👋 catch you on the Otherside
Yuga Labs to build NFT metaverse, Crypto.com becomes official FIFA sponsor, Katie Haun raises $1.5 billion for crypto fund and more
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Welcome to the mesha tribe. A biweekly newsletter by mesha that brings you all the latest developments in Crypto, NFTs, and Web3 to help you take your net worth #ToTheMoon🚀
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Crypto Market Update 📈
The global cryptocurrency market cap rose to the $1.96 trillion mark, rising 2.83% over the last 24 hours. The total crypto market volume grew 20.94% to $105.72 billion during the same period.
Bitcoin (BTC): $42,943.13 (↑2.19%)
Ethereum (ETH): $3,049.72 (↑3.42%)
Tether (USDT) : $1 (↓0.01%)
Binance Coin (BNB): $409.49 (↑2.11%)
Top Stories 📰
1. Yuga Labs is entering the metaverse
Yuga Labs, a Miami-based NFT firm known for creating the popular Bored Apes Yacht Club (BAYC) collection, raised a $450 million funding round as it plans to expand into the gaming industry and the metaverse.
Led by venture capital firm Andreesen Horowitz (a16z), the highly-anticipated funding round gives it a valuation of $4 billion. Others such as Coinbase, FTX, Animoca Brands, Thrive Capital and MoonPay participated in the fundraiser.
According to CEO Nicole Muniz, the startup is collaborating with several game studios to bring NFT metaverse, Otherside, to life. It's also creating tools to support NFTs from other projects inside their world as the game isn't exclusive to Bored Ape holders.
“We’re opening the door to effectively a walled garden and saying ‘Everybody’s welcome,’” Muniz added.
For a while now, Yuga Labs has been aggressively doubling down on its bullish stance on the NFT market. It purchased commercial rights to NFT projects such as CryptoPunks and Meebits from Larva Labs. Last week, the startup also launched ApeCoin, the token linked to the BAYC NFT collection that will now be the currency of the Otherside project.
Why it matters? Ever since Facebook rebranded itself as Meta and highlighted its new vision, the Web3 metaverses have become the subject of every conversation as they present a tremendous opportunity for brands to build a world where people want to spend time. While many firms have entered the space since then, Yuga Labs believes it knows how to make it work.
2. Crypto.com is now an official FIFA sponsor
FIFA has announced Crypto.com as one of its sponsors during the 2022 FIFA World Cup, scheduled to begin in Qatar in November.
The deal gives the crypto platform exclusive rights to display branding inside and outside the tournament’s stadiums. As part of the sponsorship, Crypto.com will also provide opportunities to its users to attend matches and win official merchandise.
“There is no platform bigger, or with a greater reach and cultural impact, than FIFA’s global platform of football,” FIFA Chief Commercial Officer Kay Madati said.
The announcement underscores the Singapore-based crypto exchange's latest move in elite sporting events. In November 2021, Crypto.com purchased the naming rights to the iconic Staples Center in Los Angeles in a 20-year $700 million deal. Some of its other partnerships include:
a five-year, $25 million sponsorship deal with Australian Football League
a $100-million sponsorship agreement with Formula 1
a 10-year, $175 million sponsorship contract with the Ultimate Fighting Championship
other deals with French team Paris Saint-Germain, the Philadelphia 76ers, Montreal Canadiens, and South American Football Confederation
Recently, the event has received public backlash over Qatar's illegal involvement during the bidding process. Moreover, Human Rights Watch also accused Qatar of mistreating migrant workers hired to build the stadium for the event.
Why it matters? While crypto trading is still illegal in Qatar, the nation's government expects the event to add $20 billion to its economy, approximately 9% of its gross domestic product.
Deal Street 🤑
Katie Haun debuts largest-ever solo VC fund
Katie Haun, a former partner at a16z who left last year to start her venture firm, has raised $1.5 billion for two new crypto-focused funds. The announcement marks the largest fund raised by any solo venture capitalist ever. Haun Ventures raised $500 million for its early-stage fund and a $1 billion accelerator fund for more mature startups focusing on Web3. “We’re energized by the opportunity to invest in every layer of the web3 tech stack, and will back projects in their early stages as well as when they are ready to accelerate growth,” Haun wrote in her post. Having learned about crypto while working as a federal prosecutor in 2013, Haun is one of the most influential VCs. Some of her high-profile deals include Coinbase, OpenSea, Celo, Arweave and Royal.
FTX buys Good Luck Games
Crypto exchange FTX has acquired Good Luck Games, a Washington-based developer of the upcoming card auto-battler game Storybook Brawl for an undisclosed amount. The announcement marks FTX's foray into in-house game development after it launched its gaming unit last month to encourage game publishers to adopt digital currencies via its "crypto-as-a-service" platform. Founded in 2019, Good Luck Games is led by four veteran card game designers and ex-professional players with links to games such as The Elder Scrolls: Legends, Hearthstone, and Magic: The Gathering. In the past, gamers have been reluctant to blockchain integrations into traditional games. But FTX co-founder Sam Bankman-Fried said that he's excited to support Web3 gaming, adding that he's known the team middle school.
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