking; Gamified trading tools: Making the trading process more interesting and engaging. Content creator rewards: Providing rewards for creators who promote the project, encouraging more users to participate in platform promotion.
Whenever users win tokens, Multiplier's protocol will purchase these winning tokens from the open market, enhancing the liquidity pool and having a positive impact on the token price.
At the end of each round of the Multiplier game, the results and rewards will be settled according to the user's pre-selected form (winning tokens or MINT tokens). The platform provides high return potential by combining staking risk with market fluctuations. Through a dynamically adjusting system, the payout ratios are adjusted based on real-time market conditions to achieve returns.
As part of the promotion strategy, users can also receive MINT token rewards for posting content related to Multiplier's products, ecosystem, and partners. This incentive encourages more users to share and promote platform content, further driving the development of Multiplier.
Conclusion
In 2025, many teams are developing projects on the Abstract chain, showcasing the immense potential of combining innovation, creativity, and simplified design. From NFT platforms like Freee.xyz to Web3 entertainment projects like DOGAMÍ, each project fully utilizes the unique features of the Abstract chain while providing their communities with a seamless user experience.
Many projects (directly or indirectly) claim that they will become the "next big hit". However, investors and users need to be aware of the potential risks associated with early-stage projects, including the violent fluctuations in token prices.
