FIFA Unveils NFT Collection Amid Crypto Market Volatility, as Crypto Fund C1 Eyes Big Investments
Summary:
FIFA collaborates with Modex to launch a collection of 100 NFTs, including a chance to secure World Cup 2026 final tickets. In other news, the $500 million Crypto fund, C1 Secondaries Fund is reportedly eyeing investment in crypto firms like Animoca Brands and Chainalysis. Meanwhile, Bitcoin's price plunges below $41,000 erasing almost a week's worth of gains. Other large-cap crypto assets also witness losses.
World football governing body, FIFA, is readying to unveil a collection of 100 NFTs, thanks to a partnership with blockchain entity, Modex. Launching on December 15, the collection will feature emblems from FIFA's 92-year history and the opportunity to win tickets to the final of the 2026 World Cup. In addition, there will be 900 digital collectibles published on the Polygon network (MATIC) and OpenSea, featuring tournament highlights and digital replicas of FIFA memorabilia on FIFA+'s platform.
Crypto investment fund, C1 Secondaries Fund – valued at $500 million – is reportedly scouting for investment opportunities in cryptocurrency businesses like Animoca Brands and Chainalysis. The fund, based in Silicon Valley and the United Arab Emirates, is ready to invest between $20 million to $50 million in crypto-centric firms with a previous funding round valuation exceeding $300 million. The fund previously attempted to purchase Animoca Brands shares at 75% below their recent valuation, and is looking to acquire Chainalysis shares at a 63% discount.
Meanwhile, Bitcoin's fluctuating fortunes saw its value plummet below $41,000 on December 11, erasing almost a week's worth of gains in the space of 20 minutes. Ethereum (ETH) – the world's second largest cryptocurrency – also experienced a sharp decrease, dropping more than 8.9% simultaneously. However, it has since rallied and currently trades for $2,233, marking a 5.3% drop on the day. Other major cryptocurrencies, including Binance Coin (BNB), Ripple (XRP) and Solana (SOL), have reported losses.
The sudden drop in Bitcoin value led to over $270 million long positions being liquidated, based on data from CoinGlass. The tumble also caused about $1.2 billion open interest on BTC to wipe out, with the current value standing at approximately $17.9 billion. The significant one-day decline is Bitcoin's biggest in over a month, despite having grown upwards of 12% in the last month.
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Published At
12/11/2023 10:32:06 PM
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