【purrLabs】Advancing "IP Capital Markets" as Coinbase's First Official IP Licensee / Supporting IPs like Mr. Miggles and Peach & Pablo / @purrLabs
Can IP Capital Markets be done?
Good morning.
I’m Mitsui, a web3 researcher.
Today I researched “purrLabs”.
What is purrLabs?
Transition and Outlook
Can IP Capital Markets be done?
TL;DR
purrLabs is a Silicon Valley startup founded in 2024, serving as Coinbase’s first official IP licensee to advance “IP Capital Markets” (tokenization of IP × community ownership).
The flagship IP is Coinbase’s cat character “Mr. Miggles,” which has spread organically through the community via $MIGGLES (over 175,000 holders) and 10,000 NFTs. Following official licensing, plans include smart toys, apparel, event tie-ins, and a creator fund initiative.
Supported IPs are also expanding. For the real cat IP “Peach & Pablo,” $PP was issued on District.xyz, raising 67 ETH (with 55% of the supply allocated to the market). The goal is to build an ecosystem using a flywheel that connects off-chain revenue streams like picture book and apparel sales with on-chain activities.
What is purrLabs?
purrLabs is a next-generation entertainment company founded in 2024 in Silicon Valley, USA, that merges Web2 and Web3.
As Coinbase’s first official IP licensee, it was born to realize IP Capital Markets and has become a driving force in tokenizing intellectual property and building community ownership models.
◼️Mr. Miggles
The flagship project is one in which the company has licensed and is developing the character IP “Mr. Miggles,” originating from Coinbase.
Mr. Miggles is a character said to be modeled after a cat owned by a Coinbase employee. He looks a bit sullen but has his tongue sticking out slightly. He made his debut in a video for Coinbase’s On-Chain Summer NFT campaign in July 2024, instantly capturing attention with his grumpy yet endearing appearance.
Initially conceived as a one-off marketing mascot, the character unexpectedly garnered overwhelming community support. This led to fans independently creating a meme coin named “Mr. Miggles.” This coin ($MIGGLES) rapidly grew to over 175,000 holders, establishing itself as a successful meme.
Additionally, Mr. Miggles’ NFT collection (10,000 pieces total) has also been released, and fans are enjoying them as profile pictures or as a form of identity within the community.
In response, Coinbase officially decided to recognize the IP deployment and will officially license Mr. Miggles’ IP to purrLabs in December 2024.
purrLabs envisions leveraging this IP to develop physical products and real-world events, considering a strategy that combines token experiences with physical goods such as smart toys and apparel, not just NFTs.
Additionally, they plan to establish a creator fund and provide support for creators on Base.
◼️Peach & Pablo
Peach & Pablo is a character IP modeled after two real rescue cats, born from their viral popularity in short-form video content on platforms like TikTok and Instagram.
Building upon this IP, the “$PP” (Peach & Pablo Token) was issued in December 2025. Token holders are expected to receive participatory benefits such as preferential treatment at events and merchandise sales related to future works, as well as a voice within the community.
The token sale and distribution took place on the District.xyz platform in partnership with purrLabs, raising 67 ETH (approximately $200,000) while distributing 55% of the total supply (550 million tokens) to the market.
Although it’s been only a short time since the TGE, the official online store has already begun taking pre-orders for the first picture book, ‘Peach Sets Sail,’ and selling character T-shirts.
The picture books appear to be produced in the UK, and while merchandise currently focuses on apparel, plans are in place to expand into plush toys and other items in the future.
◼️Products & Services
As mentioned above, purrLabs is a company that supports tokenizing IPs to elevate them beyond mere memes. It was established under a licensing agreement with Mr. Miggles, but subsequently began supporting other IPs and currently also supports Peach & Pablo.
Our main products and services and their target users are as follows.
IP Tokenization Platform：We will issue IP as digital assets (tokens and NFTs) on the blockchain in compliance with regulations, establishing a system where fans and communities can share ownership and access rights.
Community Engagement Initiatives：We support the creation of long-term IP ecosystems that extend beyond one-off NFT launches. Specifically, we provide mechanisms to sustain community engagement, including fan-participation events and governance through token rewards, co-branded merchandise rollouts, onboarding initiatives, and ongoing operational support.
Physical × Digital Product Line：We prioritize building a cohesive universe that combines physical products like “smart toys” and collectibles (figures, fashion items, etc.) with digital content and token rewards—not merely digital IP expansion.
Consulting & End-to-End Support：We provide comprehensive support for creators and corporate brands, from formulating blockchain utilization strategies to token design, brand strategy, content creation, community management, and data analysis.
We will continue to expand our supported IPs while simultaneously working to consolidate all IPs into a single ecosystem.
Transition and Outlook
purrLabs, Inc. was founded in California as a next-generation entertainment company bridging Web2 and web3.
Key members include Founder and CEO Kousuke Tominaga, Co-founder and Head of Global Relations Rachel Brissenden, and Co-founder Tyler Choi.
The impetus for its establishment was the success of Coinbase’s Mr. Miggles campaign in 2024. This campaign humorously raised issues surrounding creators’ rights, and the character Mr. Miggles gained immense popularity.
Following the campaign, purrLabs was born, fueled by the explosive growth of the $MIGGLES token, which emerged organically from the Coinbase community.
The company has become the first to formally acquire the IP license for Mr. Miggles from Coinbase, embarking on building a new model to deploy and monetize various popular character IPs, including Mr. Miggles, on-chain.
Our founding mission has been to become a pioneer in IP Capital Markets. Specifically, we aimed to break away from the centralized Hollywood model that traditionally governed character businesses, creating a system that enhances IP value through direct participation and ownership by fan communities.
Starting with support for Mr. Miggles from the founding period, we gradually embarked on the parallel development of multiple IPs.
As symbolized by the announcement of our partnership with District.xyz (November 2025), we are strengthening our role as an “IP Incubation Lab” by collaborating not only with our own IP but also with popular external IP and emerging characters, launching them on the Base chain.
Can IP Capital Markets do it?
Finally, we conclude with a summary and analysis.
Currently, Base is focused on the creator economy ecosystem, both on-chain and through apps. We are supporting the issuance of creator coins in collaboration with Zora, aiming to build a creator and IP ecosystem on-chain.
purrLabs is one of the projects right at the center of that trend. It’s the first company to officially receive an IP license from Coinbase, and naturally, it issues both tokens and NFTs on Base.
However, we aim to be more than just a meme token launchpad for famous IPs. We seek to generate revenue as a proper IP business while integrating with on-chain tokens and communities.
The following is purrLabs’ creator flywheel model, where the initial starting point is off-chain attention and revenue. The momentum is then carried on-chain, utilizing token transaction fees and other mechanisms to create content, thereby further spinning the flywheel.
Personally, I believe in the potential of the IP Capital Market as envisioned by purrLabs. Especially in a country like Japan, which possesses a vast number of valuable IPs, entering this market represents a compelling option.
However, IP tokenization can be designed to burn out quickly. Creator coins on platforms like Base and Zora often follow the same pattern as previous SocialFi projects: celebrities release tokens, sparking initial hype that quickly fades into decline.
Therefore, it is most crucial to generate solid revenue as an IP off-chain and then integrate that with on-chain operations. While such concerns exist, I believe this market holds significant potential depending on how it’s utilized, so I intend to continue researching it.
That concludes our research on “purrLabs”!
Reference Links:HP / X
Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.
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mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.
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