Walmart Cryptocurrency? Filings Reveal Plans for a Coin, NFTs

LA TIMES

Walmart has applied for patents on blockchain technology and non-fungible tokens. This unanticipated development indicates that the company intends to make and sell virtual goods and meet its customers in the emerging metaverse. Walmart's interest in this space appears to be more than just a fleeting trend. The retail giant is leapfrogging towards the metaverse by incorporating cryptocurrency into its business. A few months ago Walmart advertised a position to create "a digital currency strategy and product roadmap" as well as identify crypto-related investments or partnerships that would help them move towards this goal quickly.

continue reading!

The IRS Wants to Know About Your Crypto Transactions This Tax Season

CNBC

Crypto investors and traders should be wary of the IRS's increased scrutiny this tax season. The first page on a U.S-based income return now contains a question about virtual currencies like Bitcoin, Ethereum, and Dogecoin - all transactions involving these assets are subject to US laws requiring disclosure if they took place in 2021. Obtaining compensation in crypto, rewarded for crypto mining, or free coins through "Airdrops" or "hard forks" are examples of such transactions. The Internal Revenue Service has emphasized cryptocurrency-to cash conversions in recent years, but it's not new to inquire about crypto transactions.

continue reading!

Bitcoin Investors Dig In for Long Haul in “Staggering” Shift

REUTERS

Amid a cryptocurrency downturn, many investors are doubling down on their Bitcoin reserves because they see it as only temporary. The underlying stability and long-term prospects for these investments speak volumes about how healthy or unhealthy cryptocurrency is overall. Bitcoin, the world's most widely used cryptocurrency, has been witnessing increased stagnation in recent months. Meanwhile, Bank of America analysts predicted that Solana, a rival cryptocurrency, would steal Ethereum's market share and "could become the Visa of the digital asset ecosystem." Proponents of bitcoin and other cryptocurrencies, on the other hand, claim that the growing acceptance of cryptocurrencies in global finance and investment over the last several years has stabilized the market.

continue reading!

How will the crypto selloff impact the NFT market?

TECH CRUNCH

The rise in the value and trading activity of NFTs, which are primarily based on Ethernet blockchain, is not the effect of a single cause, but rather a cocktail of several elements. The growth in Ether's wealth has been an important catalyst for the NFT boom. In the wake of the crypto price drop, NFTs have been in a state of uncertainty. It appears that Ether-rich people have been gambling on NFTs as non-traditional assets; that is not necessarily a bad thing. It does raise the question of what happens to NFT activity and prices if the backing asset rapidly loses value.

continue reading!

Decentral Park Capital Launches $75M DeFi Fund

COIN DESK

DeFi projects will be the primary focus of a new $75 million fund, founded by Decentral Park Capital. The development of blockchain technology and decentralized finance is exploding, with hundreds of millions of dollars in funding from sophisticated "big money" investors suggesting that decentralized finance has become a major component of high-net-worth investors' portfolios. Last year, investment funds focused on cryptocurrencies reached new highs as cryptocurrency prices rose, but the latest fund announcement comes at a time of price decline. The new Web 3 fund will invest in projects that include decentralized exchanges, lending protocols, oracles, staking, and middleware infrastructure.

continue reading!

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit veztek.substack.com