Roundup: Mike Novogratz buys a CryptoPunk, while Nike is betting on the metaverse and more stories
Moriah Costa

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📰 In the Headlines

Mike Novogratz is into NFTs now and just bought his first CryptoPunk  

• Crypto billionaire Mike Novogratz just bought his first NFT: CryptoPunk #8466 for 98.5 ETH ($440k). The CryptoPunk purchase kicks off the "$GLXY NFT collection" for his cryptocurrency fund, Galaxy Digital.  

• Novogratz is a former hedge fund manager who founded Galaxy Digital in 2019 to be "the bridge between the crypto and the institutional worlds." Galaxy's new collection could be seen as a sign of further institutional legitimacy for NFTs.  

Fun Fact: Novogratz joins a number of other prominent CryptoPunk owners, including Serena Williams, Steve Aoki, Logan Paul, Jordan Belfort of Wolf of Wall Street fame, and possibly Jay-Z.

Investors can’t get enough of the art market  

• Sotheby’s, Christie’s and boutique house Phillips plan to sell $1.6b worth of art over the next two weeks, as the art industry continues to boom.

• Auction houses are benefiting from online innovations spurred by the pandemic, with online-only art sales topping $1b in 2020, up from $168m the year before.  

Fun Fact: The most expensive painting ever sold was Leonardo da Vinci’s Salvator Mundi, which sold for $450.3m in November 2017 at Christie’s.

Nike is turning its eyes to the metaverse  

• Nike just filed trademark applications to use its logos and slogans on digital goods in a virtual environment.  

• The details of how this will look remain unclear, but if the trademarks are approved, it could change how we shop not just for physical items, but for our virtual selves.  

Fun Fact: Digital fashion is not a new concept, with a blockchain dress by The Fabricant selling for $9.5k in 2019 and RTFKT selling $3.1m worth of NFT sneakers in just seven minutes in 2020.    

🔥 From the Otis Collection

• This week, Digiday wrote about how Otis has built up its community through Discord  — come join the conversation.  

• The first Bansky painting to go up for auction after the record breaking Love is in the Bin could sell for $7m. Bansky’s Police Car, 2003, is trading on Otis at a market cap of $435,625 as of trading close on 11/11.  

• Cryptopunk #635 just got a bid offer of $10.8m, indicating still strong demand for the NFTs. If the sale were to go through, it would be the second CryptoPunk to break $10m, after the all time high sale of $11.7m for an Alien Punk at Sotheby's in June. Cryptopunk #543 is trading on Otis at a market cap of $553,625 as of trading close 11/11 and Cryptopunk #2142 will open for trading soon.

• Warriors player Stephen Curry became the oldest player to post 50 points and 10 assists in a game. Otis has a Stephen Curry Rookie Card (2009 Topps Chrome #101 /999 PSA 10) trading at a market cap of $44,950 as of market close 11/11.    

🔖 From Otis Magazine

This week on Otis Magazine we have two articles.

First, we take a look at the rise and fall of Beanie Babies and how they incited FOMO before we even used the term FOMO.

Read: The Insane History of Beanie Babies

Second, we've put together a guide to sports memorabilia, unpacking the main drivers of value in this special market.

Read: Sports Memorabilia: A Beginner’s Guide

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