Crypto has a strange memory. When you make people money, you’re a visionary. When you don’t, some suddenly call you a scammer. But failure doesn’t erase everything someone has built. And disappointment should never erase gratitude. Some personal thoughts on @LucaNetz, Abstract, and @pudgypenguins. 🐧 We celebrate ambition. We encourage people to dream big, take risks, and build something extraordinary. But when something doesn’t work out, suddenly everyone knows better. Everyone becomes an expert. And the people who dared to try become the easiest targets. But here’s something I genuinely believe. We need more people who dare to build. Not fewer. And we need to learn how to appreciate the journey, not just the outcome. First, nobody is perfect. Not Luca. Not his team. Not you. Not me. We all make mistakes. We all get things wrong. And sometimes our greatest lessons come from the things that didn’t work out. That’s how we learn, grow, and become better. Abstract didn’t become what we hoped it would. People lost money. I lost money too. Others invested their time, energy, creativity, and belief into something they genuinely wanted to succeed. Their disappointment is real. Their questions are valid. And they deserve honest answers. But let’s also appreciate everyone who showed up, built applications, created experiences, formed communities, and tried to push consumer crypto forward. Those efforts weren’t meaningless just because the outcome wasn’t what we hoped for. And let’s be honest about something else. I know what Luca said about Abstract. I know how ambitious and bullish he was about what they were building. And personally, I believe that’s exactly how a founder should feel about something they genuinely believe in. You don’t build something extraordinary by starting with the assumption that it will fail. You have to believe. You have to dream. You have to give people a reason to believe alongside you. But yes, there were moments when that optimism may have created expectations that were simply too high. Sometimes the line between being incredibly bullish and overpromising becomes too thin. We should be able to acknowledge that. Communication matters. A LOT. It’s something I’ve personally raised with Luca and the team before, especially after experiencing its importance firsthand. Because sometimes it’s not just about the decisions being made. It’s about how those decisions are communicated to the people who believed in you. And one thing I genuinely appreciate about crypto is the opportunity to connect directly with founders, CEOs, and the people building the projects we believe in. I’ve had opportunities to meet Luca personally and exchange thoughts with him. Those experiences have shaped how I see him. And from the Luca I’ve come to know, I’ve never had reason to believe he deliberately set out to deceive people. That’s my personal experience. And it matters to me. I don’t have to agree with every decision to believe in someone’s intentions. And I don’t have to pretend someone is perfect to respect what they’ve accomplished. Criticism is necessary. Accountability matters. But criticism should make things better, not become an excuse to destroy someone’s character. And while we’re being honest, let’s remember the fundamentals of crypto. DYOR. NO FOMO. Never invest money you cannot afford to lose. Treat every investment as money you might never see again. These aren’t just slogans we repeat when markets are green. They’re principles that matter most when things go wrong. They don’t excuse poor decisions, misleading communication, or failures of responsibility. But personal responsibility doesn’t disappear the moment an investment goes against us. Now, remember the $PENGU airdrop? Roughly $1.5 BILLION in estimated value at launch. One of the most remarkable distributions this space had seen. A moment that brought enormous attention, opportunities, and value to people across the NFT ecosystem. And I genuinely can’t remember seeing anything close to the same amount of thoughtful, grateful, appreciative posts as the negativity we’re seeing today. Maybe that says something about human nature. Good news gets a moment. Bad news gets a headline. Open a newspaper. Turn on the news. Scroll through your timeline. Outrage travels fast. Gratitude rarely gets the same attention. We’ve become so accustomed to discussing what’s wrong that we sometimes forget to appreciate what’s right. And that’s something I wish we could change. Because appreciation shouldn’t only exist when things are going our way. And yes, let’s address the elephant in the room. Some people came to Abstract to build. Some came for the technology, games, opportunities, and community. And some came primarily hoping to farm another airdrop. That’s legitimate. It’s part of crypto. But hoping for free money doesn’t mean someone owes it to you. An expectation is not a guarantee. And not receiving another payday doesn’t erase the value of everything that came before it. Now, there’s something about Abstract winding down that I think deserves a lot more consideration. Just imagine having spent years pursuing a vision. Building a team, investing millions, dedicating countless hours, and putting your reputation behind something you genuinely wanted to succeed. And then having to make the decision to let it go. Do people honestly believe that’s easy? If anyone wanted Abstract to succeed, I believe it was Luca and the people who poured their hearts into building it. You don’t invest that much time, money, and energy into something because you want to watch it fail. According to Luca, Igloo lost eight figures trying to make Abstract work. Think about what that means. This wasn’t just an idea that didn’t take off. It was an ambitious vision that required real sacrifices, real resources, and difficult decisions. And at some point, they had to ask themselves whether continuing was genuinely the right thing to do. They could have launched an Abstract token to raise more capital. They chose not to. Now imagine the reaction if they had launched one, watched it collapse, and left even more people holding the bag. Would that really have been a better outcome? We can debate the decisions that led here. We should learn from them. And the people affected deserve transparency. But I also believe there’s something important about recognizing when a path is no longer sustainable. Sometimes courage means starting something nobody else dares to build. And sometimes courage means knowing when to stop something you desperately wanted to succeed. One of the hardest things in life is accepting that believing in something with all your heart doesn’t automatically make it work. And walking away from something you’ve poured so much into doesn’t mean you never cared. Sometimes it means you cared enough to make the decision you never wanted to make. I can only imagine how difficult that must have been. And I genuinely hope that, when the time is right, Luca will share more of the reasoning, lessons, and difficult realities behind this decision. Because clarity matters. And because I believe this experience can teach all of us something valuable. But here’s where I want to shift the focus. Let’s remember what DID work. I’ve been part of the Pudgy Huddle for almost five years. And you know what? When I look back, I don’t think about charts, floor prices, or token balances. I think about people. Friendships I never expected. Conversations that became connections. Strangers who became friends. Memories that no market movement can ever take away. Some of the most valuable things this space has given me have never had a price tag. And I’m genuinely grateful for every single one of them. That’s what makes this community special to me. That’s what makes the Huddle feel like home. And it’s one of the many reasons I’m proud to be part of it. Now take a moment and really look at what Pudgy Penguins has accomplished. Walmart. Target. Manchester City. NASCAR. Care Bears. PEZ. BE@RBRICK. Millions of physical products sold. Thousands of retail locations. A recognizable IP reaching families, children, collectors, and people who have never owned an NFT. Think about how extraordinary that really is. The real breakthrough wasn’t getting crypto people to buy penguins. It was getting people who know nothing about crypto to fall in love with them. A digital collectible became something people could hold, gift, recognize, and love. Something a child can pick up from a store shelf without ever knowing what Ethereum is. Something that exists beyond wallets, charts, and speculation. And that, to me, is one of the most beautiful things Pudgy Penguins has accomplished. It has helped bridge the gap between Web3 and the mainstream world in a way very few crypto-native projects ever have. It has given digital culture a recognizable face. It has opened doors for artists, creators, collectors, and builders. And it continues to show what’s possible when community, creativity, entrepreneurship, and genuine emotional connection come together. That’s bigger than a floor price. Bigger than a token. Bigger than any single project. That’s how cultural phenomena are born. And here’s what makes me even more excited. Look at how far we’ve already come. Physical toys. Global retail distribution. Major brand partnerships. Children’s books. Comics. Animation. Gaming. Pudgy World. An entire universe of characters and stories beginning to take shape. Now imagine where that could lead. More games that introduce millions of people to the world of Pudgy Penguins. Animated stories that children grow up watching. Series on platforms like Netflix or Hulu. Maybe one day, even a full-length Pudgy Penguins movie on the big screen. More global partnerships. More physical experiences. More opportunities for the community. More people discovering the Huddle without even knowing what an NFT is. I’m not saying any of those future milestones are guaranteed. I’m saying that the foundation already built gives us a reason to dream about them. Because that’s what truly recognizable IP can become. Not just something people collect. Something people grow up with. Something that becomes part of their childhood, their memories, and their lives. Imagine a generation that doesn’t remember when Pudgy Penguins was just an NFT collection. They simply remember loving penguins. That’s the kind of cultural impact I believe is possible. And that’s why I remain incredibly bullish on Pudgy Penguins. Not just because of what it could be worth. But because of what it could mean to people. Now, does Luca deserve criticism when things go wrong? Of course. Should people ask difficult questions? Absolutely. And I believe he’ll address more of those questions surrounding Abstract when the time is right. I genuinely hope he does, because everyone who believed in Abstract deserves clarity and respect. But I also believe people deserve to be judged fairly, with the full picture in mind. Not just by their most recent setback. Not just by the headlines. And certainly not by the loudest voices on the timeline. Failure is not automatically fraud. Ambition is not deception. And disappointment should never become permission to dehumanize someone. Here’s something I wish more people would ask themselves. Have you ever tried building something from nothing? Have you ever risked your money, reputation, time, and peace of mind for something you genuinely believed in? Have you ever had to admit that something you poured your heart into simply wasn’t working? Because it’s easy to criticize from the sidelines. It’s easy to point fingers. It’s easy to be brave when someone else is taking all the risks. But criticizing someone else’s courage doesn’t make you courageous. And tearing someone down doesn’t mean you’ve built anything yourself. We need people willing to try. People willing to learn. People willing to fail, get back up, and keep creating. Because the world doesn’t move forward because people are perfect. It moves forward because imperfect people have the courage to try. And if there’s one thing I’ve learned from watching Luca over the years, it’s that he doesn’t lack ambition, determination, or belief in what he’s building. Knowing the Luca I’ve come to know, I wouldn’t be surprised if this setback only strengthens his determination to show what he, the team, and Pudgy Penguins are capable of. Not through arguments. Not through promises. But through building, creating, delivering, and letting the results speak for themselves. And I’m genuinely excited to see what comes next. To Luca, the team, and everyone who has contributed to this journey, thank you. For the countless hours. For the risks you’ve taken. For the opportunities you’ve created. For the doors you’ve opened. For the friendships you’ve made possible. For bringing joy to people who might never have heard of NFTs. And for helping turn a collection of penguins into something that means so much to so many people. Not every decision was perfect. Not every dream became reality. But that doesn’t make the effort, the achievements, or the memories any less meaningful. And Luca, I want you to know something. I’m not writing this as a goodbye. I’m not stepping away. And I’m not losing faith. I’m here. I’m staying. And I’ll continue supporting the Huddle, the team, and Pudgy Penguins wherever and however I can. Because my belief in this community was never built on the expectation that everything would always go perfectly. It was built on the people, the friendships, the shared experiences, the passion, and the extraordinary things we’ve already accomplished together. I’m still grateful. Still believing. Still incredibly bullish on Pudgy Penguins. And perhaps more excited than ever about what we can accomplish together. A setback doesn’t erase a legacy. One failure doesn’t define a person. And one difficult chapter doesn’t mean the story is over. Hold people accountable. Ask the difficult questions. Learn from what went wrong. But never forget the human being behind the ambition. Never let disappointment erase gratitude. Celebrate the victories. Appreciate the people. Remember the good. And when things don’t go according to plan, find the courage to learn, grow, and keep moving forward. Because the most meaningful things in life rarely come from a journey where everything went perfectly. They come from the people who shared it with us. And the belief that there’s still something wonderful ahead. I believe in the Huddle. I believe in what we’ve built together. And I still believe in you, Luca. We’re not going anywhere. Return to Pudgy Penguins. 🐧