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Crypto Flipsider News – September 23rd – Crypto Market Recovers After Evergrande Predicament, Dapper Labs Now Valued at $7.6 Billion, Kava Expands DeFi With $185M Fund, The Dogecoin-Musk Relationship, and NFT Start-ups Boom

Read in the Digest

  • Crypto Market Recovers After Evergrande Predicament
  • Dapper Labs Now Valued at $7.6 Billion, Kava Expands DeFi With $185M Fund
  • The Dogecoin-Musk Relationship – A Painful Allure
  • NFT Start-ups Boom – Raises $900 Million in Funding Rounds

Crypto Market Recovers After Evergrande Predicament

Just when we thought the crypto market had seen the worst effect from China, Evergrande came along. Along with other global markets, the crypto market fell again after reports surfaced that Evergrande could go under due to a $300 billion debt.

After losing as much as 11% of its value (over $250 million) in 24 hours, the crypto market shows strong recovery signs. Since falling as low as $39,572, Bitcoin is now trading around $44k.

The top 20 cryptos are all in the green. Solana (SOL), Avalanche (AVAX), Terra (LUNA), Cosmos (ATOM) are the stars of the comeback with 12.8%, 20.3%, 23.6% and 22.7%  gains, respectively. These gains have pushed the total market cap to $1.997 trillion.

The 24 hours market cap of the crypto market. Source: TradingView

Flipsider:

  • While the crypto market recovers, the comments from the SEC chair, Gary Gensler, for increased regulation, have been weighing on the industry

Why You Should Care

The crypto market has shown it is here to stay as it continues to recover, even after being plagued with regulatory rifts, China’s crackdown, Tesla’s rejection, and now, a global downtrend.

Dapper Labs Now Valued at $7.6 Billion, Kava Expands DeFi With $185M Fund

Dapper Labs, the blockchain company behind popular fantasy basketball NFT game NBA Top Shot, has announced that it has attained a valuation of $7.6 billion. The valuation comes on the back of a $250 million funding round. 

The round was led by Coatue with existing investors like Andreessen Horowitz, GV and Version One Ventures joining the raise. In addition, Dapper Labs announced a partnership with LaLiga, Spain’s top professional soccer league, to launch a soccer marketplace.

In another funding round, Kava Labs, the protocol that connects the world’s largest assets, ecosystems and financial applications, has raised $185 million. 

Kava, a blockchain for cross-chain DeFi, will benefit from the ignition fund. In addition, the ignition fund will be used to finance new DeFi protocols on the platform.

Flipsider:

  • A DeFi platform under Avalanche, Vee Finance has suffered a hack of $35 million

Why You Should Care

The new funding rounds will see the development of more DeFi protocols, which could lead to the expansion and adoption of decentralized finance.

The Dogecoin-Musk Relationship – A Painful Allure

Thanks to Elon Musk, the meme coin of the industry, Dogecoin, has been one of the most talked about crypto in 2021. While the value of Dogecoin has plunged to a four year low, Dogecoin is more popular than ever.

After multiple tweets and promotions by Elon Musk, DOGE hit an all-time high of $0.7376 in May. Although transactions are at a four year low, Elon Musk believes that for the price of Dogecoin to rise, DOGE fees must drop.

As the popularity of Dogecoin increases, the CEO of the largest movie theatre chain AMC Entertainment Holding, Adam Aron, created a poll to ask the public if they would like to pay for tickets with DOGE.

In addition, Redswan, a commercial real estate tokenization platform, has announced that it would accept Dogecoin for two digital real estate deals on its marketplace. As a result, people can now buy properties worth $384 million in real estate with DOGE.

Flipsider:

  • While Dogecoin is now more popular than ever, it currently trades at $0.2204, 70% down from its ATH

Why You Should Care

Since Elon Musk began Tweeting about Dogecoin, the crypto has grown in popularity. The poll result showed that 68% of voters want Dogecoin as a payment option, while 16% said no.

NFT Start-ups Boom – Sports NFTs Raises $900 Million in Funding Rounds

NFTs have grown in leaps and bounds during 2021, becoming one of the most talked about topics in the crypto space. Two sport-focused NFT start-ups have raised over $900 million in funding rounds within a week.

Dapper Labs, creators of digital basketball trading card platform NBA Top Shot, just completed a $250 million funding round, pushing the valuation of $7.6 billion. The round was backed by Coatue, Andreessen Horowitz, GV and Version One Ventures.

On the other hand, Sorare raised $680 million on September 21, pushing the French fantasy soccer game valuation that incorporates NFTs to $4.3 billion. The $680 million round was backed by SoftBank,  Atomico, Bessemer Ventures, IVP, among others. 

Sorare is now the most valuable private tech firm in France and also one of the largest start-ups in Europe.

Flipsider:

  • While NFTs have grown in popularity and use, there have been concerns about the safety of many platforms after the $336k hack

Why You Should Care

Since the start of 2021, crypto and blockchain start-ups have received over $19 billion in venture funding, showing that crypto involvement continues to grow.

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