DeLabs, the Los Angeles-based startup behind popular non-fungible token (NFT) projects DeGods and Y00ts, received a $3 million grant from Polygon to migrate blockchains.
Y00ts, a generative art project of 15,000 NFTs, and DeGods, a 10,000-edition digital art collection, were among the top projects built on the Solana blockchain. Last week the team behind the collections announced that they were leaving the Solana network, with DeGods moving to the Ethereum blockchain, and Y00ts moving to Polygon.
A DeGods representative previously told CoinDesk that Polygon had paid for the move with a grant from its partnership fund. On Friday, the project’s leader, Rohun Vora, known as Frank, confirmed the size of the grant was $3 million.
"DeLabs received a $3M non-equity grant from Polygon to help fund the expansion of the DeLabs team and to kickstart and initially help scale the incubator we are building that will allow you to spend y00tpoints and DePoints to mint our incubator's NFT collections," he wrote in the Y00ts Discord channel. Y00tpoints and DePoints are tokens given to holders who stake their NFTs.
Vora went on to explain that the money would be used to expand the DeLabs team across departments such as business development, graphic design, content creation and event coordination. With expanded capital, he added, the startup can "launch higher quality projects" and "provide actually cool partnerships/deals/discounts/perks with real businesses."
The move dealt a blow to Solana, whose native cryptocurrency, SOL, has continued to drop since its November 2021 high of $258. On Friday, SOL was hovering around $13.
“There’s an argument to be made that [DeGods] has capped out on Solana,” Vora said in a Twitter Spaces announcing the migration last week. In the days leading up to the announcement, sales of DeGods and Y00ts accounted for nearly 70% of all Solana NFT sale volume, according to data from NFT marketplace Magic Eden.
The announcement also signaled a win for Polygon, which has successfully onboarded several mainstream brands and projects in recent months. Starbucks (SBUX), Nike (NKE), Reddit, Instagram and DraftKings have all launched projects on Polygon in the past year.
(Bloomberg) — United Arab Emirates-based technology investment firm Astra Tech bought the Gulf region’s most popular voice-calling app, Botim, taking it a step closer to creating a platform that will offer everything from instant messaging to digital payments. Most Read from BloombergUniversal Plans New Family Resort in Texas, Las Vegas Horror AttractionUS Safety Agency to Consider Ban on Gas Stoves Amid Health FearsRental Housing Is Suddenly Headed Toward a Hard LandingUS Flights Latest: Depar
Google has been jolted after the Indian antitrust authority sought changes to how it markets its Android system, which powers 97% of smartphones in the world's second biggest mobile market. As a Jan. 19 deadline approaches, the U.S. firm has asked the Supreme Court to put on hold the directives of the Competition Commission of India (CCI), arguing that they risk stalling growth of its Android ecosystem in the country. Google licenses the system to smartphone makers, but critics say its restrictions are anti-competitive.
Parler parent company Parlement Technologies has cut the “majority” of its staff in recent weeks, according to The Verge.
By CorpGov Editorial Staff Vinson & Elkins hired Jon Solorzano from The Clorox Co. where he led the company’s ESG strategy and stakeholder engagement. as counsel Mr. Solorzano most recently served as Senior Director of Legal & Corporate Development for Clorox and will join the firm on Jan. 23 in its Los Angeles office. He […] The post Vinson & Elkins Adds ESG, Corporate Governance Attorney from Clorox appeared first on CorpGov.
The World Bank has slashed its 2023 growth projection from to +1.7% from +3% it just six short months ago.
A close look at estimates shows the Atlanta-based carrier is expected to stand out by important measures in 2023 and 2024.
By IPO Edge Editorial Staff Biopharmaceutical company AEON Biopharma, Inc. has raised an additional $20 million in funding from existing investors to support its going-public transaction with Priveterra Acquisition Corp. […]
A computer outage resulted in a temporary grounding of all domestic flights. But that shouldn't stop the breakout in airline stocks.
RELL, ACLS and JKS made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on January 12, 2023.
Total exits from venture capital investments—both acquisitions and initial public offerings—were just $71 billion in 2022, down more than 90% from the previous year.
Logitech International S.A. (NASDAQ: LOGI) shared preliminary results ranges for the third quarter of FY23 ended on December 31, 2022. Preliminary Q3 net sales ranges $1.26 billion – $1.27 billion, down 22% – 23% year-on-year in U.S. dollars, below the consensus of $1.39 billion. The company expects non-GAAP gross margin of 37.8% – 37.9%. Preliminary Q3 non-GAAP operating income is $198 million – $203 million, down 33% – 34% Y/Y, and non-GAAP operating margin is 15.7% – 16.0%. "We are disappoint
Netflix shares jumped another 4% on Tuesday after Goldman Sachs boosted its estimates for the streaming giant amid a weakening U.S. dollar.
Coinbase Global said that it would eliminate around 20% of its staff and enact broad cost cuts, the latest sign of pain in the cryptocurrency industry. Chief Executive Brian Armstrong said in a blog post Tuesday that crypto exchange Coinbase will reduce operating expenses by 25% from the previous quarter, including laying off about 950 people. Crypto lender Genesis Global Trading Inc. eliminated about a third of its staff last week, and crypto exchange Huobi recently said it plans to lay off about a fifth of its staff.
Another slowdown in price increases in December have some Fed officials and investors thinking the most surprising days for inflation data are behind us.
Behemoths JPMorgan Chase (ticker: JPM) and Bank of America (BAC) are among the first of the big banks to post their financial results for the fourth quarter of 2022 as well as give their economic assessments for this year. Home, auto, and business loans all go through banks while the largest ones also give a window into capital markets activity ranging from deal making to trading. Citigroup (C) and Wells Fargo (WFC) also report their earnings on Friday while Morgan Stanley (MS) and Goldman Sachs (GS) post on Tuesday.
Two-thirds or more of Americans close to retirement age simply are not ready.
Things are getting better for Boeing —finally. On Tuesday, Boeing (ticker: BA) reported that it had delivered 69 planes in December and 152 planes in the 2022 fourth quarter overall. Deliveries dropped off in 2019 after the 737 MAX was grounded worldwide that March.
The stock market is fixated on interest rates and inflation, but weaker sales and corporate profits likely would be needed for prices and borrowing costs to fall.
Gains in recent days have taken cryptos to levels not seen since FTX's collapse. Rock-solid CPI data means it's not coming undone just yet.
BP (BP) closed at $35.04 in the latest trading session, marking a +0.55% move from the prior day.
