Coinbase Invests in Indian Cryptocurrency and Web3

Coinbase Ventures, the investment arm of U.S.-based cryptocurrency exchange Coinbase, shared a plan to invest $1 million in various Indian cryptocurrencies and Web3 initiatives through a face-to-face pitch.

Brian Armstrong, Coinbase CEO, revealed that the venture capital firm intends to use crypto and Web3 technologies. The goal is to unleash India’s software talent and help enable India’s economy and finance to achieve inclusive goals.

On April 8, Personal Pitch Day in Bengaluru will be held in partnership with the Buidlers Tribe and further supported by the Belief DAO, offering prizes of up to $25,000. The growing interest of foreign investors in the Indian cryptocurrency space can be attributed to the recent regulatory clarity driven by the controversial crypto tax law.

The Indian crypto tax law requires all Indian citizens to pay 30% of unrealized crypto profits as a tax. Additionally, investors won’t manage to offset cryptocurrency losses to offset taxes.

When asked about the general perception of Web3 as a disruptor, Buidler’s Tribe co-founder Pareen Lathia said that Indian entrepreneurs are excited about taking their companies global.

India’s Finance Minister Nirmala Sitharaman has previously said that she intends to reconsider crypto taxes soon. However, Coinbase’s market entry has already attracted more than 110 applicants.

Coinbase has previously invested $150 million in Indian crypto and Web3 companies. Furthermore, the company plans to add 1,000 employees to Coinbase’s India tech hub.

Armstrong continues to be at the forefront of U.S. cryptocurrency regulatory transparency.

Over the past year, Coinbase has cleared numerous regulatory hurdles set up by the U.S. Congress and the Securities and Exchange Commission. The company will play a critical role in the regulatory discussions surrounding cryptocurrencies, which will spread across the globe.

Nearly Half Of The Cryptocurrency Owners Bought Digital Assets For The First Time In 2021

According to a new survey by U.S.-based cryptocurrency exchange Gemini, nearly half of cryptocurrency holders in the U.S., Latin America, and Asia-Pacific made their first digital asset purchase in 2021, according to a new survey by U.S.-based cryptocurrency exchange Gemini.

A poll of nearly 30,000 people in 20 countries between November 2021 and February 2022 suggests 2021 will be a blockbuster year for cryptocurrencies, analysts say, especially in countries where inflation drives currency devaluation use.

Gemini data shows that Brazil and Indonesia are the global leaders in cryptocurrency adoption. 41% of the surveyed there said they own cryptocurrency, compared to 20% in the U.S. and 18% in the U.K.

Gemini found that 79% of people who said they owned cryptocurrencies last year said they decided to buy digital assets because of their long-term investment potential.

People who don’t currently own cryptocurrencies and live in countries where the currency is depreciating against the U.S. dollar are more than five times more likely to say they plan to buy cryptocurrencies as a hedge against inflation.

Only 16% of U.S. respondents and 15% of European respondents agreed that cryptocurrencies could hedge against inflation, compared with 64% in Indonesia and India.

The Indian rupee has lost 17.5% against the dollar over the past five years. Meanwhile, the Indonesian rupiah has lost 50% of its value against the dollar between 2011 and 2020.

Only 17% of Europeans say they will own a digital asset in 2021, while only 7% of those who do not currently own a cryptocurrency say they plan to buy a digital asset at some point.

It remains to be seen whether this year’s adoption momentum can be sustained.

Global NFT Sales Drop By 53% In Less Than A Year

Sales of NFTs have had their ups and downs. As the analysis says, NFTs have seen multiple surges but also uncertainty. Recent reports say NFTs have declined over the past seven months.

Over the past seven months, NFT sales have plummeted to 53%.

Notably, NFT sales have also slipped below $2.2 billion over the past month, as reported by NFT data aggregator CryptoSlam. However, a similar “slip” occurred in July 2021, with sales reaching $1.2 billion.

While the crypto market is now gradually accelerating, NFT sales have slowed significantly. However, there may be an incremental jump in the future. However, one of the main reasons for the demise of NFTs was the surge in the value of cryptocurrencies.

CryptoSlam’s Yehuda Petscher pointed out an inverse relationship between the cryptocurrency and NFT markets. He believes this happens because NFTs are denominated in cryptocurrencies, and investors mostly buy NFTs when the value of cryptocurrencies is falling.

January also saw a surge in NFTs, with OpenSea surpassing a record $5 billion in sales. Additionally, DappRadar’s monthly report shows that NFT transaction volume has increased by nearly $16 billion.

Another reason for the decline in NFTs in the Russia-Ukraine crisis. NFTs and other digital assets have also experienced volatility as global markets for other commodities slumped.

On the other side of NFTs, many artists, musicians, and even some organizations have created their own NFTs. Notably, these NFTs have creative and unique value and will capture users’ attention.

Snoop Dogg Releases First Metaverse Music Video “The House I Build”

Snoop Dogg, the owner of Death Row Records, has released his first Web3 music video, titled “The House I Build.”

The rapper has filmed the new video in one of the most popular virtual worlds: The Sandbox Metaverse. The video was released last Friday.

The video takes place in a world of digital snooping – the “Snoopverse” he is currently developing. The lyrics are a deep dedication to the world of Web 3.0 technology, as the rapper is one of the music industry’s biggest crypto advocates for emerging technologies and the owner of numerous NFTs.

According to the artist, the song “The House I Build” contrasts building his life and career and building his virtual world “Snoopverse” in a sandbox. Whether it’s in the metaverse of the universe, it’s about staying true, and making the most of every opportunity.

The American rapper started the song by calling someone named “Nick.” Snoop Dogg asked how much his The Sandbox token was worth. Nick replied, “$4.8 million,” later stating that the token initially sold for $300,000, a 1,600% increase in the price of the Music Star token.

In the Snoopverse, users can explore a virtual version of Snoop Dogg’s mansion and attend virtual concerts. Snoop Dogg plans to hold his first Metaverse concert before the end of the year.

Pre-sale for access to “Snoopverse” has begun, with tickets starting at $2,000 (depending on cryptocurrency rates).