Crypto Ecosystem News & Updates: November, 2021

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1. $200 Million Blizzard Fund by Avalanche 

On November 2, the Avalanche Foundation announced the launch of “Blizzard,” which is a fund that seeks to provide over $200 million in incentives to developers that build on the Avalanche network (AVAX). The Blizzard fund will provide liquidity to startup projects in order for them to develop DeFi applications, nonfungible tokens (NFTs), and other products on the network.

Avalanche hosts over 320 projects that are currently building on its blockchain, the largest of which are Tether (USDT), Chainlink (LINK), SushiSwap (SUSHI), and The Graph (GRT).  

2. SoftBank Invests $93M in Sandbox

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Sandbox (SAND), the second largest metaverse game in the cryptocurrency space after Axie Infinity, has raised $93 million in a funding round led by SoftBank to help grow its virtual world based on nonfungible tokens.

The Sandbox game experienced staggeringly fast growth in 2021 with over 500,000 active players with a connected wallet in its ecosystem as of November 2021.

In the Sandbox metaverse, players can utilize the platform’s play-to-earn model and monetize their time spent in the metaverse by buying and selling resources with other players.

The $93 million investment by SoftBank will help the company expand beyond gaming into fashion, architecture, virtual concerts, art galleries, museums, and more in the metaverse world. 

To date, Sandbox has announced partnerships with a number of celebrities, including rapper Snoop Dogg, who has created a digital replica of his mansion in the Sandbox’s metaverse.

The price of Sand coin increased by around 500% since October 2021 in a matter of only 2 months (from $0.67 up to $8), which has largely been a consequence of the above events.

3. Solana-based BetDex Raises $21 million in Seed Round

BetDex is an early stage protocol on the Solana blockchain that aims to build a global clearinghouse for the sports betting industry. The objective is to become the universally used back-end infrastructure for such markets. 

The BetDex group has two goals in mind as it has recently closed a $21 million round: (1) lower costs in sports betting and (2) innovate an industry that has been stagnant for decades.

BetDex is attempting to change the status quo of the industry by introducing a number of new components to sports betting such as (1) real-time monitoring of bet valuations, (2) lower fees, (3) instantaneous deposits and withdrawals from crypto wallets upon the outcome of bets, (4) a social app to make friends in the betting platform.

The seed round of the project was led by FTX and Paradigm. The CEO and founder of FTX, Sam Bankman-Fried, has invested heavily in forging connections between the worlds of sports and blockchain. He has been vocal about the presence of blockchain in all facets of sports, stating “it is mind-boggling that more sports wagering does not occur on exchanges,” and purchasing the naming rights to FTX stadium in Miami and another partnership with the MLB. 



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