I just realized that with the way it is currently worded, it also reduces the cost of the opponent's abilities. This would only affect your creatures, so I shall amend that soon.
So now I have to freeze my own creatures in order for this card to be effective?
I don't like the forced three creature combo. Arctic Squid, This, and a Generator Creature you could use to generate frozen creature. Variants will always result in a three card forced combo which is a terrible idea. Forced two element ideas are different. There are 12 different multiple elements!
Also, for all the hassle that this card would produce, I would probably still go with Shard of Readiness.
No disrespect intended here. Just trying to constructively criticize.
The unupgraded is meant to be a bit more combo intensive. But Freeze + Snow Totem is still pretty much free abilities for any Water creature for three turns. And that'd be a lot more stable for Chrysaora, Steam Machine, and some Nymph decks [via Nymph Tears or Nymph Queen]. And that's not just one creature, as is dictated by the use of Shard of Readiness.
And, technically, even that would be broken with Rustler.