The global crypto market cap is $2.35T 0.62%▼ with a 24-hour market volume of $110.34B 20.74%▼. Bitcoin's dominance is currently 40.64% 0.20%▲. CURRENT PRICES BY MARKET CAP | # | Name | Price | 24h % | | 1 | Bitcoin BTC | $50,570.65 | 0.01% ▲ | | 2 | Ethereum ETH | $4,309.88 | 0.89% ▼ | | 3 | Binance Coin BNB | $576.08 | 1.51% ▼ | | 4 | Solana SOL | $189.01 | 2.93% ▼ | | 5 | Cardano ADA | $1.36 | 4.21% ▼ | Source: CoinMarketCap, 7:00 EST
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 Ubisoft announced the launch of an NFT platform for in-game items. Ubisoft stated that its "Ubisoft Quartz" platform would introduce Tom Clancy's Ghost Recon Breakpoint items starting Dec. 9. More: - Ubisoft Quartz will be featured on the Tezos (XTZ) blockchain. XTZ jumped over 40% on the announcement.
- Blockchain Technical Director Didier Genevois stated that it chose Tezos because of the blockchain's low carbon footprint.
- The game developer has included a five-year vision that features the addition of play-to-earn blockchain gaming.
Zoom Out: - Although some major game developers have tested out game-related NFTs, Ubisoft is the first to completely adopt NFTs.
- Game developers have been split on how NFTs and blockchain technology will affect the gaming ecosystem.
- Valve: The computer game developer behind Steam banned NFTs and cryptocurrencies from its platform.
- Xbox: Microsoft head of gaming Phil Spencer stated that he believes NFTs are "exploitive" and that Xbox is being cautious about moving toward blockchain gaming.
- Research conducted by blockchain platform Stratis found that 58% of UK and US video game developers are starting to use blockchain technology, with 47% already incorporating in-game NFTs.
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TOP NFT COLLECTIONS (24hr Volume) | # | Name | 24h Volume | 24h % | | 1 | Axie Infinity ETH, RONIN | $12.53M | 2.27% ▼ | | 2 | CryptoPunks ETH | $3.54M | 69.90% ▼ | | 3 | Cyber Kongz ETH | $3.06M | 485.31% ▲ | | 4 | Art Blocks ETH | $2.92M | 3.63% ▲ | | 5 | The Sandbox ETH | $2.89M | 29.83% ▼ | Source: DappRadar, 7:00 pm EST
TOP ETH NFT COLLECTIONS (Floor Cap) | # | Name | Floor Price (ETH) | 24h % | | 1 | CryptoPunks | Ξ 72.95 | 6.20% ▼ | | 2 | Bored Ape YC | Ξ 51.95 | 0% | | 3 | Mutant Ape YC | Ξ 6.71 | 2.75% ▼ | | 4 | Autoglyphs | Ξ 195 | 2.50% ▼ | | 5 | VeeFriends | Ξ 8.49 | 6.26% ▲ | Source: NFT Price Floor, 7:00 pm EST
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 The potential risks of investing in Solana (SOL), according to Grayscale Investments: - Competing Networks: Solana faces competition from other blockchains with smart contract functionality such as Ethereum (ETH), Binance Smart Chain (BSC), Internet Computer Protocol (ICP), Avalanche (AVAX), and others.
- Economics and Valuation: Solana network fee revenue is still relatively low compared to other blockchains, such as Ethereum. Unless fees grow from new applications, increased usage, or higher fees, the valuation may not be supported based on cash-flow value.
- Level of Centralization: The Solana network could become overly centralized if one or a group of entities gain control over a large share of the SOL token supply. Solana may require more specialized equipment to participate in the network and fail to attract a significant number of users, which may harm the network's decentralization.
- Regulatory Uncertainty: Solana could face scrutiny from various regulators, which to date have often only identified Bitcoin (BTC) and Ethereum as assets excluded from being classified as securities.
- Network Security: Solana leverages several new technology approaches. The Solana consensus mechanism uses a new blockchain technology that is not widely used and may not function as intended. There may be flaws in the cryptography underlying the network, including flaws that affect the functionality of the Solana Network or make the network vulnerable to attack. Solana's economic incentives may not function as intended, which may cause the network to be insecure or perform sub-optimally.
The risks reported were listed in the Grayscale Building Blocks "An Introduction to Solana" report for investors looking to invest in the Grayscale Solana Trust.
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Feel strongly about any of Grayscale's listed risks? Reply to today's newsletter with your opinion on why you disagree/agree, and you could be featured in a follow-up story later this week. If you would like to be credited for your opinion, please feel free to share your name and a social media handle, and we will make sure that it is included alongside your take. | Do you agree with Grayscale's SOL risks? | | | | | | | | | | |
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 🍋 Fresh Funding 🍋 Starly, NFT Marketplace: $6.1M ⮕ The pre-IDO funding round was led by TheSpartan Group and participated in by DapperLabs, Animoca Brands, LD capital, Double Peak, and others. More: - Starly is a gamified NFT marketplace where users compete to create collections by buying and selling NFTs.
- The startup was created by the creators of F3 and Ask.fm and has already generated $750,000 in sales since it launched in late September.
- Starly plans to launch its STARLY token via an IDO on DAO Maker on Dec. 20.
TRM Labs, Blockchain Forensics: $60M ⮕ The Series B funding round was led by Tiger Global and participated in by Visa, Citi Ventures, Amex Ventures, PayPal, DRW Ventures Capitalist, and others. More: - TRM Labs is a blockchain forensics and crypto surveillance provider focused on detecting crypto fraud.
- The startup offers blacklisting, transaction monitoring, and AML compliance protocols for Uniswap, Celo, Binance, and others.
- According to TRM Labs’ announcement, the startup has seen 600% revenue growth year-over-year.
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▲ TOP GAINERS | # | Name | Price | 24h % | | 1 | Tezos XTZ | $5.66 | 33.92% ▲ | | 2 | Curve DAO Token CRV | $4.14 | 10.85% ▲ | | 3 | BitTorrent BTT | $0.003729 | 9.19% ▲ | | 4 | OMG Network OMG | $7.05 | 8.13% ▲ | | 5 | OKB OKB | $28.00 | 7.71% ▲ | ▼ TOP LOSERS | # | Name | Price | 24h % | | 1 | Kadena KDA | $10.82 | 11.17%▼ | | 2 | Quant QNT | $161.84 | 8.19%▼ | | 3 | Gala GALA | $0.4725 | 7.79%▼ | | 4 | THORChain RUNE | $7.22 | 6.06%▼ | | 5 | IoTeX IOTX | $0.1126 | 6.01%▼ | Source: CoinMarketCap, 7:00 EST
*Limited to cryptocurrencies in the Top 100
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 Crypto-focused VC firm Hashed is reportedly under investigation by the South Korean National Tax Service (NTS). The investigation is regarding the $200M Hashed Venture Fund II. More: - Hashed launched its metaverse, GameFi, NFT, and DeFi-focused venture fund early last week.
- Hashed head of growth Edward Hong stated that the investigation isn’t related to tax evasion or a slush fund.
- A high-ranking NTS official stated that the NTS would not investigate a company like Hashed unless it were related to tax evasion or a slush fund.
Taxing Digital Assets in SK: - The taxation of digital assets in SK has been an ongoing point of contention over the past year, mostly due to the fact that the government hasn’t had regulations in place to tax these assets.
- In September, South Korean Finance Minister Hong Nam-ki announced that a 20% capital gains tax and 2% local income tax on crypto gains would take effect in 2022.
- Notably, the announced tax regulation did not classify NFTs as virtual assets, which was cited as a concern by the Financial Supervisory Service governor.
- Opponents of the tax bill proposed an alternative bill with lower taxes, higher thresholds, and a grace period until 2023 so that authorities could better prepare for the new laws.
- While the bill remains unchanged, the National Assembly Planning and Finance Committee passed a bill on Dec. 2 to delay the tax law until 2023 due to a lack of consensus regarding the preparedness of SK’s taxation infrastructure.
This article builds on reporting from today’s Inside VC newsletter.
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- Chainlink (LINK) Labs announced that former Google CEO Eric Schmidt would become a strategic advisor to the project.
- Crypto derivatives platform Delta Exchange launched a $50M incentives program for active traders in Delta Exchange contracts.
- Biden-nominated Comptroller of the Currency candidate Saule Omarova stated that they withdrew from the running following criticisms over some “anti-bank” theses written while teaching at Cornell Law and an undergraduate dissertation on Karl Marx.
- Binance is looking to become a registered service provider in the UK six months after the Financial Conduct Authority warned that it was operating in the UK without permission.
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 |  | Griffin McShane is a New York transplant currently living in Brooklyn, NY. He is a graduate of Providence College, where he studied both computer science and business, and the University of Maine School of Law, where he earned his JD. Beyond his work at Inside, Griffin has written articles for CoinDesk and is a member of the International Association of Privacy Professionals (IAPP). |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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