Bored Ape Yacht Club Developer Reportedly Seeks Funding at $5B Valuation
The Bored Ape Yacht Club launched in May 2021 and it’s been smooth sailing ever since. Since their launch, Bored Apes have become hot commodities among athletes and entertainers around the globe. Based on the success, Yuga Labs, which founded the Apes, are in discussions with Andreesen Horowitz to potentially sell a multi-million dollar stake in the company which has a reported valuation of approximately $5 billion.
Manchester United Inks $27M Annual Kit Deal with Tezos
The crypto takeover of sports continues. Manchester United has found a new sponsor in the form of crypto company Tezos. The club’s previous relationship with American insurance company AON expired last year, opening the door for this monumental deal. Reports indicate that it is worth an estimated $27 million annually.
Nike Brings StockX to Court Over NFTs
The sneaker resale site announced last week that it was launching a new NFT collection called Vault. The premise is that individuals could purchase an NFT that could be traded in for a physical sneaker at any time. However, Nike pushed back on that plan on Thursday when it filed a suit in the Southern District of New York claiming that the project relies disproportionately on Nike sneakers and that StockX was infringing upon its copyright. The Swoosh is also accusing StockX of overinflating the prices of the Vault NFTs.
Get on our list for weekly sports business, industry trends, interviews, and more.
Mamba Heads to the Metaverse
Mamba forever. Kobe, Inc. — which is led by Vanessa Bryant — filed three trademark applications on Jan. 28 with the US Patent and Trademark Office that will honor her late husband and daughter, Josh Gerben reports. These trademarks include: “Kobe Bryant,” “Mamba Forever,” and “Mambacita” and apply to a list of virtual and digital goods and services purpose-built for the metaverse, from apparel to art to collectibles to NFTs and beyond.
Cannabis Banking Bill Gains Momentum in Washington
Banking has always been a thorn in the side of the growing cannabis industry. The SAFE Banking Act would spark critical reform and provide protections to traditional banking institutions that work with cannabis companies. The act is backed by Colorado Democrat Ed Perlmutter and was passed on Thursday with bipartisan support. However, its protections will not go into effect until the America COMPETES Act is passed. A vote is expected today.
Thursday Night Football Rights Boost Amazon Prime Subscription Rates
Amazon Prime members are in for a price hike, and the culprit is seemingly the NFL. Starting on Feb. 18, the marketplace will increase its annual Prime subscription from $119 to $139 per year. One of the many factors contributing to the increase is Amazon’s investment in Thursday Night Football, for which it pays $1 billion per season.
John Legend Brings the Vibes to Music NFTs
Following the sale of his acclaimed catalog in January, John Legend is lifting up NFT minting, sharing, and trading platform OurSong as a way to empower entertainers and musicians in the new world of Web3. As co-founder and chief impact officer, Legend is reimagining how creative content is shared and sold. Such is a “Vibe,” which the platform calls “a new and interactive blockchain digital collection on OurSong, also known as NFT.”
Ally Expands Support in NWSLPA as First-ever Official Partner
The digital banking company is all in on women’s soccer. On the heels of the historic CBA and Trinity Rodman’s record-setting contract with the Washington Spirit, Ally announced on Thursday that it will serve as the first official sponsor of the NWSL Players Association. With the support, Ally will make a substantial contribution to the NWSLPA’s “Support the Net” initiative, which provides emergency funds to players in need, and enable expanded staff to further the mission of the NWSLPA.
Get on our list for weekly sports business, industry trends, interviews, and more.
