White Star Capital Digital Asset Fund - newsletter #71
Athletes follow Web3 and create Sport 3.0
Athletes follow Web3 and create Sport 3.0
White Star Capital Digital Asset Fund - newsletter #71
Today, the branding of sports stars no longer relies only on internet referencing or in-store advertising. They are also present in Web3 and Metaverse.
Let’s take Basketball for example. Miami Heat shooting guard/small forward Duncan Robinson announced the launch of ($DBO), his own personal cryptocurrency on Rally, making him the first NBA player with his own live-trading cryptocurrency. Fans who hold $DBO will have exclusive access to a host of benefits including limited edition merch, private in-person events, and all-access passes to private channels on Robinson’s Discord server.
This is not the first time basketball players have learned about Tech. Here is a great article on the steps that led Spencer Dinwiddie, NBA player for Nets, to start his own venture capital fund called Eonxi. The Web3 transition is therefore logical for these athletes and many other creators, influencers, and celebrities.
Still on ball sports, but this time with Soccer. The Premier League has shortlisted four blockchain firms for its official NFT license. English soccer’s top flight is mulling over bids offering returns of between UK£220 million (US$298 million) and UK£434 million (US$589 million) over four years. The final shortlist is reportedly made up of Sorare, Candy Digital, Dapper Labs and ConsenSys.
One of our startups took advantage of this momentum, as you will discover in the next section.
🔦 White Star & Portfolio Spotlight
Exclusible sold out their 25 islands in The Sandbox Game to very special people and corporation
These special people and corporations are for example eToro, PSG star Marco Verratti, former Victoria's Secret model Sara Sampaio, FC Bayern Munich Kingsley Coman, tennis stars Ana Ivanovic and Stan Wawrinka.
Multis wants to build the financial backbone of crypto-native organizations
Originally designed as a neobank for companies working with cryptocurrencies, the company has slightly altered its product vision. It now intends to offer the software layer that helps web3 organizations manage their crypto finances.
Alethea AI (ALI): iNFTs and the Intelligent Metaverse
Alethea AI wants to take the merger of AI and NFTs a step further by creating an entirely new class of intelligent assets, imbued with AI personality traits, which can grow and evolve based on the data they consume.
🏦 Enterprises & Institutions
JPMorgan Is the First Bank Into the Metaverse, Looks at Business Opportunities
JPMorgan said it has become the first lender to arrive in the metaverse, having opened a lounge in Decentraland, a virtual world based on blockchain technology.
Bandai Namco to Invest $130m Developing its own “IP Metaverse”
The latest videogame company to announce metaverse plans is Bandai Namco as part of its mid-term plan that’ll run from April 2022 to March 2025.
Twitter now lets users add Ethereum addresses as a mobile tipping option
Mobile users of social media platform Twitter can now add Ethereum addresses to the list of options for would-be tippers.
Music major Universal to develop NFT fan collection
Universal Music Group (UMG) is working with Curio, an NFT platform for entertainment brands, to launch NFT projects from UMG's record labels, operating companies and recording artists.
⚖️ Government & Regulation
Miami sees blockchain-focused venture capital deals skyrocket
Many people have wondered over the past year whether Miami can become the next Silicon Valley. For crypto enthusiasts, the prospect appears likely.
Colorado governor says he expects state to accept tax payments in crypto by summer
Governor Jared Polis said crypto holders in Colorado could have the option of sending tax payments in digital currency, which the state would then immediately convert back into fiat.
Illinois lawmakers want to attract Bitcoin miners to the state with data center tax incentives
The bipartisan legislation is the latest effort among US states to draw in miners of bitcoin and other cryptocurrencies using tax incentives.
Federal Reserve should buy bitcoin, says US senator Cynthia Lummis
Cynthia Lummis, US Senator from the Wyoming state, said the Federal Reserve should hold bitcoin on its balance sheet.
California lawmaker files bill to let state agencies accept Bitcoin
California became the latest state last week of the current legislative cycle to weigh allowing residents to pay for government services in the form of crypto.
💰 Funding & Exits
Singapore AR startup bags $3.8m to enter the metaverse
BuzzAR, a Singapore-based augmented reality (AR) and AI startup, has raised US$3.8 million in seed funding from F50 Elevate.
Fireblocks acquires crypto payments processor First DAG in cash-and-stock deal
Crypto custodian Fireblocks has made its first acquisition. It has bought out First Digital Assets Group (First DAG), an Israel-based crypto payments processor.
Ceramic Network community has raised a $30m Series A led by multicoin capital and USV
The goal is to accelerate their development and unlock data composability in the Web3 ecosystem.
Animoca Brands snaps up mobile game maker Grease Monkey Games
Animoca Brands, the gaming and virtual worlds-focused company said Thursday morning that it has acquired Grease Monkey Games, a development studio that has produced several mobile-focused titles.
Circle valued at $9 billion under revamped SPAC deal terms
Circle — the firm behind stablecoin USDC — announced that it has scrapped its previous deal with special purpose acquisition company Concord Acquisition Corp in favor of a new deal with the firm as it charges forward with its plan to go public.
Decentralized wireless network Helium raises $200 million
Decentralized wireless network Helium has raised a $200 million Series D round at a $1.2 billion valuation.
Crypto platform Amber Group hits $3 billion valuation in latest raise
Crypto trading firm Amber Group has announced a $200 million raise led by Temasek, the Singapore-based sovereign wealth fund.
Luna Foundation Guard raises $1 billion to form bitcoin reserve for UST stablecoin
The Luna Foundation Guard (LFG) has raised $1 billion through an over-the-counter sale of LUNA.
🚀 Project Launches & Updates
Castle Island Ventures announces new $250 million fund for web3 investments
The firm also said it is set to grow its team significantly over the next year.
Avalanche growth sparks third-party cross-chain bridges
Avalanche launched its own official Ethereum bridge in 2021, but that didn't stop third parties to introduce their own cross-chain products.
Sequoia Capital is launching a $500-600 million crypto fund to invest in tokens
The Sequoia Crypto Fund will primarily invest in "liquid tokens" — tokens that are already listed on crypto exchanges and those that are yet to be listed — Shaun Maguire, partner at Sequoia Capital, told The Block in an interview.
Sony Ventures Corporation hits first close of its $215M fourth fund
Sony Ventures Corporation (SVC) announced that it has completed the first closing of its $215 million (25 billion JPY) fourth fund, Sony Innovation Fund 3 (SIF3), to back all stages of emerging technology companies.
🔥 Other Bits We're Excited About
Celebrity DJ Steve Aoki says he makes more from NFTs than music royalties
Celebrity DJ and artist says he made more from his NFT sales last year than he has from six albums over the past decade.