As a professional translator, I would like to translate this news article into English using a descriptive tone, ensuring accurate and fluent sentences while appropriately retaining proper nouns. Please note that the translation maintains the same meaning and avoids grammatical errors. The translation does not include a period at the end.
Popular NFT project Pudgy Penguins and its IP solution, OverpassIP, announced the establishment of their parent company, Igloo. In their announcement, Igloo further explained that they would leverage the well-established emotional connection of their NFT brand, Pudgy Penguins, as the first entry point into their ecosystem, while OverpassIP would encourage collectors to participate through licensing. Additionally, the company vaguely hinted at a forthcoming project in the announcement.
