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. The crypto market crashed again, along with many other markets worldwide. Evergrande’s debt of $300 billion was reported to be the reason.

The crypto market is showing strong signs of recovery after losing up to 11% (over $250M) within 24 hours. Since falling as low as $39,572, is now trading around $44k.

Top 20 cryptos all trade in green. With 12.8%, 20.3% and 23.6% gains respectively, Solana, Avalanche, Avalanche, Avalanche, Terra, LUNA, Cosmos, ATOM are the top cryptos. This has increased the market’s total value to $1.997 trillion.

Market cap for the 24 hour 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. This valuation is based on a round of funding that raised $250 million.

Coatue led the round with existing investors such as Andreessen Horowitz and GV joining the fund 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.

The ignition fund will be used to benefit Kava, which is a cross-chain blockchain that allows for DeFi. Additionally, new DeFi protocols will be funded by the platform through the ignition fund.

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. Dogecoin remains popular despite the fact that Dogecoin’s price has dropped to its lowest point in four years.

DOGE reached an all time high of $0.7376 thanks to multiple Tweets and promotional tweets from Elon Musk. DOGE fees have to drop, Elon Musk says, despite transactions being at an all-time low of $41,500 in four years.

Super important for Doge fees to drop to make things like buying movie tix viable

— Elon Musk (@elonmusk) September 22, 2021

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

Redswan (a digital property tokenization platform for commercial real estate) has also announced it will accept Dogecoin to fund two deals in its marketplace. People can now purchase properties in real estate worth $384 millions 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. According to the poll, 68% wanted Dogecoin to be a possible payment method. Only 16% disagreed.

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. In less than a week, two NFT-focused start-ups raised more $900 million in funding rounds.

Dapper Labs, the creators of NBA Top Shot digital basketball trading card platform, has just raised $250 million in funding. The round brings them to $7.6billion. Coatue Ventures, Andreessen Horowitz and GV backed the round.

Sorare on the other side raised $680 million September 21. This pushed the French fantasy football game’s valuation, which incorporates NFTs, to $4.3 Billion. SoftBank and Atomico backed the round, as well as Bessemer Ventures and IVP.

Sorare, France’s most valued private tech company and one of Europe’s largest start-ups is now.

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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