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November crypto VC roundup: Investors double down on blockchain gaming, NFTs

by Yogita Khatri
Quick Takes
  • Blockchain gaming and NFT startups continued their fundraising hot streak, raising over $1 billion in venture capital during November.
  • Investment in the DeFi vertical has also begun to pick up again after hitting a low in August.
This article is part of a new monthly series from The Block that takes a closer look at where the most recent venture capital investments have been flowing.

The blockchain gaming category continued to be popular among venture capital (VC) firms in November, similar to October's trend.

According to data compiled by The Block Research, roughly 42% of the $3.84 billion worth of venture capital deals in November involved startups focused on blockchain games, NFTs, or both.

Leading the pack was Forte, a blockchain gaming infrastructure firm that enables developers to integrate features such as NFTs into their games. A wide range of startups in this category received funding, but two sub-categories that stood out are "play-to-earn" games and fractionalized NFT trading platforms. Such startups raised higher amounts of VC funding.

Investment in the DeFi sector is also beginning to pick up again after it hit a low in terms of funding in August. About 27% of all 165 November deals were in DeFi, but most DeFi startups received less than $10 million in funding.

Crypto exchanges, brokers, and lenders were also very popular during November. MoonPay, Gemini, and Celsius, all raised significant funding rounds.

Below is a roundup — organized by category — of all the VC fundraises worth more than $10 million announced in November.
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You Should Know
South Korean crypto VC Hashed confirms it is under investigation by the country's tax authority
Hashed, a crypto venture capital firm based in South Korea, has confirmed to The Block that it is under investigation by the National Tax Service (NTS).
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Gaming giant Ubisoft is testing in-game NFTs through a new platform
As per a Tuesday release, Ubisoft has launched the beta version of a new platform called Ubisoft Quartz, which allows users to acquire NFTs of items that can be used in-game, such as a weapon, clothing or vehicle. Ubisoft Quartz is calling these NFTs “Digits,” and has opted to base them on the Tezos blockchain.
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Google’s former CEO joins Chainlink Labs as a strategic advisor
Former Google CEO Eric Schmidt has joined Chainlink Labs as a strategic advisor, according to an announcement issued on Tuesday.
Schmidt led Google for over a decade, first as CEO between 2001 and 2011 as well as executive chairman of the search engine giant from 2011 to 2015. He also served as executive chairman of Alphabet Inc. — Google’s parent company — between 2015 and 2017.
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From the Dashboard
Last month, Bitcoin miners earned $1.69 billion, a 2% decrease month-over-month. Ethereum miners conversely saw revenue of $1.99 billion — an increase of 11.8% compared to October — and overall earned 1.18 times the revenue of Bitcoin miners in November, in dollar terms.
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Upcoming Events
DECEMBER 15, 2021
The Roadmap Towards Institutional Crypto Adoption in Asia
8:00PM (EST)
Join The Block's Asia Editor Wolfie Zhao for a look at key developments pushing institutional crypto adoption in Asia.
In this event we'll explore:
  • Regulation – Comparing the approaches taken by HK and Singapore, compliance/surveillance, and FATF travel rule
  • Products – The emergence of ETFs, futures, and the varying attractiveness of different tokens to institutional investors
  • Infrastructure – How investible is crypto for institutions? What use cases are we seeing across clearing, custody, and stablecoins
Featuring:
Vince Turcotte - Sales Director, Eventus
Leah Wald - CEO, Valkyrie
More Panelists TBA
This event is brought to you by Eventus
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“Pinata Celebrates Three Years: Giving Away 1 ETH to a Lucky Follower”

by Pinata
In 2017, co-founders, Kyle Tut and Matt Ober met in Omaha, Nebraska to begin the early concepts of Pinata.
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Regulation
  • The Senate Banking Committee will hold a hearing on stablecoins next week. 
  • Fidelity Digital Assets received FCA approval for its UK crypto business.
  • Following an unusually contentious nomination process, Saule Omarova will not be the next Comptroller of the Currency.
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