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Summary of Past Week Articles April 08, 2022

A surge in consumer interest in cryptocurrency is hastening eCommerce adoption, according to a survey:

According to recent research released by global payments provider Checkout.com, 40% of 18-35-year-olds want to pay for goods and services with cryptocurrency in 2022.

The research contains the conclusions of a survey of 30,000 consumers and 3,000 retailers in 11 countries per the business.

According to the poll, consumers are outpacing online firms, with only 23% planning to accept cryptocurrency as payment by 2024.

Almost 70% of the retailers polled believe that the speed with which crypto payments can be made and resolved has the potential to transform their business models.

More than 80% of businesses with established crypto-payment options admit that it was easier to settle using crypto than fiat currencies.

According to Visa data, more than USD 2.5 billion in payments were made using the company’s crypto-backed card in the first fiscal quarter of 2022.

Moving to crypto is a legitimate move from the early implementation stage to one that’s more practical and favorable overall, Jess Houlgrave, Head of Strategy for Crypto at Checkout.com, stated in the release.

A survey reveals that taxation is a significant issue for US cryptocurrency investors:

According to a survey conducted by crypto portfolio tracking and tax compliance specialist CoinTracker, 96% of surveyed crypto investors have not completed their tax returns as of March 27, and 74% desire additional information on how to submit taxes from their crypto exchanges.

As stated by CoinTracker, a poll of only 100 US crypto investors conducted by Wakefield Research this past March found that, when it comes to calculating taxes on their crypto-related operations, 84% of respondents are not confident they have the essential know-how.

The data gathered attests to the prevalent misunderstanding around crypto taxation.

Among other things, 40% of surveyed crypto owners are unaware that paying taxes is required when trading crypto for fiat currency.

The NFT market is strengthening as sales expand beyond Ethereum:

Consistent with a recent report released by DappRadar, non-fungible token (NFT) trading volumes cooled after a hot January start. Still, the number of trades increased significantly in networks outside Ethereum (ETH) – indicating an expanding NFT market with broadening adoption across the ecosystem.

As per the business, the NFT market is currently in a consolidation phase following a historical start date of 2022.

NFTs generated over USD 12 billion in trades in the first quarter of this year, while the number of sales and unique traders increased.

Last month, the NFT space generated USD 31.4 billion in deals, with the LooksRare marketplace accounting for 62%.

Following the survey, NFT activity is increasing on blockchains other than Ethereum, such as Avalanche (AVAX), Flow (FLOW), Polygon (MATIC), and Solana (SOL).

As reported by DappRadar, Yuga Labs, the brains behind the Bored Ape Yacht Club (BAYC), got a USD 450 million investment spearheaded by venture capital company Andreessen Horowitz (a16z) and Animoca Brands between January and March 2022.

Earlier in March, the BAYC designers made headlines when acquiring the IP of CryptoPunks and Meebits, two of the most famous NFT collections previously owned by Larva Labs.

According to the company, Yuga Labs NFTs now represent 44% of Ethereum’s Top 100 NFT collections market cap, adding that no other organization in the NFT sector is even close in terms of domination.

Cash App Adds Lightning Transfers and a ‘Paid in Bitcoin’ Function:

Cash Software, the mobile payments app created by Jack Dorsey’s payments startup Block, Inc., revealed three new bitcoin functionalities today, including a new way to receive bitcoin (BTC) payments via the Lightning Network.

Miles Suter, Crypto Product Lead at Cash App, stated at the Bitcoin 2022 conference in Miami on Thursday that the payments app is implementing three new bitcoin-focused functions. First, a bitcoin tool is a straightforward approach to automatically investing paychecks in BTC.

Users will be able to select a percentage between 1 and 100 to convert their salary into BTC automatically.

A bitcoin round-up feature will automatically allow you to invest tiny changes from card transactions into BTC.

Coinbase Introduces a New Debit Card in the Face of Increased Competition Among Exchanges and Platforms:

Coinbase stated that its card’s upcoming rotating rewards structure would allow consumers to earn a wider variety of crypto rewards and diversify their crypto portfolios.

Customers will be able to earn up to 4% back on all crypto purchases due to this.

According to Coinbase, the exchange will instantly convert their salary from USD to cryptocurrency for consumers who prefer to be paid in cryptocurrency with no transaction cost.

Coinbase Card, issued by MetaBank and powered by Marqeta, will be accepted wherever Visa Debit cards are accepted.

According to the announcement, the card will be available to users in the United States, excluding Hawaii.

Binance, another prominent exchange, also provides a Visa debit card that pays up to 8% cashback on all eligible transactions made using the product.

Meta to Launch Non-Cryptocurrency Virtual Tokens – Report:

Meta, the parent company of social media companies Facebook, Instagram, and WhatsApp, is planning to launch virtual tokens that are not based on blockchain technology.

According to the report, this coin would not be a cryptocurrency based on the blockchain but rather in-app tokens that would be centrally controlled by the corporation, similar to those used in gaming apps such as the Robux money infamous children’s game Roblox.

Facebook lost a million active daily users in the fourth quarter of 2021, according to Meta’s Q4 2021 and full-year performance reports.

In February, Meta lost more than USD 220 billion in market value after Zuckerberg stated that customers spend more time on rivals such as TikTok.

According to the article, to make up for these losses, Meta has been attempting to provide more traditional financial services, such as low-interest small business loans.

However, the firm has finalized plans to offer support for non-fungible tokens (NFTs) across all of its social platforms, including Facebook.

However, according to the Financial Times, Meta intends to bring NFTs to Facebook.

In mid-May, Meta plans to start a trial for uploading and sharing NFTs on Facebook, according to the newspaper.

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