10 things before the opening bell

Welcome to 10 Things Before the Opening Bell.

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1. Experts sound off on the metaverse as the virtual land rush heats up. Swelling valuations of virtual plots of land reflect big plans for the metaverse, and one exec likened it to “buying on 5th Avenue back in the 1800s.” 

Experts have major predictions for the sector. The CEO of crypto startup Meow says a major company could declare their official headquarters to be on a metaverse. The chief revenue officer of a DeFi platform predicts most people will operate day-to-day jobs partially in the metaverse.

A co-founder of The Sandbox — a blockchain-based decentralized metaverse — told Insider the metaverse will usher in a whole new economy, driven by huge property transactions. The “sand” cryptocurrency used on the platform is up 9,000% on the year.

Here’s a few of the recent splashes from across the virtual world:

• The priciest land deal so far is Republic Realm’s $4.3 million purchase in The Sandbox metaverse last month.
• A music service whose crypto token has shot up 932% this year is putting an FM radio tower on a DeFi gaming platform.
• Ubisoft launched in-game NFTs — the first playable, energy-efficient NFTs in a game produced by a major developer

2. Stocks are upbeat as focus turns to the Fed in a week of central bank meetings. Investors expect Powell & Co. to bring in a faster pace of tapering Wednesday, to lead out a policy decisions from Europe, the UK and Japan. Here are the latest moves on the market.

3. Tyler Hobbs’ Fidenza NFT collection notched over $177 million in secondary sales from buyers, including Snoop Dogg. The former software engineer turned generative artist employs algorithms to create his masterpieces for the blockchain. He broke down his creation process, and shared how he values his artwork.

4. On the docket: Claros Mortgage Trust, Toell Co, and Fit Inc, all reporting.

5. A dot-com style unwind of big tech stocks will follow a Fed rate hike, according to Bank of America. BofA’s Michael Hartnett expects interest rates to rise by 0.50% in March 2022, ahead of consensus — the bank warned investors should sell now before the looming crash.

6. Crypto firms have reportedly spent $5 million lobbying US legislators in the first three quarters of 2021. The lobbying blitz, per the Economist, has arrived ahead of potential regulations for the cryptocurrency market, which now has a market valuation of over $2.2 trillion.

7. Young investors are putting their portfolio performance over their well-being. A new survey found that millennial and Gen Z investors will make risky investments even if it takes a toll on their mental health. Here’s what experts had to say about the study.

8. Forget gift cards — consider buying someone a unique piece of digital art. An NFT could be both valuable and sentimental, said Kosala Hemachandra, the cofounder of MyEtherWaller. Here’s how to buy someone an NFT this holiday season. 

9. JPMorgan markets guru Marko Kolanovic shared his 20 global ideas for investors to maximize returns in 2022. The firm’s quant-research chief remains bullish on stocks going into the new year, especially those outside the US. Kolanovic shared why he expects a “risk on” year — and why he thinks “pandemic winners” will fade. 

10. A former top trading Citigroup exec explained why he left Wall Street to start his own crypto firm. Having already raised $1.5 billion for his crypto venture, Matt Zhang is seeking to build a “start-t0-finish-capital solution.” He explained what sets his firm apart from others and broke down the four strategies his firm will pursue.

Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.

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