Top Web3 Headlines This Week 9.11.2022

Sorry for the delay in sending this week. I was moving houses in Atlanta, total chaos.

Here are the top web3 stories from this week.

Big Companies in Web3

Sports Continue Deeper in Sector

🏀 The NBA announced a partnership with Sorare to build an NFT trading card fantasy sports game for the upcoming season. This follows Sorare’s success in Europe and their work with the MLB and MLS. DraftKing’s NFL Reignmaker NFT fantasy game is in full swing this week with the start of the football season. FIFA is bringing NFTs collectibles for the upcoming World Cup. The only one going the other direction is Snap, who jettisoned their web3 team in recent job cuts.

Capital Raised

More Money for Web3

💰 Crypto funds continue to grow. Bloccelerate is raising $100MM for their second fund. Venture firm MetaWeb got $30MM for early stage startups. Coop Records closed a $10MM fund to invest in the future of music. Startups in web3 also accumulated new cash. Mysten Labs added $300MM, only 9 months since their last announced raise. Popular Solana NFT project creator Dust Labs announced a $7MM round.

Legal

Two Big Cases on the Docket

⚖️ A lawsuit against NBA Top Shot is challenging whether their NFT video highlight moments are securities under U.S. law. The company has filed a motion to dismiss the suit, which will be heard by a federal judge in NY. This could be an important ruling for the industry to watch. Additionally, Coinbase is bankrolling the lawsuit filed by the U.S. Treasury against six individuals related to the Tornado Cash protocol. The company said they want to help insure a “dangerous precedent” is not set here.

Content

Brian Zwerner on the Web3 with Me Podcast

🎙️ Shameless plug time. I was on the Web3 with Me podcast last week. We had a fun and wide-ranging discussion about the building of Beyond The Game Network, my red pill moment in Crypto, our investments in web3, and much more. Please enjoy.

Follow me on Twitter for more frequent updates on web3.

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