• The Drop
  • Posts
  • Venture Capital Ape'ing In?

Venture Capital Ape'ing In?

Gamestop / Immutable X, Floor Tracker, And More

February 04, 2022

Welcome to The Drop NFT Newsletter. Subscribe and join the discord for breaking NFT news, project breakdowns, & artist spotlights. Thank you for following along on this journey!

🚨 This newsletter is sponsored by FTX:

FTX US is a regulated crypto exchange that hosts some of the highest amounts of trading volume and daily active users in the industry. 

On top of this, FTX US offers desktop and mobile trading of Ethereum + Solana NFTs with NO GAS FEES! Start your FTX journey today by getting set up here đź”Ą 

Happy Friday!

What's Dropping ⚡

  • Party Shirt (the "fact or cap" guys on TikTok with a massive 20 million follower base) announced their first NFT project entitled Superstars.

  • A very popular NFT Instagram page (literally called @NFT) has been taken down. Nobody knows exactly why but many speculate after countless promotions of rug pulls people were fed up and the reports stacked sky high. (You can always follow our Instagram here)

  • Pixel Vault announced an equity investment of $100m from Velvet Sea Ventures and 01A yesterday. Interesting side note, 01A is former Twitter CEO Dick Costello’s venture capital firm showing that not just Jack was crypto obsessed. This validation is huge for the space and the funds will likely go far in helping them truly become a decentralized Disney.

  • Pirates of the Metaverse continue to make moves dropping an insane Pranksy honorary and a continual cadence of teases.

  • Kanye West wants nothing to do with NFTs (for now).

  • Tokyo Punks, Sabet’s first generative collection featuring 4,850 hand-panted NFTs opens for public sale today.

  • The NBA Cleveland Cavaliers unveiled their first-ever NFT experience, called My Cavs Locker which includes special fan rewards and hidden features.

  • Cool Monkes Floor has exploded through 1 ETH and currently at the time of writing sits at 1.53 ETH.

GameStop 🤝 Immutable X Marketplace

This past month has been a whirlwind when it comes to news regarding gaming companies making moves into the “metaverse.” To recap, Microsoft (Xbox) acquired Activision Blizzard (Call-of-Duty Developer); Sony (Playstation) fired back by acquiring Bungie (Halo Developer); Nintendo reportedly said they do have interest, and feel the potential in the Metaverse, but they “wonder what joy [they] can provide in this area.” Now, GameStop — the world's largest retailer for Xbox, PlayStation, and Nintendo games, systems, consoles & accessories— may have finally found their break.

ShackNews.com

If these 3 major gaming companies decide to transition into blockchain-based gaming, GameStop is establishing itself quite well in order to thrive within the new digital market. In fact, this week, they announced a partnership with Immutable X, a framework built on top of the Ethereum blockchain to increase transaction speed and decrease the scaling difficulties, as well as mitigate the environmental impacts that Ethereum faces. Immutable and GameStop have created a grant program, and are now accepting submissions from developers, studios, brands, and service providers across the gaming and Web 3 industry. So whenever people are ready to build, GameStop is ready!

Ape'ing Into Venture Capital? 🦍

The Apes are back in the news. And just like each time prior, the financial figures continue to defy belief relative to when the project was first released.

Yuga Labs, the parent company of the Bored Ape Yacht Club, is reportedly in talks with Andreessen Horowitz (a16z), a private venture capital firm that manages approximately $28.2 billion worth of assets. According to an article written by Financial Times, Yuga Labs is seeking to sell a stake to acquire funding at a valuation of between $4 and $5 billion.

If the deal gets over the line, it would be the first institutional investment that an NFT-based company has ever received. Institutional money looking to dip their toes in the NFT space is reassuring, considering institutions like to invest in high growth opportunities for their constituents. We think that over time, there will be more institutional investment poured into the industry, similar to how it occurred once it became evident Bitcoin was here to stay. More dynamic and high-powered firms like a16z will capitalize on the opportunity that the NFT space provides, while also growing the space for mass adoption. Every day, we uncover more and more reasons as to why WAGMI.

We will keep following this story, and providing updates.

An alternate take: 

Meme Drop đź’§

FTX US NFT Marketplace 🔥

The Drop is ecstatic that we are now a partner with FTX, one of the biggest crypto exchanges in the world. Even more epic is how incredibly fast the team at FTX was able to create the ultimate NFT marketplace.

On the FTX desktop, you can buy and sell NFTs with gas-free NFT trading and keep everything in one spot with all things crypto. Buy your crypto and get busy trading right away with no hassle. To have your crypto and NFT trading all under one seamless platform click here.

Recent Articles đź“°

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.  

Follow the team: 

Join the Discord + follow the links below 👇