Do you ask why someone wants it? Think of it as a status display, or digital bling.
A few days later, Reddit started the same feature. YouTube and Instagram also say they are investigating NFTs. Also, according to a recent Financial Times report, Facebook may be building the entire NFT marketplace.
but why? After all, NFTs are bought and sold on custom marketplaces such as OpenSea, Decentraland and SuperRare, rather than social media platforms such as Facebook and Twitter.
But how do you get value in the first place? NFTs are still in their infancy and are primarily used for digital art certification, and the vast majority of art purchases are to show off. Social media with algorithms fine-tuned to virality is perfect for this.
A classic example is the first tweet sent by Twitter co-founder Jack Dorsey. Linked to NFTs, it was auctioned last year for an apparently crazy $ 2.9 million.
There is another social media platform that is lacking in the NFT marketplace. It’s a celebrity with a huge number of followers. One Direction single Liam Payne told 34.7 million Twitter followers on January 25 that he launched an alternative Twitter persona called @PaynoEth to express his love for NFTs.
The new account gained 26,000 new followers in 30 minutes.
“Welcome! This is the beginning of something new that is always exciting to me … For those who are wondering about my new display image, it’s my new @doodles piece I got last week! It’s cool, isn’t it? ?! “Pain wrote from his alt account.
NFTs and the digital art they represent are not created, purchased or sold on social media platforms, but the essential social nature of art is that without it, the value of these artworks is greatly reduced. Means to do.
These platforms, which have passively shaped the future of NFTs, are now taking part in action.
Other Top Stories by Our Reporters
Market turmoil hits India’s new era of tech stocks
The US market revision (for the first time since 2018) after the Federal Reserve announced a March rate hike has garnered a sensation on the Indian stock exchange.
S & P BSE Sensex fell about 1,800 points in the week leading up to January 28th. This was only four trading sessions as the market closed on Wednesday due to Republic Day. In particular, India’s new era tech stocks have shown scars of correction. Zomato Ltd., One97 Communications Ltd. (Paytm) and FSN Ecommerce Ventures Ltd. (Nykaa) hit record lows on Monday and extended the slide following the results of Wednesday’s FOMC meeting.
But Zomato CEO Deepinder Goyal said he was waiting for the bear market. “I’ll tell you the secret … I’ve been waiting for the bear market for a long time, when everyone’s money is exhausted and the most solid teams and companies with the ability to execute are at the top.” He wrote a note to the company’s internal chat group on Monday.
ETtech IPO Watch: Boat DRHP
Imagine a marketing Pvt. Ltd., the parent company of consumer electronics maker Boat, has submitted a draft Red Herring Prospectus for an IPO of 2,000 rupees.
The company is seeking a $ 1.5-2 billion valuation and is considering an acquisition by the first quarter of the next fiscal year. Founded in 2016, the company was worth about 220 billion rupees when it raised 5 billion rupees from Qualcomm Ventures last April.
Important points from the boat DRHP:
Problem size: The company aims to raise Rs. 90 billion by issuing new shares and Rs. 110 billion by selling from existing shareholders.
Shareholding: Founders Aman Gupta and Sameer Mehta own a total of 56% stake in the company. Warburg Pincus, a major private equity fund, is the largest shareholder of boats and accounts for about 36% of the company.
What will the funds be used for? Repaying or prepayment of debt.
Finance: In the six months to September 2021, boat operating revenues exceeded the 2009 figures at Rs 155 billion and net income was Rs 11.8 billion.
Placement before IPO: The company is considering raising 180 rupees before offering in consultation with the lead manager who runs the book.
Amazon vs Future Retail — Latest
(From left) Amazon founder Jeff Bezos, Future Group CEO Kishore Biyani, and Reliance Industries Chairman Mukesh Ambani.
Four days after Future Retail’s independent director declined Amazon India’s offer to fund a sick retailer and called it a “smoke screen,” a US-based retailer sent another letter, 7,000 by private equity. I asked him to reconsider Rupee’s remedy. Solid Samara Capital.
- Asking the term sheet of private equity firm Samara Capital, an attempt by an independent director to protect their “malafide action” reveals that the statement is being made at the request of Future promoters. “Amazon said in a new letter. This was reviewed by ET.
“We once again consider providing our assistance and call on you to provide access to FRL records to carry out due diligence exercises as quickly as possible, tomorrow, or 2022. Please share such a report again by January 28, 2014. “
Gig worker rides alone during the third wave of the pandemic
Indian gig workers, most of whom are delivery staff on large online platforms, are unable to support full vaccination by employers in the third wave of pandemics and reimburse protective equipment and disinfectants. He is raising a danger signal saying he couldn’t even do it.
In India, food aggregators, e-commerce companies and other delivery-dependent companies employ an estimated 800,000 to 1 million people. The surge in online commerce since the beginning of the pandemic has made this sector one of the largest recruiters of blue-collar workers.
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However, most of these gig workers are only partially vaccinated and say they are facing a decline in income. At least four gig workers have told us that the online food ordering platform forbids even those who haven’t taken a second dose to work.
Budget 2022 Expectations: Cryptography and FinTech
Just a week away, Union Budget 2022-23 makes India’s cryptocurrency and fintech sectors clear on their wish list for the government.
Cryptographic companies want tax clarification: Cryptocurrency companies say they are suffering from lack of regulation and clarity of taxation. There is widespread confusion among crypto companies regarding indirect tax issues, and the impact of GST on the purchase and sale of cryptocurrencies.
The government has sought the opinion of senior tax advisors on whether the income from cryptocurrency transactions can be treated as business income rather than capital gains.
Fintech companies rally in search of sops: Meanwhile, fintech companies are urging governments to regain the Merchant Discount Rate (MDR), the fee that payment providers charge per transaction, through the Unified Payment Interface (UPI).
The digital lending industry, which was hit hard at the start of the pandemic, wants the government to announce measures to ease the flow of liquidity to NBFC.
India’s emerging neobanks, on the other hand, are just looking for recognition. They are not eligible for a banking license under RBI rules and must partner with a traditional bank to provide services.
Also read: Skills and Opportunities Tax Games are Different, Startups Promote Government
ETtech Complete Deal
■■ Google Plan to invest $ 1 billion in India Bharti Airtel Ltd. Working together in the cloud space will accelerate the digital ambitions of internet giants in one of the largest markets and become a strong competitor to Microsoft Azure and Amazon Web Services. (read more)
■■ Swiggy Became a unicorn after completing a $ 700 million round of funding led by US asset manager Invesco and doubling its valuation to $ 10.7 billion.
■■ Ora Electric Raised more than $ 200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others, fixing the valuation of mobility startups to $ 5 billion.
■■ Darwin Box It raised $ 72 million in a funding round led by TCV, a supporter of Netflix Inc., with a valuation of over $ 1 billion. This makes the cloud-based HRtech startup the fourth Indian unicorn so far this year.
■■ Deal share Raised $ 130 million in a $ 1.5 billion valuation in a funding round led by Tiger Global and Alpha Wave Ventures, making social commerce grocery startup the fifth Indian unicorn so far this year.
■■ Zomato Is investing in two more startups. Digital advertising agency Adonmo and food ordering system Urban Piper. The company’s board of directors has also approved the establishment of a wholly owned subsidiary, NBFC.
■■ MoglixIs an inter-company e-commerce platform that has raised $ 250 million from Tiger Global and others in a funding round with a fixed valuation of $ 2.6 billion.
■ German IT major SAP AG Acquired a minority stake in an Indian SaaS company IcertisThe financial details of the transaction were not disclosed, deepening the existing partnership.
Reliance uses Fynd, Netmeds to prepare Nykaa’s rivals
Reliance Industries is preparing to launch an omni-channel beauty platform, which is being achieved in collaboration with two recent acquisitions, Fynd and Netmeds.
- The venture is built on a market model under Reliance Retail and will compete directly with Nykaa, which was launched in November. Internally called “Project Adore”, the venture may be named Tiara.
Netmeds is developing back ends (warehouse storage and data management) from Chennai, and Fynd is building front ends that include customer interfaces.
From the world of cryptography
■ Indian cryptocurrency exchanges have increased their trading volume over the past few days due to the extreme volatility of the market. This is because some traders and investors are liquidating higher risk tokens, rebalancing their portfolios with stable coins and indulging in opportunistic purchases to average their portfolios.
■ Wealthy individuals and their family offices who have purchased cryptocurrencies in the last two years have begun transferring them to family trusts and wallets outside India as the country stumbled upon cryptocurrency regulations.
■ YouTube accounts of various Indian cryptocurrency companies such as CoinDCX, CoinSwitch Kuber, WazirX, Unocoin were one of the ones compromised by global hacks.
Indian tech companies are preparing to take advantage of Metaverse opportunities
India’s top software exporters are competing to prepare for the surge in demand for technology services targeting the Metaverse, which is widely regarded as the next stage of the Internet.
Tata Consultancy Services, Infosys, HCL Technologies, and Wipro are piloting new Metaverse initiatives to prepare for migration, building proof-of-concepts and virtual labs.
IT companies petition government for data invoice exceptions
The IT department petitioned the government for the widespread exemption required by lawmakers in the proposed data protection bill.
- According to Rama Vedashree, CEO of the Data Security Council of India (DSCI), an affiliate of the industry group NASScom, these exemptions raise concerns for regulators and businesses, and India’s $ 190 billion IT-BPM business in Europe. Has an adverse effect on.
She said such exemptions could otherwise weaken the comprehensive data privacy regime and make it difficult to obtain proper status from the European Union, which promotes business between the EU and other countries. He added that he has sex. She added that industry groups will send representatives to the central government as early as next week.
That’s all for this week. Be safe and get the jab.
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