Inside the Crypto Dimension - Wednesday 24th of August
📢 Nvidia announces Metaverse projects | 🇺🇦 Ukraine reveals crypto usage | 🖥️ Polygon is home to over 37 000 DApps | 🗺️ Instagram NFT support spreading to 100+ countries | And more!
In Crypto We Trust, Though Prices Stay the Same 📰
The news from the start of the week speak about strong belief in cryptos and how big companies are investing in Metaverse and NFTs. Layer-2 blockchain Polygon is seeing massive growth in the number of apps developed. All of this sounds really promising! However, this does not seem to translate to prices - at least not yet.
From the price point of view, the week has continued exactly as it started. Bitcoin is not moving much, holding above 21 000 USD level. Ethereum is no different, staying above the 1600 USD level. And as usual, altcoins follow the big players with some usual fluctuation.
Not much more to mention about the prices. So, let’s dive into the news. Keep on scrolling! 👇
News and events from the weekend in the World of Cryptos
Nvidia Officially Enters Into Metaverse
Nvidia announced at this year’s SIGGRAPH conference that they are working on a variety of Metaverse projects. SIGGRAPH is one of THE conferences for computer graphics. Nvidia is allowing developers to create more realistic avatars for use in the Metaverse, pushing to create a universal standard for Metaverse and many other things. You can check some of the press releases from the following links; Major release of Omniverse, Omniverse ACE for creating interactive avatars, Initiative to evolve Universal Scene Description (USD). All in all, Nvidia seems to believe strongly in virtual worlds and is pushing the technology further.
Ukraine details how it spent crypto donations
We have previously mentioned Ukraine and how they are topping in lists of countries by crypto usage. Ukraine has spent over 54 million USD worth of crypto that it has received as donations during the war. Ukrainian prime minister posted a breakdown of how crypto donations were spent. Unsurprisingly, Ukraine has used the donations for war gear such as field rations and armor vests but also to computer hardware & software. Read more at The Block.
Polygon is Now Home to Over 37,000 DApps
Polygon, a Layer-2 technology built on top of Ethereum has gained a huge growth in the number of decentralized apps running on their blockchain. A data by Web3 development platform Alchemy shows that 74% of teams build solely on Polygon, while 26% of teams build both on Polygon and Ethereum. Polygon is known for their small gas fees when compared to Ethereum. Polygon team is also investing heavily in zero-knowledge technologies that should make blockchain network congestion a problem of the past. If you are not familiar with Polygon, now is definitely a time to familiarize yourself with it!
Meta is expanding NFT support on Instagram to 100 countries
Meta’s CEO Mark Zuckerberg announced that the company will start to roll their NFT support on Instagram to more than 100 countries. NFT support means that users can now show their NFTs in Instagram and tag the creator and the collector for the attribution. In order to do this, the user needs to connect their crypto wallet to Instagram. It will be interesting to see what else we (and Meta) can do with NFTs in Instagram - time will tell. For now, there is no fee for connecting NFTs to Instagram and the idea is to help creators to monetize their work.
South Korea to Introduce 10-50% Gift Tax on Crypto Airdrops
South Korean ministry of Strategy and Finance has announced that hard-forked tokens, staking rewards and crypto aidrops will be subject to gift tax. The tax will be carried from the party that receives the virtual asset free of charge. The asset gains won’t be collected before 2025. That same year marks a target for crypto earnings taxation. South Korea is definitely not alone and many other countries are taking their stand on crypto taxation.
15% of Indian citizens have invested in Cryptos
A survey by KuCoin estimates that there are 115 million Indian citizens that have invested in cryptocurrencies. This is roughly 15% of the country’s population aged 18 to 60. The current market downturn has impacted the sentiment but still another 10% of adults are planning on investing in the coming six months. The ambiguity of Indian governments attitude towards cryptos worries the people as well as hackers and security incidents. Over half of the crypto investors believe that cryptos are the future of finance. For us here at Crypto Dimension, this sounds like another signal of what the future might hold for us. Definitely another reason to stay up to date with the world of cryptos. So why not subscribe and stay up to date on cryptos? 😊