Crypto exchange Coinbase has waived the conversion fees for users willing to move from USDT to a more “trusted stablecoin” USDC.
“The events of the past few weeks have put some stablecoins to the test and we’ve seen a flight to safety,” Coinbase said in a blog post on Friday. “We believe that USD Coin (USDC) is a trusted and reputable stablecoin.” Coinbase said clients can now convert USDT to USDC without paying any fees.
Luxury Metaverse Retail To Reach $50 Billion By 2030
According to a report by Chalhoub Group, a luxury goods retailer, the metaverse, currently valued at $40-$65 billion, would be worth $13 trillion by 2030, with fashion and luxury goods alone contributing $50 billion.
The study polled 1,600 customers, mainly young and higher-earning males in the UAE, Saudi Arabia, and Oman, and found that they have a higher “understanding” of cryptos, non-fungible tokens (NFTs), and the metaverse.
The Gulf Cooperation Council nations (GCC) are known for its young and tech-savvy consumers who are knowledgeable about the metaverse while being luxury enthusiasts. Chalhoub Group recognises that Web3 would enable it to reinvent the customer journey, from building awareness, increasing brand engagement, enhancing conversion, and nurturing loyalty to launching new business models, said Nick Vinckier, Chalhoub Group’s head of corporate innovation.
OpenSea Revises Its Position On NFT Royalties
After the recent release of a tool that producers can use to prevent freshly launched NFTs from being traded on exchanges that reject royalties, leading NFT marketplace OpenSea recently took action on royalty payments. However, some Web3 builders had doubts over its strategy, so OpenSea is again altering its standards.
Creator royalties are payments connected with the sale of NFTs that the seller typically pays to the developers of a specific NFT project. These costs are often between 5 per cent and 10 per cent of the sale price.
These fees can be a sizable source of income for projects that produce a lot of trading. And that income has been endangered by the recent rejection of these fees by NFT traders and most markets.
Edited by: Sanjeeb Baruah