Discord, Watch Your Back

Good morning. Today we've got coverage on asset managers chasing yield in crypto, a massive new fund from a16z, a Bored Ape stolen from Scott Evil, and more!

Market Update (as of 9:14am ET):

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Top 5:

1. Andreessen Horowitz establishes $4.5B crypto fund, its fourth. At a time when other firms are issuing warnings about a "crucible moment" and crypto prices are down 50% (or more) from peaks, a16z has launched a $4.5 billion crypto/web3 fund. Of the $4.5 billion, $1.5 billion will going towards seed investments with the rest being set aside for venture investments. In a blog post to the company's website, general partner Chris Dixon said that Andreessen believes the industry has entered the "golden era of web3".

2. Crypto asset managers chase yield with new investment products. Amid a market downturn and a high inflationary environment, crypto shops are getting creative with yield generating products. Bitwise is launching a "USD Income Fund" that will loan out investors' dollars to companies like Coinbase and Gemini, and is targeting a 4-8% yield. European crypto issuer 21Shares has a similar product, USD Yield ETP (USDY) that lends out investors' money while also taking BTC and ETH as collateral from borrowers. While 4-8% may seem like small beans to many crypto investors, it may be a safer, more palatable investment for risk-averse investors.

3. Adam Neumann-backed blockchain startup Flowcarbon raises $70 million. Former WeWork CEO Adam Neumann has been given a second chance by investors, who poured $70 million into his startup Flowcarbon. The company launched the Goddess Nature Token (GNT) on the Celo blockchain with the tokens being backed by carbon credits. Tokens can be retired to offset a company's carbon emissions, sold, borrowed and/or lent. According to the company, "Flowcarbon’s mission is to drive billions of dollars directly to projects that reduce or remove carbon from the atmosphere..." No word yet on Flowcarbon's daily limit for beers in the office.

4. Common raises $20M to build DAO management platform, launch token. The new funds will go towards development and decentralization of Common's platform, Commonwealth, that aims to become the leader in DAO community management. The platform allows DAOs to deploy governance contracts, crowdfund for new initiatives, and offer a chat feature for DAO members. Future plans include an app store for DAOs, allowing each community to choose its own features. It's a direct shot at Discord, which has arisen as the de facto DAO community platform.

5. Who owns a stolen NFT? Especially one that confers IP rights like Bored Apes? Seth Green, maybe best known for playing Dr. Evil's son, Scott Evil, purchased a Bored Ape NFT and was planning to create a show based off that character. The NFT was then stolen, creating confusion about ownership of IP rights and whether or not he could continue with the show. Drew Hinkes, adjunct professor at NYU Law, clarifies ownership rights below.

Updates and other stories:
- Associations for Blockchain, Digital Assets Adoption to Merge...Read More
- Gaming platform Bud raises $37 million in round led by Sequoia...Read More
- Babel Finance hits $2 billion valuation in new funding round...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.