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US economy contracts for the second time in a row 

Edition #28 - 29 JULY 2022


Gross domestic product fell at 0.9% annual rate during Q2, following 1.6% fall in Q1.

Two quarters of negative GDP growth are widely regarded as a signal that the economy has gone into recession. Fed chair Powell, however, insists US is not in a downturn, aims for another rate hike of as much as 100 basis points.


gaming developments


metaverses & Adoption

  • Professional soccer club Crawley Town FC, an English League Two side, signs a player after a successful governance vote by NFT holders;

  • Final candidates for next UK prime minister – Rishi Sunak and Liza Truss, have both made pro-crypto statements;

  • Survey: 50% of gig workers prefer portion of salary payment in crypto;

  • Facebook’s parent Meta loses $2.8 billion on its Metaverse division during Q2, revenue down by 35%;

  • US antitrust watchdog sues to stop Facebook from monopolizing the metaverse.


defi


funding rounds

  • Space and Time, a decentralized data platform, completes $10 million Seed round, with Framework Ventures leading the funding;

  • Unstoppable Domains, a blockchain naming system provider, successfully closed its $65 million Series A funding round, led by Pantera Capital, with participation from Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures amongst others. The round valued the business at $1 billion;

  • Aptos Labs, an L1 blockchain, raises $150 million Series A, led by FTX and Jump Crypto, with participation from Andreessen Horowitz, Multicoin Capital and Circle Ventures among other amongst others.

 



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