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NFT sci-fi card game Parallel raises at $500M valuation from Paradigm – TechCrunch

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It’s no secret that NFTs have been a hot space for crypto speculators in the Ethereum ecosystem to diversify their holdings, and while some see a golden opportunity to shill bad art to suckers, others believe that NFT-based gaming is destined for the mainstream and that products that nail the mechanics early-on will earn the spoils.
Parallel, a sci-fi card game based on the Ethereum blockchain, has had a more meteoric rise than most crypto projects, and investors have noticed. The platform tells TechCrunch they’ve raised $50 million at a half-billion dollar valuation from crypto VC firm Paradigm. Previous investors include YouTube co-founder Chad Hurley, Focus Labs, OSS Capital and Yunt Capital, among others.
“The best crypto games will be the ones that can go beyond first-party content and inspire a community of players and developers to build on the game itself. We were impressed by Parallel‘s unique approach and fervent early community, and excited to support them for their next stage of growth,” Paradigm co-founder Matt Huang said in an email.
The project is based around a fantasy storyline about humanity’s escape from space following an apocalyptic attempt to resolve a global energy crisis. Unlike some of the other highly valuable pixelated NFT projects, like CryptoPunks, Parallel’s art style is focused on realism — through a science fiction lens, of course.

An NFT from Parallel’s upcoming drop. Image Credits: Parallel

An NFT from Parallel’s upcoming drop. Image Credits: Parallel
The sci-fi NFT card game caught fire in August after its first pack drop amid a massive surge in NFT speculation. According to crypto tracker CryptoSlam, the platform did nearly $105 million in transaction volume. One of the titles’ “Masterpiece” cards sold for $1.1 million worth of the Ethereum cryptocurrency. Even as sales fell to just over $11 million in September, a huge month like that can do big things for the long-term value of an NFT project, as rarer purchases made during that time that are held onto long-term can establish steadier baseline price floors for new assets minted on-chain.
Nothing stress tests a system like thousands of tech-savvy speculators trying to break down said system in order to get filthy rich. As a result, NFT “drops” have been plagued by every kind of nightmarish scenario. So far things have gone pretty well for Parallel, which has built up its own drop system, but with its next drop just days away and the potential value of those cards moving higher, plenty of eyes are centered on how smoothly things go.
The game element of the project doesn’t actually exist yet; the early funding has been used to build it out. Parallel takes a substantial 10% royalty on NFT sales, with half of that going toward in-game prize pools and the rest going to the company. That money can mean bigger revenues for the core platform down the line, but when the entry-point to a game swells to a few thousand dollars, the nature of the “game” becomes something different entirely. Balancing a market that tempts investors with rarity but is also friendly to new users has been a big challenge for NFT gaming projects to tackle.

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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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