Tuesday, Apr 12th 2022

Crypto Three Things (4/12)

Commentary

"Not everything that is faced can be changed, but nothing can be changed until it is faced." —James Baldwin

1) Epic Games raises $2B from Sony and Lego to “build the future of digital entertainment”

  • Fortnite maker Epic Games said in a statement it will use the funds to launch itself in the metaverse field.
  • Following the deal, Sony will own a 4.9% stake, while Lego parent Kirkbi will own 3% of Epic Games, now valued at $31.5B.

Titan’s Takeaway: This is a major investment by two entertainment heavy-hitters in a gaming behemoth, and a serious vote of confidence in the future of gaming in the metaverse. We’ll be watching closely as others invariably follow suit.

2) Crypto exchange Uniswap sets up venture unit to invest in Web3 projects of all sizes and stages of development

  • The popular decentralized cryptocurrency exchange has already invested in 11 crypto-focused projects including Aave, LayerZero, and MakerDAO.
  • While the size of the fund is not yet clear, Uniswap said the investments will be made directly from the company’s balance sheet.

    Titan’s Takeaway: Uniswap joins a spate of crypto companies, including FTX and Binance, that are supporting the growth of web3 through diverse investments. We believe that fast capital will continue to flow into DeFi and Web3 as the crypto venture landscape remains bright.

    3) Bored Apes gets the Hollywood treatment with their own movie trilogy, produced by Coinbase

  • The three-part film, carrying the eccentric name “The Degen Trilogy”, will unfold in a “chaotic” Midtown Manhattan in the 2020s.
  • Owners of the disinterested-looking apes are invited to submit their characters for potential roles in the trilogy.
  • Coinbase will be producing the animated series, the first of which will premiere in June at NFT.NYC.

    Titan’s Takeaway: The Bored Ape Yacht Club is one of the most popular NFT projects in the world, accumulating over $3.2B in market trading volume. We’re intrigued to see Coinbase leveraging this popularity as a kind of IP: the company developed the film concept as a tie-in to its highly-anticipated NFT marketplace.

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