Weekly Wrap: Here’s why YouTube is looking to NFTs

Read the best crypto stories curated just for you in another edition of the BitOasis Weekly Wrap. So, let’s dig in…


Here’s why YouTube is branching out to NFTs

In a letter to the YouTube community, CEO Susan Wojcicki said that YouTube may branch into NFTs in the future as another source of revenue for creators. The CEO noted opportunities with cryptocurrencies, decentralized autonomous organizations (DAOs), and that the platform was looking to other Web3 technologies as “sources of inspirations.” The letter read:

“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube”

The most popular video platform did not provide further details on what these NFT features could look like. However, YouTube is probably inspired by other social media giants that recently launched their own versions of supporting NFTs, to say the least. Twitter now allows people to display their NFTs in hexagonal profile pictures. Meanwhile, Meta, which owns Facebook and Instagram, also plans to make a similar provision where people can showcase the NFTs they own.

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Why Meta gave up on its Diem dream 

After several rounds of discussions and hearings with US Congress, Meta, formerly known as Facebook, has officially announced the closure of its digital currency project, Diem. This comes after years of major efforts and rebranding from the project’s former name “Libra,” to move forward with the stablecoin. 

Diem CEO, Stuart Levey, confirmed that Meta sold intellectual property and other assets related to the stablecoin project to Silvergate Capital, the holding company of the crypto-focused Silvergate Bank, for around $200 million.

According to the CEO, their decision to sell the project came after it “became clear from our dialogue with federal regulators that the project [Diem] could not move ahead.” But this doesn’t mean that Diem as a project is over, as there’s always a chance that Silvergate or another investor could revive it. In other news, Crypto Open Patent Alliance (COPA) has welcomed Meta as a member, with the company vowing to make its core crypto patents accessible to all. Read more here

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Will Solana make crypto payments better  

The latest project from Solana Labs plans to make payments in crypto easy. The new protocol, called Solana Pay, will allow merchants to accept crypto payments directly from their customers. As part of the protocol, merchants can accept USDC stablecoin, Solana’s native token SOL, and other Solana-based tokens. 

Solana Pay is also working on an integration with Shopify that is expected to be released soon.  Companies that helped develop and support the protocol include Circle; Checkout.com; Citcon; and digital wallets from crypto exchange FTX and Solana wallets Phantom, and Slope. 

It’ll be interesting to watch if Solana can resolve issues holding back crypto payments. As many in the crypto ecosystem think that crypto payment options haven’t been cheap, or as fast as they set out to be. 

India plans to impose a 30% tax on crypto and NFTs income along with an additional 1% tax deduction at source during such transfers. People who receive crypto or NFTs as gifts would also be taxed under the proposal. The new regulation further proposed that crypto investors cannot offset their losses from such transactions against any other income.

Despite the high tax rates, some welcome the move as it could mean that the government plans to recognize the country’s crypto sector, perhaps as an asset class, and not as a currency, especially after India’s central bank had been pushing for a complete ban on all crypto transactions.

India ranks second on the 2021 global crypto adoption index and in fact, in her speech, India’s Finance Minister noted a “phenomenal increase” in crypto transactions in the country.  

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