Roundup: Yahoo Finance Collectibles Index, Yuga Labs Funding Round, and NFT Restrictions in China
Moriah Costa

📰 In the Headlines

Yahoo Finance launches new fractionalized collectibles index  

• Yahoo Finance announced earlier this week that it had created a new collectibles index. The Total Collectable Index, which is a partnership with Pricing Culture, is meant to be the definitive tracker for the fractionalized collectables market.  

• The Total Collectable Index tracks 11 sub-indexes for SEC-registered cultural assets, including NFTs, trading cards, and sports memorabilia. The indices cover leading fractionalized investment platforms.  

Fun Fact: The index tracks more than 1,000 assets available on fractionalized investment platforms. The total market cap for the index is $500m, with trading cards and sports memorabilia making up the largest shares.

Yuga Labs closes $450m funding round, plans to create metaverse project  

• The past few weeks have felt like a constant stream of news about Yuga Labs and BAYC (covered in Culturedhere and here). It all came to a head last week with the announcement that Yuga Labs has secured funding to build its own metaverse project.  

• Led by VC firm a16z, the funding round puts Yuga Labs’s valuation at around $4b. It’s a strong bet for investors — Yuga has been financially successful, bringing in $137m last year according to a leaked pitch deck.  

Fun Fact: Yuga will use the funds to create a new metaverse project called Otherside, a MMORPG that’s meant to connect to the company’s NFT assets and other projects. The company is also planning a play-to-earn game that will launch later this year.

Facing regulation, Chinese tech platforms go on the offensive against NFT fraud  

• Tencent and Alibaba are taking measures designed to restrict NFT sales on their platforms. The preemptive move comes amid an increasingly tense regulatory environment in China for tech companies.  

• Alibaba said it would report suspected money laundering and bot purchases on its sites to the authorities. WeChat, which is owned by Tencent, also banned several NFT projects on its platform. It said it planned to open a new category on the app for them.  

Fun Fact: The Chinese NFT market is already significantly more regulated than its Western counterpart. Buyers are required to register using their real names, buy in yuan instead of crypto, and are banned from reselling tokens for a profit.    

🔥 From the Otis Collection

• XCOPY generated $23m in sales in minutes last Thursday, after releasing an open edition art piece, “MAX PAIN,” featuring an animated, skull-like image with the artist’s signature aesthetic.  XCOPY’s "Bottom Feeder NFT" is trading on Otis.  

• Drake opened a 1986 Fleer box set on Instagram Live on Sunday, walking away with six different Michael Jordan cards, including a rare 1986 Fleer MJ rookie card. Otis sold a 1986 Fleer Basketball Set for $685k in December 2021.  

• An anonymous donor auctioned off Bansky’s CND Soldiers, 2005 for roughly $106k to raise funds for a Kyiv hospital. Bansky’s Police Car, 2003 is trading on Otis.

 

• Nintendo has requested that scans of a 1996 Super Mario 64 strategy guide be removed from the internet due to copyright infringement. A copy of Mario Kart 64 (Wata 9.2, A ++ Sealed) is trading on Otis.

Shang-Chi and the Legend of the Ten Rings actor Simu Liu will not sign any copies of the Master of Kung Fu comics or any other comics deemed offensive. A copy of Special Marvel #15, Shang-Chi’s first appearance, is trading on Otis.

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