Tag: Physical

NFTs unlock physical biodegradable vinyl records

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Hype around nonfungible tokens (NFTs) has cooled down, however innovative use cases for these digital assets continue to appear on the scene. Particularly in the music industry, which has been fertile soil for use cases of emerging Web3 tools in recent years.  On April 5th the DJ, producer and eco-warrior BLOND:ISH announced a new NFT project, which once purchased unlocks physical copies of her latest album on vinyl record. Cointelegraph reached out to BLOND:ISH for more details on the usage of NFTs as a gateway to unlocking physical items as…

Tokenized Gold Surpasses $1B in Market Cap as Physical Asset Nears All-Time Price High

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Nigerians Massively Adopt CBDC as Physical Cash Becomes Scarce

While the Nigerian legislative body is optimistic about the country’s adoption of eNaira, there is still significant work to be done to enhance the digital infrastructure for financial practices in the country. Nigeria is witnessing an increasing adoption of its Central Bank Digital Currency (CBDC) as the country’s fiat money scarcity intensifies. Almost eighteen months after the introduction of its in-house digital token eNaira, Nigerians have begun the mass adoption of the CBDC as uncertainty over its traditional currency rises. The acute cash deficiency is a consequence of the central…

IRS to Treat NFTs Like Physical Art as Concerns Rise over Taxation

Following the announcement, a section of the crypto community on Twitter has heaped praises on the IRS and Treasury Department for taking such a detailed approach instead of regulating through enforcement. The Internal Revenue Service (IRS) may be contemplating disallowing the addition of NFTs to Individual Retirement Accounts (IRAs). This follows after both the IRS and US Treasury Department revealed their plans to issue guidance that would see non-fungible tokens treated in the same way as physical art and other collectibles. This means that persons in the United States who are…

Islamic Fintech Startup Wahed Opens Physical Office in UK

Wahed has a plan to help its customers grow their funds in the most Sharia-compliant way. American financial technology and service provider, Wahed has extended its global reach with a newly opened office in the United Kingdom (UK). As reported by CNBC, the new office is like a storefront that looks like that of Apple Inc (NASDAQ: AAPL), and it will house staff members that will provide account opening services and investment counseling for prospective customers. Wahed is touted as an Islamic finance banking firm that adheres to the tenets…

Redeeming physical NFTs: Easier said than done?

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Despite the crypto winter, nonfungible tokens (NFTs) continue to draw interest. This has become apparent as many brands and retailers have started to offer digital NFTs attached to physical products. Known as “phygitals,” these offerings allow real-world products to be tied to digital NFTs.  For example, RTFKT — a digital fashion and collectible company — recently launched a project called Cryptokicks iRL. According to sources, RTFKT is creating digitally-designed sneakers backed by a physical product. RTFKT’s official Twitter account recently tweeted that Lace Engine NFT holders will be able to…

Lightning Network gets physical form in Australia with Bitcoin ATM

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The Australian city of Coolangatta has got its first Bitcoin (BTC) ATM with integrated Lightning network capabilities. The new ATM has been installed at The Strand shopping center in Coolangatta and is now available for use by the public. A Bitcoin Lightning ATM works quite similarly to traditional Bitcoin ATMs but saves significant time because of the instant transaction capabilities of the layer-2 Lightning solution. It also allows for purchasing very small amounts of BTC, mostly in Satoshi (sats), the lowest denomination of Bitcoin, where one satoshi is equal to…

Winamp adds NFT support, Atari gets physical and more

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NFT music on Winamp Old school classic PC-friendly media player Winamp has rolled out support for Ethereum and Polygon-based music nonfungible tokens (NFTs) in the latest update of its desktop player. Winamp has been around since 1997 and was one of the most popular media players for PC users but has since been overtaken by Windows Media Player and Apple’s dominant iTunes. It has a reputation for supporting a wide range of media files, and in the latest update announcement on Dec. 7 the Winamp team noted that NFT support…

NFT project Azuki launches Physical Backed Token

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Anime-inspired nonfungible token (NFT) project Azuki has released a Physical Backed Token (PBT) — an open-source token standard that ties a physical item to a digital token on the Ethereum blockchain.   Azuki shared on its Twitter account that the first implementation of the PBT will use the BEAN Chip; a physical cryptographic chip that self-generates an asymmetric key pair. The combination of the PBT and the BEAN Chip introduces a feature, which the project is calling “scan to own”. Introducing the Physical Backed Token (PBT): an open source token…