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Amid the worldwide gloom around cryptocurrencies, <keyword id="6355684" type="General" weightage="20" keywordseo="blockchain" source="Orion">Blockchain</keyword> domain name provider <keyword id="14571473" type="General" weightage="80" keywordseo="unstoppable-domains" source="Orion">Unstoppable Domains</keyword> on Wednesday announced it has raised $65 million in its Series A funding to become a new unicorn. Founded in 2018, Unstoppable <keyword id="6493216" type="General" weightage="100" keywordseo="domains" source="Orion">Domains</keyword> is leading platform for Web3 with more than 2.5 million registered non-fungible token (<keyword id="4668945" type="General" weightage="50" keywordseo="nft" source="Orion">NFT</keyword>) domains. The platform said it will use the funds to fuel product innovation and grow its partnerships in the Web3 space as it continues to build a platform for user-owned and portable digital identity. The funding round was led by new investor Pantera Capital with participation from Mayfield, <keyword id="14571475" type="General" weightage="50" keywordseo="gaingels" source="Orion">Gaingels</keyword>, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, <keyword id="11052450" type="General" weightage="50" keywordseo="coingecko" source="Orion">CoinGecko</keyword>, and others. "For too long, companies have controlled people's digital identities, and Unstoppable Domains is putting that power back into the hands of people," said <keyword id="7119595" type="General" weightage="50" keywordseo="matthew-gould" source="Orion">Matthew Gould</keyword>, Founder and CEO. "We're thrilled to partner with Pantera and other investors who share our vision of onboarding billions of people onto Web3 through NFT domains that unlock user-owned, private, and portable identities," he said in a statement. The platform offers NFT domains that give people full ownership and control of their digital identity. The company has registered 2.5 million domains, which people can use to log into more than 150 Web3 applications, replace lengthy crypto wallet addresses on more than 80 wallets and exchanges, create decentralized websites, and build their web3 identity. Unstoppable Domains said it has built more than 300 partnerships with leading web3 companies like Polygon, Blockchain.com, <keyword id="13606457" type="General" weightage="50" keywordseo="moonpay" source="Orion">MoonPay</keyword> and more. It generated more than $80 million in sales since its launch. "Unstoppable Domains is rapidly defining a new category of decentralized identity that will change the internet as we know it," said <keyword id="14571474" type="General" weightage="50" keywordseo="paul-veradittakit" source="Orion">Paul Veradittakit</keyword>, Partner at Pantera Capital. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/extreme-weather-events-fuel-gender-based-violence-adding-to-socio-economic-burden-of-climate-change-study/articleshow/93159348.cms">Extreme weather events fuel gender-based violence, adding to socio-economic burden of climate change: Study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pes-vcs-pump-in-1-7-billion-into-the-ev-industry-in-2021-says-report/articleshow/93163799.cms">PEs, VCs pump in $1.7 billion into the EV industry in 2021 says report</a>

Blockchain domain provider Unstoppable Domains becomes unicorn amid crypto mayhem

<ul class="summary-list"><li><keyword id="12586846" type="UNKNOWN" weightage="60" keywordseo="moonpay" source="Orion">MoonPay</keyword> scored a $3.4 billion valuation in a funding round led by Tiger Global Management and Coatue.</li><li>It plans to use the money to add 200 jobs based in Miami and around the globe.</li></ul>MoonPay, the self-described <a href="https://markets.businessinsider.com/stocks/pypl-stock">PayPal</a> for <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>, raised more than half a billion dollars in an effort to beef up its staff.The Miami-based company said in a <a href="https://www.moonpay.com/blog/funding-round">press release</a> that it raised $555 million in a funding round led by Tiger Global Management and Coatue. The equity injection gave the company a $3.4 billion valuation and the power to add hundreds more jobs.The company plans to hire 200 people — more than doubling its current staff of 130, <a href="https://www.bloomberg.com/news/articles/2021-11-22/moonpay-a-paypal-for-crypto-on-hiring-spree-with-555-million">Bloomberg reported</a>, citing MoonPay Chief Executive Officer Ivan Soto-Wright. The jobs, including customer support and compliance roles, will be based in the Miami headquarters as well as around the world, Bloomberg said. "As we enter 2022, our aim is to continue this exceptional growth so that we remain the leading company powering the crypto economy," the company wrote in its press release. In two years, MoonPay said it has attracted 7 million customers and processed $2 billion worth of crypto transactions. The product allows its users to convert traditional fiat currencies to cryptocurrencies using all major payment methods, like a credit card or Apple Pay."We set out to democratize access to the crypto economy by providing the tools for businesses to onboard new users with magical product experiences," Soto-Wright said in the press release. "We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond."

MoonPay scores $3.4 billion valuation as the PayPal for crypto reportedly plans hiring spree

<ul class="summary-list"><li>Investors shouldn't pay much attention to the short-term drops in the value of <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, <keyword id="11762451" type="UNKNOWN" weightage="60" keywordseo="moonpay">MoonPay</keyword>'s CEO said.</li><li>It's normal for regulation to be a couple steps behind financial innovation, Ivan Soto-Wright said.</li><li>Further waves of retail adoption will allow <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> to have everyday use cases, he predicted.</li></ul><keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">Crypto</keyword> investors shouldn't be too focused on short-term swings because prices will become less volatile as adoption expands, according to Ivan Soto-Wright, co-founder and CEO of <a href="https://www.moonpay.com/">MoonPay</a>."Bitcoin is one of the best performing asset classes if you look at the last five years," he told Insider in an interview. "So when you take the long-term horizon, you don't look day-to-day or month-to-month."<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> has rebounded to trade near $40,000 after three consecutive months of losses that were driven by a host of worldwide crackdowns on crypto trading and mining. Experts across the digital asset space called <a href="https://markets.businessinsider.com/news/currencies/china-bitcoin-mining-ban-riot-blockchain-renewable-jason-les-crackdown-2021-7">China's crackdown</a> the largest sovereign assault on the asset class since its inception, a <a href="https://mcusercontent.com/4ee5467326fbf62430854c9c7/files/5fd9121e-d163-5958-8869-527602ad5a3c/GFM_Newsletter_DAD_2021_06_v04.pdf">report</a> from Galaxy Digital showed.It's gained 34% in value so far this year, and is 107% higher in the last 12 months.Soto-Wright, who launched MoonPay in March 2019, got excited about cryptocurrencies after his friend wrote a thesis on bitcoin during college, making him see the potential of financial inclusion for both the banked and the un-banked.MoonPay, which builds payments infrastructure for cryptocurrencies, is now live in 160 countries with over 250 partners including <a href="https://www.bitcoin.com/">bitcoin.com </a>and <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> marketplace <a href="https://opensea.io/">OpenSea</a>.He said it's only expected for regulators to take their time in making sure customers are safeguarded, and for crypto-focused companies to find the right balance between financial innovation and customer protection."The great thing that will make the industry thrive in the long term is having clarity over what those rules are in different parts of the world," he said. "Regulators are always a couple steps behind the financial innovation component, and that's where some of the friction arises."Soto-Wright spoke about <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum's</a> growing efficiency, and how blockchain technologists are committed to scaling digital assets through improvements and upgrades to base protocols.The <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> network underpins a number of different technologies, including sales of non-fungible tokens (NFTs), which come with huge hidden premia also known as "<a href="https://www.businessinsider.com/nft-investing-crypto-art-what-is-a-gas-fee-explained-2021-3">gas fees</a>."He said crypto skeptics are right in that digital assets cannot be used to buy something as simple as coffee, but waves of adoption are yet to come in and allow for scaling to everyday use cases.But as more people enter the crypto-economy, it will progress and become less expensive to make transactions, just like telephonic communication evolved from pricey long-distance phone calls, to free video-conferencing over the likes of Skype and Zoom, Soto-Wright said.Read More: <a href="https://www.businessinsider.com/investing-apps-robinhood-teach-people-invest-sec-accessible-education-2021-7" target="_blank" rel="noopener noreferrer">The SEC is trying to make investing apps like Robinhood less 'fun' in order to protect investors - but these gamified features are actually a great idea</a>

A crypto chief explains why investors need to ignore short-term price drops in bitcoin - and says innovation will always be way ahead of regulation

<ul class="summary-list"><li>The firm behind Bored Ape Yacht Club NFTs is being sued for not disclosing celebrities' involvement.</li><li>The lawsuit alleged that Yuga Labs manufactured celebrity endorsements and misleading promotions.</li></ul>A class-action lawsuit has been filed against Yugo Labs, the company behind Bored Ape Yacht Club, on behalf of investors who claim it failed to disclose the alleged involvement of celebrities in promoting and selling NFTs, <a href="https://deadline.com/wp-content/uploads/2022/12/CELEBS-NFT-SUIT.pdf">court papers show</a>. The lawsuit claimed that stars including Justin Bieber, Serena Williams, and Madonna promoted Bored Ape misleadingly. The legal action against blockchain cryptocurrency startup Yuga Labs was filed on Friday in California District Court.Plaintiffs Adonis Real and Adam Titcher have been investing in YugoLabs NFTs since April 2021, per the court documents.The complaint alleged that "billions of dollars" were generated in sales and re-sales through manufactured celebrity endorsements and misleading promotions, and "at no point did any of the defendants register these securities with the SEC."Dozens of other celebrities are named as defendants in the suit for their involvement in "promoting and selling a suite of digital assets," the court papers stated, including Gwyneth Paltrow, Paris Hilton, Jimmy Fallon, Kevin Hart, DJ Khaled, and Steph Curry.The unique selling point of Yuga Labs' NFT collection, called the Bored Ape Yacht Club, is that NFT owners become members of an exclusive "club" that included these celebrities."In our view, these claims are opportunistic and parasitic. We strongly believe that they are without merit, and look forward to proving as much," a Yuga Labs spokesperson told Insider.The exclusivity, according to the lawsuit, was "entirely manufactured" by Guy Oseary, a Hollywood talent agent, YugoLabs executives, and a front operation "MoonPay," to promote and sell digital assets. MoonPay is a platform that facilitates the purchase and sale of cryptocurrencies.The documents also cited that "MoonPay purports to be a white-glove service designed to help the super-rich and celebrities buy NFTs 'without all the hassle of setting up a wallet, buying crypto, using that crypto to purchase an NFT, and then taking custody of it'.""In truth, the Executive Defendants and Oseary used their connections to MoonPay and its service as a covert way to compensate the Promoter Defendants for their promotions of the BAYC NFTs without disclosing it to unsuspecting investors," according to the lawsuit."The executives at Yuga and Oseary together devised a plan to leverage their vast network of A-list musicians, athletes, and <a href="https://www.foxnews.com/category/entertainment/celebrity-news" target="_blank" rel="noopener">celebrity clients</a> and associates to misleadingly promote and sell the Yuga Financial Products," the documents stated.Bored Ape, which comprises more than 10,000 NFTs depicting cartoon monkeys wearing different outfits, is one of the most successful NFT art collections, <a href="https://markets.businessinsider.com/news/currencies/bored-ape-yacht-club-nft-sales-1-billion-opensea-bayc-2022-1" rel="">valued at more than $1 billion</a>.

The company behind Bored Ape Yacht Club NFTs is being sued for using celebrities to promote their products

Happy Thanksgiving week. Employees told us about a <a href="https://www.businessinsider.com/spring-health-april-koh-mental-health-startup-culture-burnout-quitting-2021-11">panic at Spring Health</a>, and we're giving you an inside look at the <a href="https://www.businessinsider.com/rise-and-fall-of-clubhouse-poster-child-pandemic-hype-2021-11">rise and fall of Clubhouse.</a>Let's jump in.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://www.businessinsider.com/spring-health-april-koh-mental-health-startup-culture-burnout-quitting-2021-11"></a>1. Insiders say Spring Health's hard-charging culture fueled a staff exodus. Founded by April Koh, the $2 billion mental-health startup offers therapy and coaching to corporations like Instacart — but some employees said <a href="https://www.businessinsider.com/spring-health-april-koh-mental-health-startup-culture-burnout-quitting-2021-11">their own mental health suffered</a> because of the company's culture.<ul><li>Some said the intense environment trickles down from Koh — now the youngest woman running a multibillion-dollar startup — and that "she could be less of an instigator for mental-health issues at a mental-health organization."</li><li>Workers described a culture of workaholism: one said he joined a meeting from a hospital bed while being treated for COVID-19, while another said she worked through a paid "mental-health day" at her manager's direction. </li><li>The pressure-cooker environment has sparked a staff exodus at Spring Health. The company, which has about 250 employees, has seen more than 40 staff members leave since March 2020. </li></ul>More on the <a href="https://www.businessinsider.com/spring-health-april-koh-mental-health-startup-culture-burnout-quitting-2021-11">"mental health unicorn where everyone's mental health went to shit."</a>In other news:<a href="https://www.businessinsider.com/best-black-friday-tech-deals-sales"></a><div type="image" title="Insider Reviews Black Friday 2021 collage image featuring gifts like Instant Pot, Sardel 12-inch Skillet, Apple Watch, TV and Nike SuperRep Go" height="1250" width="1667" msid="87870088" hostid="261"></div>2. We rounded up the best early Black Friday deals for tech lovers. Samsung is kicking off the holiday shopping season early with <a href="https://www.businessinsider.com/black-friday-samsung-deals">up to 35% off gadgets</a> like TVs and smartphones, and Amazon has sales on Apple Airpods Max, Roku Streaming Sticks, and more. <a href="https://www.businessinsider.com/best-black-friday-tech-deals-sales">Check out some of the best tech deals you can snag right now. </a>3. What happened to Clubhouse? Known for being the must-have audio app amid the pandemic, Clubhouse is losing its luster — hobbled by "drama rooms," unhappy creators, dwindling users, and dubious advertisers. <a href="https://www.businessinsider.com/rise-and-fall-of-clubhouse-poster-child-pandemic-hype-2021-11">We take you inside the rise and fall of Clubhouse.</a>4. Facebook researchers wanted to block hate speech — but execs reportedly dismissed the motion to avoid backlash. Employees sought to crush racist and hateful posts on the social media platform, but executives rejected their plan, per The Washington Post. <a href="https://www.businessinsider.com/facebook-meta-employees-hate-speech-dismissed-2021-11">See the details of the internal report, called "Worst of the Worst."</a>5. Google Cloud salespeople are worried about layoffs. Employees at <a href="https://www.businessinsider.com/google-cloud-org-chart-reveals-most-powerful-people-2021-4">Google's growing cloud unit</a> told us they're frustrated about a new compensation structure that could make many of them ineligible for 25% of their cash bonuses — and some are worried the new structure could be a prelude to layoffs. <a href="https://www.businessinsider.com/google-cloud-salespeople-layoffs-worry-bonuses-2021-11">Here's what they told us.</a>6. Chinese <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> competitor XPeng just revealed a sleek SUV. The G9 is Xpeng's fourth vehicle, but it is the first built specifically to sell internationally and take on Elon Musk's <keyword id="11938291" type="UNKNOWN" weightage="60" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> sales in Europe. The car has a high-end look and sports a sizable center touchscreen on its dash. <a href="https://www.businessinsider.com/chinese-tesla-rival-xpeng-g9-suv-europe-electric-cars-2021-11">Here's what we know so far.</a>7. Crypto startup MoonPay scored a $3.4 billion valuation on the back of its latest funding round led by Tiger Global. The Miami-based company, which describes itself as PayPal for crypto, plans to go on a hiring spree with the extra cash. Within two years, MoonPay has processed $2 billion worth of digital transactions — <a href="https://markets.businessinsider.com/news/currencies/moonpay-scores-valuation-as-paypal-for-crypto-plans-hiring-spree-2021-11">and it plans to lead the way for widespread crypto adoption.</a>8. Walmart will be the first retailer to test Twitter's new livestream shopping platform. On Nov. 28, Walmart will host a live Cyber Deals event on Twitter, where users will be able to buy products they see on a livestream. <a href="https://techcrunch.com/2021/11/22/walmart-will-be-the-first-retailer-to-test-twitters-new-livestream-shopping-platform/">More on that here.</a>9. Elon Musk's mother took a dig at Biden on Twitter. Maye Musk mocked Biden for saying GM "electrified the entire automobile industry," skirting over the fact that Tesla cars account for nearly 80% of the EV market in the US. <a href="https://www.businessinsider.com/elon-musk-mom-mocks-biden-gm-electrified-entire-auto-industry-2021-11">See the tweets here.</a>10. Jeff Bezos just donated $100 million to the Obama Foundation. The donation, the largest individual donation in the organization's history, will go to two youth organizations within the foundation. <a href="https://www.businessinsider.com/jeff-bezos-obama-foundation-donation-2021-11">Get the rundown here.</a>Compiled by Jordan Parker Erb and Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Michael Cogley in London.

10 things in tech you need to know today

<ul class="summary-list"><li><keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">Venture capital</keyword> invested a record $30 billion in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> in 2021, Bloomberg said, citing <keyword id="12778476" type="UNKNOWN" weightage="60" keywordseo="pitchbook" source="Orion">PitchBook</keyword>.</li><li>That's nearly four times the previous record of $8 billion in 2018, the report said.</li></ul>Venture capital funds poured a record $30 billion — more than every other year combined — into crypto investments in 2021, <a href="https://www.bloomberg.com/news/articles/2021-12-19/ftx-moonpay-axie-lead-crypto-firms-attracting-record-30-billion-in-2021?srnd=markets-vp">Bloomberg reported</a>.The report, which cited PitchBook data, said the sky-high number is nearly four-times the 2018 record of about $8 billion, in part thanks to investors funding "anything and everything" in crypto. Much of that fundraising — about $7.2 billion — came from US venture capital, according to the report. PitchBook did not respond to Insider's request for the data.Axie Infinity-owner Sky Mavis, for example, <a href="https://pitchbook.com/newsletter/sky-mavis-lands-150m-series-b">raised $150 million</a> at a $3 billion valuation in a funding round led by venture firm Andreessen Horowitz. <keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword>, an ethereum-based play-t0-earn game, has been generating hundreds of millions of dollars in revenue as players have <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">sought to make money</a> in crypto video games. <a href="https://markets.businessinsider.com/news/stocks/top-shot-nba-nft-dapper-labs-investment-funding-round-valuation-2021-3">DapperLabs</a>, the non-fungible token platform behind CryptoKitties and <a href="https://www.businessinsider.com/nba-top-shot-virtual-highlights-for-sale-moments-blockchain-explained-2021-2?utm_source=markets&amp;utm_medium=ingest">NBA TopShot</a>, raised $305 million in March at a $2.6 billion with the help of basketball superstars Michael Jordan and Kevin Durant. In November, the self-described PayPal for crypto known as <a href="https://markets.businessinsider.com/news/currencies/moonpay-scores-valuation-as-paypal-for-crypto-plans-hiring-spree-2021-11">MoonPay scored a $3.4 billion valuation</a> after raising more than half a billion dollars with the help of Tiger Global Management and Coatue.Crypto, an industry that's just over a decade old, has gained traction this year. <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> and ether, the top two <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> by market capitalization, reached record highs in 2021. The market for <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>, digital art tied to the blockchain, is set to <a href="https://markets.businessinsider.com/news/currencies/how-to-give-someone-an-nft-crypto-for-holidays-christmas-2021-12">hit a record $17.7 billion</a> by the end of the year, according to research from <a href="https://cointelegraph.com/news/nft-sales-aim-for-a-17-7b-record-in-2021-report-by-cointelegraph-research">Cointelegraph</a>. And the <a href="https://markets.businessinsider.com/news/currencies/metaverse-cryptocurrencies-up-37000-percent-axie-infinity-decentraland-bitcoin-altcoins-2021-12">metaverse</a> has been gaining steam since Facebook's parent company rebranded to Meta, as a sign of its push into the next phase of the internet.

Venture capital invested a record $30 billion in crypto in 2021, more than quadruple previous high

Welcome to <keyword id="11937554" type="UNKNOWN" weightage="60" keywordseo="10-things" source="Orion">10 Things</keyword> Before the Opening Bell.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go – <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's jump in. 1. Biden taps Fed Reserve Chair Powell for another term, but change is in the air. The president nominated <a href="https://www.businessinsider.com/biden-nominates-jerome-powell-fed-chair-second-term-pandemic-recovery-2021-11">Jerome Powell for a second term</a> as head of the central bank, <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/22/president-biden-nominates-jerome-powell-to-serve-as-chair-of-the-federal-reserve-dr-lael-brainard-to-serve-as-vice-chair/">citing</a> his "steady leadership during an unprecedented challenging period." Powell has been a highly dovish Fed chair, and has enjoyed bipartisan support for re-nomination, despite <a href="https://www.businessinsider.com/jerome-powell-renominaton-snub-progressive-democrats-biden-federal-reserve-chair-2021-11">objections from progressives.</a>However, <a href="https://www.wsj.com/articles/jerome-powell-will-face-an-utterly-different-economy-in-a-second-term-11637590207?mod=hp_lead_pos2">the status quo is about to change </a> — Powell is going to have to tackle an entirely different economic landscape over the next four years. During the pandemic, the Fed cut interest rates to <a href="https://www.businessinsider.com/fed-interest-rate-cut-zero-bond-holdings-coronavirus-pandemic-economy-2020-3">historic lows</a>, <a href="https://www.businessinsider.com/october-jobs-report-531000-payrolls-unemployment-rate-falls-labor-market-2021-11">prioritized employment</a>, and spent billions to keep the US economy afloat. For his next term, Powell will have to pivot toward combating <a href="https://www.businessinsider.com/inflation-cpi-october-price-growth-index-supply-chain-crisis-recovery-2021-11">inflation</a> at the risk of choking off the cash flows that have helped <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> soar to record highs. Here's what to keep in mind as Powell eyes a second term: <ul><li>Inflation rose 6.2% year-over-year in October, <a href="https://www.businessinsider.com/inflation-cpi-october-price-growth-index-supply-chain-crisis-recovery-2021-11">the biggest jump in 30 years. </a></li><li>The labor shortage is real: There are 0.7 workers for every job opening, <a href="https://www.businessinsider.com/labor-shortage-made-worse-by-high-rents-philadelphia-fed-president-2021-11">a record low</a>.</li><li>The Fed has been buying at least <a href="https://www.businessinsider.com/federal-reserve-tapering-start-november-asset-purchases-support-jerome-powell-2021-11?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets">$80 billion in Treasurys and $40 billion in mortgage-backed securities</a> each month — and those numbers are set to taper. </li></ul>2. US stock futures are on the back-foot this morning. With Powell's nomination, bond yields are well above last week's lows, which has hurt the tech sector. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-futures-fed-chair-jerome-powell-bond-yields-2021-11">Take a look at what the market is doing.</a>3. The research director at a $14 billion asset manager is telling investors to focus on specific sectors to protect against inflation. David Grecsek expects inflation to run hot for months and isn't buying the "transitory" narrative. He thinks tech and energy are overrated, <a href="https://www.businessinsider.com/stock-strategy-inflation-investing-sectors-technology-energy-federal-reserve-transitory-2021-11">and shared which sectors he's betting on instead.</a>4. On the docket: Dollar Tree, HP, and Best Buy, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting earnings.</a>5. MoonPay soared to a $3.4 billion valuation after new funding round led by Tiger Global. The self-described Paypal for crypto raised $555 million in its latest round, and plans to use the investment to beef up headcount. <a href="https://markets.businessinsider.com/news/currencies/moonpay-scores-valuation-as-paypal-for-crypto-plans-hiring-spree-2021-11">Here's how it plans to democratize access to the crypto economy.</a>6. Fundstrat expects the S&amp;P 500 to surpass 4,800 by year-end. Despite rising COVID-19 cases, supply chain disruptions, and tanking consumer confidence, the firm believes investors will overcome their worries: <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-wall-worry-more-upside-ahead-sp500-target-2021-11">"We believe this resolves in equity upside."</a>7. Stocks could hit new heights this winter as a "Santa rally" takes shape. This year, buybacks and bullish retail traders could help equities surge. <a href="https://markets.businessinsider.com/news/stocks/santa-rally-us-stock-market-outlook-sp500-buybacks-bond-yields-tina-2021-11">Here's why investors are optimistic going into the holiday season.</a>8. AMC execs led by CEO Adam Aron have cashed out $70 million worth of shares this year. Aron himself sold $25 million this month — though the bulk of the sales occurred during <a href="https://markets.businessinsider.com/news/stocks/amc-ceo-adam-aron-led-2021-insider-stock-sales-execs-sold-70-million-2021-11">the theater chain's epic 2,000% rally earlier in 2021.</a>9. This blockchain startup mines $300,000 worth of bitcoin a day. Two PrimeBlock execs told Insider how they run their crypto mining operation — and also shared <a href="https://www.businessinsider.com/bitcoin-ethereum-how-to-mine-and-altcoins-to-buy-staking-2021-11">the four staking protocols retail investors are using to supercharge their returns.</a>10. Oppenheimer's chief investment strategist shared what stocks he's focused on in today's market environment. John Stoltzfus advocates for a "barbell portfolio" approach, and thinks investors should be buying both value and growth stocks. <a href="https://www.businessinsider.com/stock-market-investing-strategy-sectors-value-growth-technology-cyclicals-oppenheimer-2021-11">He broke down Oppenheimer's strategy — as well as four sectors to invest in right now. </a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

10 things before the opening bell

<ul class="summary-list"><li><keyword id="11930688" type="UNKNOWN" weightage="60" keywordseo="ftx" source="Orion">FTX</keyword>'s US arm introduced a $500 fee for users wanting to mint and launch their own NFTs on its digital art marketplace.</li><li>Not long after launching, the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange's <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> marketplace was inundated with people posting images of fish.</li><li><keyword id="11930691" type="UNKNOWN" weightage="60" keywordseo="sam-bankman-fried" source="Orion">Sam Bankman-Fried</keyword> later retraced his decision, saying it would cost $10 to mint an NFT.</li></ul>Crypto exchange FTX started charging a $500 fee for people to mint their own non-fungible token on its newly launched native <a href="https://twitter.com/FTX_Official/status/1434755016246452233">NFT marketplace,</a> after being swamped with items including a surfeit of <a href="https://twitter.com/ColdBloodShill/status/1434862797909803014">pictures of fish</a>.The company <a href="https://twitter.com/FTX_Official/status/1434755016246452233">opened</a> the marketplace Monday to allow people to create, display and sell their works directly on the US exchange, as interest in the digital collectibles continues to surge."Make your own NFTs," Sam Bankman-Fried, founder and CEO of FTX, <a href="https://twitter.com/SBF_FTX/status/1434750019123523584">tweeted</a>. But within hours, the FTX boss returned to Twitter to say the company has brought in a one-time fee of $500 after receiving a flood of items."Due to the massive number of submissions, too many of which were just a picture of a fish, we are now charging a one-time $500 fee to submit NFTs," Bankman-Fried <a href="https://twitter.com/SBF_FTX/status/1434861452469456896">wrote</a>. "Hopefully this will reduce spam."But he rewound that decision too, making another attempt to enable affordable NFTs."Now, it costs a flat $10 per NFT to mint them, no up-front cost. We're refunding all the $500's paid. Hopefully this reduces (fish-related) spam while also making it affordable," he <a href="https://twitter.com/SBF_FTX/status/1434895787167731712">said</a>.For his part, Bankman-Fried's submission - made to demonstrate the new feature - was an image of words that simply reads: "<a href="https://ftx.us/nfts/token/291222296035270197">Text</a>." As of 8:40 a.m. ET on Monday, its highest bid stood at $1,500, with only 16 hours to go.Users don't have to be in the US to use the marketplace, the crypto exchange <a href="https://twitter.com/FTX_Official/status/1434755326708883459">said</a>. Currently, people can only store and view the NFTs on the exchange. But the marketplace will <a href="https://twitter.com/SBF_FTX/status/1434750019123523584">support</a> deposits and withdrawals within the coming weeks.In his tweets, the FTX boss noted that payments for the NFTs will be cross-chain enabled between <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> and <keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">solana</keyword>. This means the platform will allow trading of tokens across both blockchains, done using smart contracts or applications that can connect with two different chains.Most NFTs so far have been encoded on the <a href="https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq">ethereum</a> blockchain. By storing the NFT as information on a blockchain, it becomes near impossible to edit or remove it, making it a permanent record of the owner's purchase.With the move, FTX becomes the latest crypto exchange to move into NFT marketplaces. Binance launched its own <a href="https://markets.businessinsider.com/news/currencies/binance-nft-launch-sales-trading-digital-artwork-non-fungible-tokens-2021-4">NFT marketplace</a> in April, while <a href="https://www.okex.com/academy/en/nft-marketplace-guide">OKEx</a> launched one more recently in September.NFTs have steadily become more mainstream as their value is realized in the broader market, and this trend is expected to continue. NFT sales volumes surged 200% to <a href="https://markets.businessinsider.com/news/currencies/nft-value-sales-h1-dappradar-nonfungible-tokens-crypto-hype-2021-7">$2.5 billion</a> in the first half of 2021, according to data from DappRadar.Bankman-Fried <a href="https://markets.businessinsider.com/news/currencies/non-fungible-tokens-nfts-mainstream-buyers-popularity-sam-bankman-fried-2021-8">told CNBC</a> last month that the tokens have become popular faster than people have understood them, and that many don't know what the future for the assets looks like.A range of big players - from artists to DJs, to massive brands like Marvel, Ubisoft, Faze Clan, and Topps - are involved in building NFT projects and strategies. They are using NFT platforms such as OpenSea, Rarible, Autograph, RTFKT and Dapper Labs to accomplish their goals, Ivan Soto-Wright, founder and CEO of crypto payments infrastructure firm MoonPay, told Insider. Soto-Wright said he fully anticipates NFTs to develop further beyond digital, and into real-life use cases such as providing proof of ownership for properties and tickets for events.Read More: <a href="https://www.businessinsider.com/eth-price-prediction-target-crypto-outlook-ether-bitcoin-commodity-strategist-2021-9" target="_blank" rel="noopener noreferrer">A senior commodity strategist lays out the increasingly bullish signs that point towards ether hitting $5,000 - and why this gives him confidence in bitcoin reaching $100,000</a>

Crypto exchange FTX quickly starts charging users $500 to mint their own NFTs after being spammed with images of fish

<ul><li style="list-style-type: none;"><ul class="summary-list"><li><keyword id="11893278" type="UNKNOWN" weightage="60" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> went on a dealmaking tear with 335 investments in 2021, Crunchbase showed.</li><li>The firm's aggressive investing strategy mixed fast cash and a hands-off approach, founders said.</li></ul></li></ul>It's no exaggeration that in the world of <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword>, 2021 was the year of Tiger Global. The global hedge fund made its mark with a feverish investing pace that won it some of the year's <a href="https://www.businessinsider.com/tiger-global-hedge-fund-startup-investments-2021-5?r=tiger-lp">biggest venture-capital deals</a>. For instance, it led rounds in <a href="https://markets.businessinsider.com/news/stocks/patreon-fuels-the-future-of-the-creator-economy-with-155-million-in-additional-funding-1030281273?r=tiger-lp">Patreon</a>, a content-creator subscription platform; <a href="https://www.businessinsider.com/hinge-health-most-valuable-healthtech-raised-300m-pitch-deck-2021-1?r=tiger-lp">Hinge Health</a>, a healthcare startup; and <a href="https://www.prnewswire.com/news-releases/side-real-estate-technology-company-raises-another-50m-more-than-doubling-valuation-to-2-5-billion-three-months-after-becoming-unicorn-301321203.html">Side</a>, a real-estate tech company. The firm's approach involved a mix of offering huge amounts of cash to startups in hot sectors, such as crypto and fintech, and a brisk pace of dealmaking that left many of Silicon Valley's biggest venture firms in the dust. Tiger made <a href="https://news.crunchbase.com/news/growth-equity-investors-startups-vc-tiger-global-insight-softbank/">335 total investments</a> in 2021, more than marquee VC firm Andreessen Horowitz, Crunchbase showed. That frenzied pace fueled a competitive market for investors, which boosted valuations of startups across the board to <a href="https://pitchbook.com/news/articles/us-venture-capital-valuation-trends-charts">levels not seen before</a>.Startups that chose to accept investments from Tiger Global <a href="https://www.businessinsider.com/startup-founders-tell-why-tiger-global-wins-so-many-deals-2021-8?r=tiger-lp">told Insider</a> they liked the firm's fast-paced dealmaking and relatively hands-off approach. Unlike other VCs, Tiger rarely takes board seats, they said. Late-stage startup founders, in particular, said they preferred the capital instead of advice.But not all VCs think the changes are for the best. Some <a href="https://www.businessinsider.com/wesley-chan-vc-market-in-danger-tiger-global-andreessen-horowitz-2021-11">top VCs think</a> the incentives get skewed when venture capitalists have billions under management, with firms — including Andreessen Horowitz, Insight Partners, and Sequoia — closing multibillion-dollar funds this year.Needless to say, Tiger's approach to venture investing <a href="https://www.businessinsider.com/how-tiger-global-eclipsed-softbank-to-become-a-global-behemoth-2021-8?r=tiger-lp">threw out</a> the traditional VC rulebook and forced the industry to rethink how it does deals going forward. Yet, there's no sign of that dealmaking stopping. Tiger Global has already closed on an enormous, new $8.8 billion fund, its biggest venture fund ever, <a href="https://www.bloomberg.com/news/articles/2021-10-25/tiger-global-raises-8-8-billion-in-first-close-of-biggest-fund?sref=ipW5reFz">Bloomberg</a> reported. That's on top of a $6.7 billion venture fund it raised in March, and a previous $3.75 billion fund from early last year. Read more on how Tiger Global shook up the venture-capital ecosystem: <ul><li><a href="https://www.businessinsider.com/how-tiger-global-eclipsed-softbank-to-become-a-global-behemoth-2021-8">Hedge fund Tiger Global is blowing up the unwritten rules of startup investing right now with its speed, tons of cash, and hands-off approach</a></li><li><a href="https://www.businessinsider.com/startup-founders-tell-why-tiger-global-wins-so-many-deals-2021-8?r=tiger-lp">How Tiger Global is beating other VCs, according to 6 startup founders who took its deals</a></li><li><a href="https://www.businessinsider.com/tiger-global-is-a-big-investor-in-softbank-insider-says-2021-10?r=tiger-lp">Tiger Global is one of the largest shareholders in SoftBank, and the two are doing more mega VC deals together, an insider says</a></li><li><a href="https://www.businessinsider.com/tiger-global-john-curtius-startup-employees-stock-pay-warning-2021-11?r=tiger-lp">Top Tiger Global dealmaker John Curtius has a stark warning for startup employees about their stock pay</a></li></ul><h3><div type="image" title="Hive cofounders, wearing grey vests, posing against boxes and wooden pallets" height="1331" width="2662" msid="88594976" hostid="261"></div></h3><h2>Founders were shocked and awed</h2>Many startup founders are often shocked and awed by the speed and ease at which the global investment firm opens its mighty war chest.That's because Tiger typically does all of its due diligence on companies beforehand, giving it the upper hand. That was the case with the logistics startup Hive in Berlin, where Tiger led a $34 million Series A, <a href="https://www.businessinsider.com/logistics-startup-hive-series-a-tiger-global-activant-2021-11?r=tiger-lp">said Franz Purucker</a>, the company's chief strategy officer. The hedge fund also did its homework on the email startup Superhuman. CEO Rahul Vohra said <a href="https://www.businessinsider.com/how-startup-superhuman-raised-75-million-from-tiger-global-ivp-2021-8?r=tiger-lp">all it took was a phone call</a> with John Curtius, the head of Tiger's software-investing practice. Two days later, Tiger had invested in Superhuman's $75 million round. Other founders recounted getting deals in a matter of hours or <a href="https://www.businessinsider.com/pitch-deck-that-convinced-tiger-global-to-invest-33-million-2021-9?r=tiger-lp">sometimes even minutes</a>.Read more on startup founders and their deals with Tiger Global:<ul><li><a href="https://www.businessinsider.com/tiger-global-john-curtius-scott-shleifer-startup-founders-miami-2021-11?r=tiger-lp">Tiger Global dealmakers Scott Shleifer and John Curtius are winning over Miami startups. The latest is QuickNode.</a></li><li><a href="https://www.businessinsider.com/how-startup-superhuman-raised-75-million-from-tiger-global-ivp-2021-8?r=tiger-lp">Superhuman CEO Rahul Vohra explains how Tiger Global's John Curtius is very different from other VCs</a></li><li><a href="https://www.businessinsider.com/crypto-startup-moonpay-buying-nfts-tiger-global-coatue-2021-11?r=tiger-lp">How the CEO of Tiger Global-backed crypto startup MoonPay is planning to make NFTs mainstream by making them easier to buy</a></li><li><a href="https://www.businessinsider.com/why-insight-partners-and-tiger-global-invested-in-versatile-2021-9?r=tiger-lp">How a female construction tech founder convinced two powerful VC firms, Insight Partners and Tiger Global, to invest $80 million</a></li></ul><div type="image" title="Revolut CEO Nikolay Storonsky speaks onstage during Day 2 of TechCrunch Disrupt SF 2018 at Moscone Center on September 6, 2018 in San Francisco, California." height="2739" width="5478" msid="88594981" hostid="261"></div><h2>Every market. Every stage.</h2>Tiger made a total of 335 investments in 2021, making deals every four out of five working days, Crunchbase showed. And that meant it doled out funds across a host of startups in every stage in sectors such as <a href="https://www.businessinsider.com/digital-health-startups-backed-by-tiger-global-management-2021-3?r=tiger-lp">digital health</a>, <a href="https://www.businessinsider.com/revolut-fintech-valuation-33-billion-tiger-global-softbank-800-million-2021-7?r=tiger-lp">fintech</a> and <a href="https://markets.businessinsider.com/news/currencies/amber-group-bitcoin-crypto-startup-investment-tiger-global-coinbase-2021-6?r=tiger-lp">crypto</a>.Read more about the funding rounds that Tiger took part in:<ul><li><a href="https://www.businessinsider.com/ultrafast-delivery-service-jokr-raises-funding-over-1-billion-valuation-2021-11?r=tiger-lp">Jokr CEO lays out his growth strategy after the ultrafast delivery startup raises $260 million from Tiger Global, GGV, and other investors</a></li><li><a href="https://www.businessinsider.com/qonto-bank-fundraise-tiger-global-4-4-billion-valuation-2021-11?r=tiger-lp">Challenger business bank Qonto is close to a $5 billion valuation with a new funding round led by Tiger Global</a></li><li><a href="https://www.businessinsider.com/easol-25-million-from-tiger-and-y-combinator-2021-12?r=tiger-lp">Tiger Global and Y Combinator have backed a $25 million round into travel and event-booking startup Easol</a></li><li><a href="https://www.businessinsider.com/fintech-publiccom-valued-at-about-12-billion-in-round-led-by-tiger-2021-2?r=tiger-lp">Tiger Global is leading a massive $200 million investment in Robinhood competitor Public.com at about a $1.2 billion valuation, quadrupling the company's value in just 2 months</a></li><li><a href="https://www.businessinsider.com/ankorstore-french-marketplace-tiger-global-funding-2021-4?r=tiger-lp">Hot marketplace startup Ankorstore is in talks to raise up to $95 million from Tiger Global</a></li><li><a href="https://www.businessinsider.com/no-code-startup-bryter-raises-66m-from-tiger-global-in-us-push-2021-4?r=tiger-lp">No-code startup Bryter just raised $66 million from Tiger Global without a pitch deck for its US expansion</a></li><li><a href="https://www.businessinsider.com/divvy-homes-raises-funding-series-c-equity-round-tiger-global-2021-2?r=tiger-lp">Rent-to-own real-estate startup Divvy Homes raises $110 million in round led by tech investor Tiger Global</a></li></ul><div type="image" title="John Curtius" height="2767" width="5535" msid="88594984" hostid="261"></div><h2>How founders wooed Tiger</h2>Check out the pitch decks that savvy founders used to convince Tiger Global to invest millions of dollars. The investments range from startups that <a href="https://www.businessinsider.com/pitch-deck-internet-of-things-hologram-65m-tiger-global-2021-8?r=tiger-lp">connect scooters and drones to the internet</a> to ones that <a href="https://www.businessinsider.com/briq-pitch-deck-startup-funding-construction-proptech-tiger-global-2021-8?r=tiger-lp">build software to analyze spending at construction sites</a>. Read more:<ul><li><a href="https://www.businessinsider.com/payments-startup-xendit-pitch-deck-used-to-raise-tiger-global-2021-10?r=tiger-lp">Check out the 15-page pitch deck that helped Indonesian payments startup Xendit become a unicorn in a $150 million round led by Tiger Global</a></li><li><a href="https://www.businessinsider.com/facebook-investor-selfbook-pitch-deck-2021-11?r=tiger-lp">Here's the 16-slide pitch deck Selfbook, a startup bringing one-click booking to the travel industry, used to raise $25 million from Tiger Global</a></li><li><a href="https://www.businessinsider.com/exclusive-look-pitch-deck-papaya-used-to-raise-tiger-global-2021?r=tiger-lp">Here's an exclusive look at the pitch deck that workforce-management startup Papaya Global used to raise $250 million from Tiger Global, Insight Partners, and others</a></li><li><a href="https://www.businessinsider.com/cloudsmith-raises-one-largest-tech-rounds-ever-in-northern-ireland-2021-9?r=tiger-lp">Cloudsmith wants to make software management safer. Check out the pitch deck it used to raise $15 million backed by mega-investor Tiger Global.</a> </li><li><a href="https://www.businessinsider.com/pitch-berlin-tech-startup-raises-85m-lakestar-and-tiger-global-2021-5?r=tiger-lp">Here's an exclusive look at the pitch deck PowerPoint rival Pitch used to raise $85 million backed by investment giant Tiger Global</a></li></ul>

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