Venture Capital Expansion for NFT OpenSea, BlockFi Blocked on High Yield Product, Prices Mixed

There was one standout winner in the crypto market last week: Axie Infinity’s SLP, which increased by 181.6% over the last seven days. No other cryptocurrencies came close to this number, but there were many other climbers — such as SHIB (up 35%), LEO (up 22.1%), and EGLD (up 21.3%).

Meanwhile, a few cryptocurrencies experienced declines. CRV’s price decreased by 18.8%, NEAR by 18.7%, and — perhaps most surprisingly of all— SOL by 18%.

As for the biggest coins, BTC enjoyed a modest increase of 2.2%, ETH declined by 4.1% and DOG fell by 9.21% so, in other words, it’s fair to say that last week was a mixed bag. Markets are a long way from their all-time highs, but the price charts indicate investor demand is beginning to support prices at these levels.

Major NFT marketplace OpenSea is planning to open a venture capital business, and it’s already raised $300 million in a funding round in January 2022. The firm will focus on NFTs and other decentralized blockchain projects, and it will be led by OpenSea cofounder Alex Atallah. It’s also creating an organization called Ecosystems Grants to encourage growth in the NFT community.

The first NFT-linked house in the US sold for $650k through the real estate startup Propy. Although the NFT doesn’t directly represent the housing deed, it represents ownership of an LLC with rights to the house. It can also serve as collateral for crypto borrowing. Propy had previously auctioned an NFT-backed property in Ukraine in 2021, and hopes to launch more NFT property sales in the future.