🪙 Crypto Market News
Reddit co-founder’s VC fund pivots to crypto. Alexis Ohanian’s venture firm 776 Management LLC has raised $500 million across two new funds with a plan to invest primarily in crypto startups. “It will be the majority of the portfolio by the end of this year,” Mr. Ohanian said about the firm’s investments in the crypto sector. Such companies account for about 40% of the firm’s deals to date, including videogaming startup Axie Infinity, bitcoin rewards startup Lolli, and crypto tax company CoinTracker. The firm has made more than three dozen investments in total. 📰 Wall Street Journal
Google Is Looking to Help Build Web3, Blockchain Products. CEO Sundar Pichai said that the company was "definitely looking at blockchain and such an interesting and powerful technology with broad applications." Google earlier this month hired former PayPal senior vice president and chief product architect, Arnold Goldberg, to lead its payments division. The company said it was looking into financial services such as Bitcoin credit and debit cards. 📰 Decrypt
MicroStrategy Buys Additional $25M Worth of Bitcoin During Market Dip. MicroStrategy the business intelligence software company that has taken to accumulating bitcoin, said it bought approximately 660 bitcoins for around $25 million between Dec. 30, 2021, and Jan. 31, 2022. The company paid an average price of $37,865 per bitcoin, it said in a statement. The slowdown may point to MicroStrategy exercising greater caution in its bitcoin acquisitions given the market's recent downturn. The world's largest cryptocurrency by market capitalization hit a record high near $69,000 in November and is now trading around $39,000. 📰 Coindesk
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🖼️ NFT & Metaverse News
Tom Brady Retires to Focus on Family, NFT Startup. National Football League star quarterback – and NFT startup founder – Tom Brady officially announced his retirement Tuesday, saying he planned to spend more time with his family and work on his businesses. The quarterback announced Autograph, his non-fungible token (NFT) platform, in April, saying the company would help athletes and other famous individuals create and market their own digital collectibles. The company partnered with DraftKings and Lionsgate to create NFTs based on film franchises as well as sports stars. 📰 Coindesk
Ape DAO Collectors Seek to Liquidate $31M Treasury of Bored Ape NFTs. In a move that may be call on the top of the NFT market, the community behind Ape DAO, a group of collectors that holds 81 Bored Ape Yacht Club (BAYC) and 81 Mutant Ape tokens, is rallying behind a governance proposal to dissolve and liquidate its treasury. The move comes amid surging growth in the NFT markets, and one month after BAYC’s floor price surpassed CryptoPunks’ for the first time. With BAYC’s floor price sitting at 117 ETH ($321,500) and Mutant Apes at 23.5 ETH ($65K), Ape DAO may soon dump more than $31M worth of NFTs. 📰 The Defiant
OpenSea Hits Record $5B in Monthly Sales as Ethereum NFT Market Swells. Public blockchain data collected by Dune Analytics shows that OpenSea had more than $4.95 billion of Ethereum trading volume in January, plus over $79 million on Polygon, a sidechain scaling solution for Ethereum. Both are single-month records for each respective platform. OpenSea’s previous Ethereum peak came in August 2021 as the NFT market exploded following a subdued summer, topping $3.4 billion in trading volume for the month. Meanwhile, the marketplace’s previous Polygon record was set in December with $76 million, as NFT trading on the scaling solution has steadily increased in recent months. 📰 Decrypt
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