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<ul><li>Sorare raised $680 million yesterday in a Series B funding round.</li><li>Dapper Labs also raised $250 million, which will be used to expand the NBA Top Shots platform.</li><li>Sorare and Dapper Labs both plan to expand their existing marketplaces using their respective funds.</li></ul> Sports-themed non-fungible tokens (<keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword>) are continuing to rake in the big bucks despite the current slump in the market — not with traders, but with big wig investors. Between Dapper Labs and Sorare, nearly a $1 billion has been raised this week alone. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Yesterday, French NFT trading card game platform Sorare raised $680 million, alongside popular <keyword id="36237" type="General" weightage="20" keywordseo="basketball" source="Orion">basketball</keyword> collectibles platform Dapper Labs, which raised $250 million. While Sorare and Dapper Labs have obviously made the news, sports-based NFT platforms are coming up elsewhere too. In India, five-month old <keyword id="5868477" type="General" weightage="20" keywordseo="cricket-foundation" source="Orion">Cricket Foundation</keyword> announced a platform called CricketCrazy.io, which is dedicated to NFTs themed on the sport. The platform didn’t reveal investments, but said that blockchain platform Zebi is amongst its investors. Another platform called <keyword id="11906986" type="General" weightage="20" keywordseo="rario" source="Orion">Rario</keyword>, which deals in collectibles in India, had also announced an NFT marketplace dedicated to <keyword id="1521" type="General" weightage="20" keywordseo="cricket" source="Orion">cricket</keyword> last month. The Economic Times <a href="https://economictimes.indiatimes.com/tech/technology/nfts-set-to-crank-up-cricket-digital-collectibles-business/articleshow/84873713.cms?from=mdr">reported</a> that transactions worth over $2.5 billion are expected in the digital collectibles space, at the time, which was before the current slump we’re seeing in the NFT space overall right now. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Sorare and Dappe Labs expand" comment="subhead" text="Sorare and Dappe Labs expand">Sorare and Dappe Labs expand</cmsannotation> While the Indian platforms are just starting off, Sorare and Dapper Labs are expanding operations. Yesterday’s funding was part of a Series B round for Sorare and it was led by one of the biggest tech funders in the world today — Softbank. Cointelegraph <a href="https://cointelegraph.com/news/sports-nft-gold-rush-as-projects-raise-930-million-in-a-week?utm_source=Telegram&amp;utm_medium=social">reported</a> that Sorare plans to partner with the top 20 professional soccer leagues in the world, and 50 international football associations. NFTs will be minted for both men’s and women’s teams. On the other hand, Dapper Labs said its funding will be used to license NFT projects across sports, music and entertainment. The platform will scale up its NBA Top Shot platform, which has already seen over $10 million worth of transactions, according to Dapper’s website. NBA Top Shots ranks at number 19 in blockchain tracking platform DAppsRadar’s rankings for the top NFT platforms in the world. <cmsannotation type="cmsannotation" annotationid="Issues may arise" comment="subhead" text="Issues may arise">Issues may arise</cmsannotation> But despite these funding rounds, investors may want to take cognizance of the fact that the NFT space still needs regulation, not just from governments but also the platforms themselves. Earlier today, Cointelegraph <a href="https://cointelegraph.com/news/crypto-twitter-cries-foul-after-noticing-nba-star-john-wall-s-nft-has-a-fortnite-background?utm_source=Telegram&amp;utm_medium=social">reported</a> that NBA star John Wall had been accused of ripping off artwork from popular battle royale game Fortnite. As we <a href="https://www.businessinsider.in/cryptocurrency/news/insider-trading-ip-theft-fake-art-and-fake-profiles-scammers-are-taking-advantage-of-nft-platforms-lack-of-regulation/articleshow/86259204.cms">reported</a> earlier, the NFT space has also seen instances of insider trading, frauds and more. On September 15, the world’s largest NFT marketplace OpenSea admitted that one of its senior employees had been involved in a case of insider trading. “This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team,” OpenSea said in a statement. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-is-climbing-its-way-back-to-2-trillion/slidelist/86447048.cms">The crypto market is climbing its way back to $2 trillion</a> <a href="https://www.businessinsider.in/cryptocurrency/quiz/take-this-quiz-to-find-out-how-well-you-know-your-famous-quotes-about-blockchain-and-bitcoin/articleshow/86427609.cms">Take this quiz to find out how well you know your famous quotes about blockchain and Bitcoin</a> <a href="https://www.businessinsider.in/cryptocurrency/news/south-koreas-crypto-regulations-are-tightening-around-investors-and-exchanges-alike/articleshow/86426452.cms">South Korea’s crypto regulations are tightening around investors and exchanges alike</a>

Sports NFT platforms have racked up nearly $1 billion in funding this week alone, despite market slump

<ul class="summary-list"><li><keyword id="5300879" type="General" weightage="60" keywordseo="mike-novogratz" source="Orion">Mike Novogratz</keyword> said bitcoin bouncing off $40,000 is a good sign for the <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market.</li><li>He said he's not worried about the recent sell-off and that it's a "buy-the-dip" opportunity.</li><li>Bitcoin and ether fell sharply on Monday as the <keyword id="907612" type="General" weightage="60" keywordseo="evergrande" source="Orion">Evergrande</keyword> crisis rattled financial <keyword id="31671" type="General" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.</li></ul>Billionaire crypto investor Mike Novogratz has said <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> holding firm at $40,000 during the recent sell-off is a good sign for the market, and recommended buying the dip in digital assets. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Speaking after cryptocurrencies sold off sharply at the start of the week, Novogratz <a href="https://www.youtube.com/watch?v=iezP-Rk7uSk">told CNBC</a> earlier this week that he thought the market remained in good shape. Cryptocurrency prices rallied on Thursday, with bitcoin and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> rising along with altcoins. "We held $40,000 overnight in bitcoin and $2,800 in ethereum. I think those are very important levels for people to watch. As long as those hold a think the crypto market is in good shape," he said. Bitcoin rallied 5% to $44,159 on Thursday, according to Coinmarketcap, while ether - the cryptocurrency on the ethereum network - rose 6.4% to $3,122. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Yet both remain considerably lower than on Monday, when bitcoin stood above $47,000 and ether was above $3,300. They fell sharply on Monday, with bitcoin testing $40,000 on Tuesday, as <a href="https://www.businessinsider.com/evergrande-stock-market-selloff-what-to-know-debt-crisis-china-2021-9?amp">worries about Chinese property developer Evergrande</a> shook markets, causing investors to ditch riskier assets. Read more: <a href="https://www.businessinsider.com/altcoins-to-buy-crypto-investing-bitcoin-ether-flippening-cardano-polkadot-2021-9">3 altcoins to buy: a crypto consultant explains why ether could surge to $15,000 and flip bitcoin, and criticizes one token as an overvalued 'joke'</a> Novogratz said he's not nervous about the declines, however, and said he thinks it's a "buy-the-dip" situation. The crypto billionaire, a former hedge fund boss who founded the digital assets investment firm Galaxy, said he's seeing lots of engagement and activity in the crypto market. He pointed to SoftBank's participation in a <a href="https://www.businessinsider.com/nft-trading-startup-sorare-raises-680-million-softbank-led-round-2021-9">$680 million funding round</a> for sports NFT marketplace Sorare. Novogratz said he thought Monday's sell-off was also driven by concerns about regulation in the US. "The market got itself a little too long," he said.

Crypto billionaire Mike Novogratz says bitcoin holding at $40,000 shows the market is in good shape - and recommends buying the dip

<a href="https://www.businessinsider.com/tesla-ntsb-investigating-florida-crash-coral-gables-autopilot-transport-ev-2021-9"></a>Welcome to <keyword id="11907113" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech" source="Orion">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech">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=8amp;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 get into it.1. Amazon's AI-powered cameras reportedly punish drivers when other cars cut them off. Delivery drivers can also face punishment for using side mirrors, which can hurt their chances of earning more money, per Motherboard. <a href="https://www.businessinsider.com/amazon-delivery-drivers-netradyne-ai-cameras-punished-when-cut-off-2021-9">Read the full story on how Amazon's delivery vans punish drivers. </a>2. Tesla is under investigation for a fatal Florida crash. The National Transport Safety Board is sending investigators to look into a fatal crash that left two dead when a Tesla Model 3 hit a tree. <a href="https://www.businessinsider.com/tesla-ntsb-investigating-florida-crash-coral-gables-autopilot-transport-ev-2021-9">It remains unclear whether the vehicle was using Autopilot.</a>3. Uber employees are wondering why the company is now worth less than DoorDash. The Uber Eats delivery business has fallen far behind DoorDash, and a former Uber exec called the sagging valuation a "nightmare." <a href="https://www.businessinsider.com/uber-now-worth-less-than-doordash-and-employees-are-worried-2021-9">Here's how DoorDash has outpaced Uber Eats since 2018. </a>4. Twitter will pay $809 million to settle a class-action suit about user engagement. The lawsuit alleged Twitter misled investors about the level of engagement by users on the social media platform. <a href="https://markets.businessinsider.com/news/stocks/twitter-809-million-settlement-securities-class-action-lawsuit-jack-dorsey-2021-9">Here's how Twitter plans to move forward. </a>5. A spat with the SEC led Coinbase to abandon its plans for a crypto lending program. As SEC chief Gary Gensler hardens his stance on digital asset regulations, "Lend" won't be part of Coinbase's plans for the future. <a href="https://markets.businessinsider.com/news/currencies/coinbase-crypto-lending-program-sec-lend-abandons-usdc-apy-waitlist-2021-9">Read up on the latest regulatory battle over cryptocurrencies. </a>6. A TikToker redesigned the Nascar, Tinder, and Tampax logos - and the brands used them for their profile pics. Creator Emily Zugay's low-quality reimaginings said she made "repulsive but believable" designs in an effort to create intentionally awful art. <a href="https://www.insider.com/tiktok-logo-redesign-nascar-tinder-washington-post-2021-9">Zugay could not believe it when major companies began interacting with her TikTok.</a>7. Apple released its new iOS 15 yesterday. Upgrading brings a slew of new features, per Gizmodo - including Focus, a similar but revamped feature of Do Not Disturb. <a href="https://gizmodo.com/19-things-you-can-do-in-ios-15-that-you-couldnt-do-befo-1847670770">Here's 19 things you can now do that you couldn't do before iOS 15. </a>8. Soccer NFT trading platform Sorare has just raised $680 million. The company, which is now France's most-valuable <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> startup at a $4.3 billion valuation, secured the funds in a round led by SoftBank. <a href="https://www.businessinsider.com/nft-trading-startup-sorare-raises-680-million-softbank-led-round-2021-9?r=US&amp;IR=TIR=T">Read more about how the company plans to expand into the US.</a>9. Softbank is close to locking in a new big office in Miami, joining other tech giants like Microsoft and Spotify. The startup backer is the latest addition to what Miami mayor Francis Suarez has called the "Silicon Valley of the South." <a href="https://www.businessinsider.com/softbank-nears-deal-for-miami-office-space-2021-9">Get the full details here. </a>10. Shopify just beat out Amazon in the latest competition between the ecommerce giants. Shopify sites drew more online traffic than Amazon's for the first time last quarter, reflecting the former's rapidly growing reach across the digital shopping landscape. <a href="https://www.businessinsider.com/shopify-amazon-traffic-ecommerce-2021-9">Now, it's emergence marks a growing concern for Amazon. </a>Compiled by Phil Rosen. Any 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 in tech you need to know today

<ul class="summary-list"><li>The average price of <keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword> dropped over 60% in April compared to February highs.</li><li>Experts say declining sale prices are not a bad sign for the overall <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> market.</li><li>Other crypto-art investors question whether the market is in a bubble.</li></ul>The average sale price for <keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">crypto art</keyword> has dropped over 60% from a February high, according to the market research site <a href="https://nonfungible.com/market/history">NonFungible.com.</a>On Friday, the average price for a <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2#:~:text=Non%2Dfungible%20tokens%20account%20for,of%20Insider%20for%20more%20stories.">non-fungible token or NFT</a> was about $1,549 while average February prices were over $4,000.Many people in the crypto space have speculated whether NFTs are in a bubble. After <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">selling a crypto-art piece for nearly $70 million</a>, digital artist Mike Winkelmann - also known as Beeple - <a href="https://www.businessinsider.com/beeple-some-nft-investments-will-hit-zero-crypto-art-bubble-2021-3">told Insider he believed NFT prices could be in a precarious position.</a>Winkelmann, as well as Nifty Gateway co-founders Duncan and Griffin Cock Foster, have compared the recent NFT boom to the dawn of the internet and the bubble that followed.Noelle Acheson, the managing director of research at CoinDesk, told Insider that interest in crypto art is likely far from over.Read more: <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2#:~:text=Non%2Dfungible%20tokens%20account%20for,of%20Insider%20for%20more%20stories.">What you need to know about NFTs, the collectible digital tokens that are selling for millions online</a>"The NFT craze is not so much about prices and quick profit as it is about a new model of creative monetization, a new type of engagement with fans and a new cultural 'experience' for users," Acheson said.<div type="image" title="Beeple V4 " height="1080" width="1920" msid="82231916" hostid="261"></div>While the average price of NFTs have fallen from their highest point in February, average crypto art prices have been fluctuating in recent weeks. Between February and the end of March, prices dropped 70% but have since climbed 30% from a low around $1,200 last month.Melissa Gilmour, the founder of the London-based NFT agency Lily &amp; Piper <a href="https://www.cnn.com/style/article/nft-bubble-burst-prices-art-world-tan/index.html#:~:text=Perhaps%2C%20according%20to%20recent%20figures,April%203%2C%20sales%20remain%20low.">told CNN</a> the price drop is likely not permanent."There are elements of a hype cycle in this one, but we still see it as an immense long-term opportunity," she told CNN.Still, March's lows were far above where the NFT market was just four months ago. In January, the average price for a crypto art piece was about $195 - the year before it was $30.Acheson told Insider prices evening out could actually be a good sign for the longevity of the NFT market."Just because something is settling down doesn't mean it's over," Acheson told Insider. "Sale prices may very well continue to go down from these spikes we saw in February, but just look at where the market is from just three or six months ago."More people appear to have gotten into NFT trading. Data from <a href="https://static.coindesk.com/wp-content/uploads/2021/04/COINDESK-QUARTERLY-REVIEW-2021-Q1-1.4.pdf">CoinDesk's Quarterly Review</a> shows that NFT trading volumes rose to 25 times December volumes in March and they don't appear to be slowing down. March sales volumes were up nearly 40% from February on top NFT marketplaces, according to CoinDesk's data.Acheson said the decrease in the average sale price of NFTs could be attributed to less outlying sales, driving up the overall average. <h2>As NFT sales become more democratized and accessible, average sale prices will likely go down</h2><div type="image" title="Bhad Bhabie NFT" height="522" width="946" msid="82231918" hostid="261"></div>Data from NFT-tracking site <a href="https://dappradar.com/nft/marketplaces">DappRadar</a> shows the volume and number of users across most popular NFT marketplaces is continuing to go up. Data from <a href="https://www.theblockcrypto.com/data/crypto-markets/spot">theblockcrypto.com</a> shows the weekly number of NFT transactions are near February levels, with thousands of buyers and sellers trading every day across top platforms like NBA Top Shot and Sorare.While mainstream sites like NBA Top Shots - a platform that recently received a $2 billion valuation from DappRadar - have largely driven sales volume, more accessible marketplaces like OpenSea and Rarible have become increasingly popular in recent months. Investors have also turned their interest toward less curated sites like OpenSea, Rarible, and Mintable. In March, OpenSea received $23 million in funding from investors like billionaire Mark Cuban. Other platforms like <a href="https://www.investors.com/news/technology/non-fungible-tokens-hit-home-run-with-topps-nfts/">Topps have already begun planning to launch an IPO.</a><a href="https://www.businessinsider.com/how-crypto-art-muscians-primary-income-nfts-record-labels-2021-3">More celebrities have also gotten into selling their own NFTs</a> since February sales caught the national spotlight. In March alone, The Weeknd, Snoop Dogg, Halsey, and Shawn Mendes started selling their own digital art pieces on curated sites like Nifty Gateway, SuperRare, and Crypto.com.While artists like Grimes and DJ 3LAU have had jaw-dropping sales, other artists have had less success.<div type="image" title="Grimes NFT" height="840" width="1348" msid="82231920" hostid="261"></div>Grimes <a href="https://www.businessinsider.com/how-crypto-art-muscians-primary-income-nfts-record-labels-2021-3">showed the music industry how lucrative NFTs</a> can be <a href="https://www.businessinsider.com/grimes-nft-art-warnymph-sells-for-millions-20-minutes-2021-3">when she sold her collection for $5.8 million in under 20 minutes.</a> In March, Shawn Mendes' NFTs averaged only a couple thousand dollars a piece. The same month Halsey's highest selling NFT was about $7,000, while others sold for under a grand. <a href="https://www.businessinsider.com/nft-ultraviolet-3lau-first-ever-crypto-albums-sales-11-million-2021-3">Artists like 3LAU and producer RAC attribute their success to their history in the crypto world.</a> While the world of NFTs continues to expand, the average price of the digital art pieces may also continue to drop.As new buyers enter the space drawn in by big names, <a href="https://www.businessinsider.com/saturday-night-live-crypto-art-nft-nonfungible-token-skit-2021-3">SNL skits</a>, and flashy sales, they might be more inclined to invest more conservatively in NFTs. Music industry expert Cherie Hu told Insider newcomers to crypto investing will have more difficulty identifying valuable NFTs and will likely be less willing to spend large amounts of money on crypto-art drops."In most cases, it's not your typical fan making these kinds of big purchases," Hu told Insider. "Artists like 3LAU have built up a network of buyers in the crypto space."Furthermore, NFT creators that are new to the space may need more time to build up their credibility in the crypto world."[Investing in crypto art] is for people who are looking to take some risks," Winkelmann said in an interview with <a href="https://open.spotify.com/episode/0KMVSLQBMvPyUYOo7TM2WR">The New York Times'</a>. "Just making an NFT does not give it any value."Much like the internet bubble, NFT creators like Winkelmann and buyers such as NFT investor Pablo Rodriguez-Fraile believe that NFT prices will eventually drop, but the phenomenon of NFTs as viable investments will not go away."When the [internet] bubble burst, it didn't wipe out the internet," Winkelmann told The Times. "It wiped out the crap."

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Sports NFT platforms have racked up nearly $1 billion in funding this week alone, despite market slump

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