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<ul><li>You must disclose income from virtual digital assets (VDA)s such as <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, non fungible token (NFT)s and more in the ‘schedule VDA’ provided in the <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> form. </li><li>Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. </li><li>The donation reference number (ARN), obtained from the form 10BE donation certificate must be included in the ITR to avail 80G deductions. </li></ul>With the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> filing deadline less than a month away, you need to ensure you are up-to-date on all the changes that are applicable this year. While modifications in tax and taxability of income from insurance policies (other than ULIPs) are among the most notable changes that have drawn a lot of attention, there are a couple of lesser known changes one should be aware of when filing one’s taxes. We take a look at these changes. The first is about disclosing income from virtual digital assets (VDAs) such as cryptocurrencies. “The taxpayer must disclose income from VDAs such as cryptocurrencies, NFTs, and so on in the "schedule VDA" provided in the ITR form,” says Aashish Sharma, co- founder and litigation head, Lex N Tax, a tax consultancy firm. Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. “Those who get VDA income are not eligible to file ITR-1 or ITR-4. Such income can instead be declared in ITR 2 or ITR 3. Further, income from VDAs can be taxed either under the head of business income or capital gains,” says Sharma. Budget 2022 had introduced new NFT (non fungible token) and VDA regulations. The transfer of such assets will be subject to an income tax rate of 30% plus a surcharge and a levy beginning April 1, 2022, as per recent regulations. “TDS will be deducted at 1% of the sale price beginning July 1, 2022. This tax will be deducted by the developer, intermediary, broker or donor. The taxpayers cannot set off losses or carry forward the losses within crypto or from different heads,” says Suneel Dasari, founder and chief executive officer at EZTax, a tax portal. <cmsannotation type="cmsannotation" annotationid="Provide details of donation reference number to avail 80G deductions" comment="subhead" text="Provide details of donation reference number to avail 80G deductions">Provide details of donation reference number to avail 80G deductions</cmsannotation> To avail a deduction under <keyword id="1667689" type="General" weightage="20" keywordseo="section-80g" source="Orion">Section 80G</keyword> for donations made to charitable institutions, non governmental organisations or research universities, it is crucial to possess the donation receipt, and the donation certificate in Form 10BE. Taxpayers must provide the necessary information regarding their donations in the relevant 'Schedule 80G' within the ITR form in order to claim the deduction. “All approved u/s 80G charitable institutions, NGOs, and research universities must submit Form 10BD for all donations received during the fiscal year. They must also provide form 10BE to the recipients,” says Dasari. Form 10BE, containing a unique registration number, will be issued to benefactors after form 10BD has been filed by the institution. It is essential to enter donation details accurately in the appropriate table while filing the ITR. There is a new column under Table D for disclosing the donation reference number (ARN) for donations made to eligible entities where a 50% deduction is allowed, subject to the qualifying limit. The ARN, obtained from the form 10BE donation certificate issued by the institutions who received the donation, must be included in the ITR. This has been implemented to match donor and donee records and reduce the prevalence of fraudulent donations claims.

Two new tax rules you should be aware of when filing your taxes

<ul><li>Selected users can sell virtual fashion accessories and assets.</li><li><keyword id="399907" type="General" weightage="20" keywordseo="meta" source="Orion">Meta</keyword> has already invested hugely in virtual and augmented reality.</li><li>Meta's <keyword id="12271123" type="General" weightage="20" keywordseo="horizon-worlds" source="Orion">Horizon Worlds</keyword>, give access to venues and virtual events, just like Metaverse. </li></ul><keyword id="6354576" type="General" weightage="20" keywordseo="facebook" source="Orion">Facebook</keyword>’s parent company Meta is testing tools for <keyword id="13599098" type="General" weightage="20" keywordseo="selling-digital-assets" source="Orion">selling digital assets</keyword> and experiences on its virtual reality platform—Horizon Worlds. Initially, the tool will be accessible to handpicked users who are creating virtual games, classes, and fashion accessories with the company’s platform. Users can access these games and classes via VR headset. Meta said select users can offer paid access to the digital spaces they have built. Meta is also testing a creator bonus program for Horizon Worlds users in the United States, allowing them to pay participants every month for accessing new features that the company launches. In a conversation with early adopters, held inside Horizon Worlds using avatars — Chief Executive Officer of Facebook Mark Zuckerberg said, “we want there to just be tons of awesome worlds, and in order for that to happen there needs to be a lot of creators who can support themselves and make this their job.” Metaverse — embracing virtual reality In recent years, Meta has invested heavily in virtual reality so that futuristic virtual environments can be accessed via different devices and users can socialize, play and work there. The company has also made it possible for virtual players to buy buildings, lands, and avatars. Users can also sell the same as non-fungible tokens or blockchain-based virtual assets. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/fortnite-developer-epic-games-raises-2-billion-to-grow-metaverse-efforts/articleshow/90791568.cms">Fortnite developer Epic Games raises $2 billion to grow metaverse efforts</a> <a href="https://www.businessinsider.in/tech/news/netflix-introduces-two-thumbs-up-for-shows-and-movies-you-really-really-like-and-want-to-see-more-of/articleshow/90783309.cms">Netflix introduces Two Thumbs Up for shows and movies you really, really like and want to see more of</a>

Meta to test money-making tools for its virtual reality platform Horizon Worlds

<ul class="summary-list"><li>Non-fungible tokens account for a $250 million market that is continuing to grow.</li><li>NFT investments operate on the same deflationary principles as Bitcoin.</li><li>Many celebrities buy and sell NFTs online for thousands of dollars.</li></ul>Non-fungible tokens or NFTs - products that operate as digital assets - have grown to encompass a $250 million market, according to a <a href="https://nonfungible.com/nft-report-2020">2020 report</a> from tech tracking company L'Atelier BNP Paribas and nonfungible.com.NFT creators have made millions. On Sunday, <a href="https://www.businessinsider.com/grimes-nft-art-warnymph-sells-for-millions-20-minutes-2021-3">Grimes made $5.8 million in under 20 minutes selling her digital collection WarNymph</a> on the NFT trading platform Nifty Gateway.NFT collectors have also profited off the boom in digital tokens. Last week, an art collector <a href="https://www.reuters.com/article/retail-trading-nfts/insight-how-a-10-second-video-clip-sold-for-6-6-million-idUKL8N2KV6X9">sold a 10-second video artwork for $6.6 million</a> after buying the Beeple project for $67,000 in October.NFT investments <a href="https://news.bitcoin.com/blockchain-backed-nft-market-value-grew-299-in-2020/">rose 299% in 2020</a>, gaining popularity as cryptocurrencies like <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-price-record-high-market-cap-cryptocurrency-1-trillion-2021-2-1030096685">Bitcoin continued to boom</a>, according to the report. However, NFTs operate differently from digital currencies. Unlike popular cryptocurrencies like Bitcoin and Ether, NFTs cannot be directly exchanged with one another.<h2>What is an NFT?</h2>NFTs are a special class of digital assets that cannot be exchanged with one another for equal value or broken down into smaller values like most currencies.No one NFT is the same as another, they are characterized by their unique qualities, as well as authenticity. The digital tokens often operate as a type of collectors item and cannot be duplicated.NFT products encompass a whole range of elements, including anything from crypto artwork and digital fashion items to collectible sports cards, virtual real estate and characters.Globally recognized brands like <a href="https://nftnyc.medium.com/nikes-dec-2019-patent-reveals-revolutionary-nft-use-a74c115bd0c">Nike</a>, <a href="https://www.coindesk.com/louis-vuitton-owner-lvmh-is-launching-a-blockchain-to-track-luxury-goods">Louis Vuitton</a>, as well as the NBA have already begun generating NFT-based consumer goods and services.Some of the top traded NFT brands, according to <a href="https://cryptoslam.io/">digital trading site Crypto Slam</a>, include NBA Top Shot, Crypto Punks, and Street Fighter.The most popular NFT platform - NBA Top Shot - has sold nearly $270 million worth of unique NBA video highlights. The platform has seen about $10 million in sales in the past 24 hours, according to Crypto Slam.Another popular NFT, CryptoPunks, was one of the first NFTs sold on the Ethereum blockchain in 2017 - the second largest <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> platform, outside of Bitcoin.In order to purchase an NFT, buyers must use digital currencies like Ethereum's Ether (ETH) orWorld Asset eXchange (WAX). While ETH is one of the most popular NFT currencies, each platform chooses its digital wallet service. WAX is popular for virtual character and video game related NFT purchases. New NFTs have already begun to pick up steam. Street Fighter - an NFT that was released just a week ago - has already hit the top 10 most-traded digital assets. Street Fighter uses WAX and allows collectors to own unique characters from the 1987 arcade game.One of the most popular NFT sectors is the multiverse, which includes digital assets that can be bought for an alternate, fully virtual reality. NFT buyers interested in virtual assets can buy digital land and real estate, as well as virtual gaming tokens. <h2>Why are NFTs worth millions of dollars?</h2>NFTs gain value off the same deflationary principles as Bitcoin - there is a limited number of the tokens and the items cannot be duplicated.Authenticity also plays a role in the rise of NFTs. The tokens are easily verifiable and can always be traced back to the original creator. In this way, owners of NFT tokens are able to fully possess the individual digital assets with the knowledge that they have the only token of its kind.The value of NFTs is also based on the product's immutability. NFTs cannot be destroyed, deleted, or duplicated. The token exists solely on its native platform, stored on the blockchain. Elements from one platform cannot be moved to another.<a href="https://nonfungible.com/pages/about-us">Nonfungeable.com</a> found that the number of buyers of NFT rose 66% in 2020, while the value of the transactions climbed from around $63 million to $250 million. <h2>Many celebrities have also spoken out on <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> in NFTs</h2>Billionaire investor Mark Cuban has been <a href="https://www.cnbc.com/2021/02/22/mark-cuban-the-business-id-start-now-would-center-around-blockchain.html#:~:text=Cuban%20has%20already%20cashed%20in,as%20a%20physical%20sport%20card.">vocal about his investment in digital tokens</a> like NFTs. Cuban has auctioned digital goods online, as well as bought various NFT assets, including a Maxi Kleber dunk moment card from NBA Top Shot.Actress Lindsay Lohan has also gotten in on the action. The "Mean Girls" actress <a href="https://coinmarketcap.com/alexandria/article/lindsay-lohans-nft-sells-for-59-000-despite-an-unfortunate-blunder">sold</a> an NFT for $59,000 in February and <a href="https://decrypt.co/58592/daft-punk-lindsay-lohan-nft">posted</a> a $15,000 Daft Punk NFT on the trading platform Rarible Sunday.Last week, <a href="https://www.businessinsider.com/ethereum-nft-meme-art-nyan-cat-sells-for-300-eth-2021-2">digital comic artist Chris Torres sold an NFT of his 2011 viral Nyan Cat for nearly $600,000.</a>The cofounder behind the studio that launched "Fortnite," Tim Sweeney, has also spoken out on NFTs. In January, Sweeney <a href="https://twitter.com/TimSweeneyEpic/status/1355574604979441670?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1355574604979441670%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ffortnite-founder-says-nft-tech-going-places-but-currently-speculative-messmess">tweeted</a> "the tech is going places," but warned investors that digital assets are still a "speculative mess."Investors have expressed interest in digital assets in the past. In 2018, <a href="https://www.businessinsider.com/cryptokitties-blockchain-beanie-babies-transactions-plummet-2018-6">top investors invested $12 million on the digital equivalent of Beanie Babies, CryptoKitties.</a>

What you need to know about NFTs, the collectible digital tokens that are selling for millions online

<ul class="summary-list"><li>Sales of virtual land have boomed in the last week, bringing in $105.87 million for just four <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> projects, DappRadar said. </li><li>Gaming platform Sandbox dominated with $86.56 million in NFT sales, with Decentraland in second place. </li><li>The surge in metaverse-related activity has followed Facebook's name change to Meta, the report said.</li></ul>The metaverse is thriving right now, as individuals and companies pile in. A total of $106 million was spent on virtual property in the last week, with purchases of digital land, luxury yachts and other assets, according to data from <a href="https://dappradar.com/blog/over-100-million-in-metaverse-land-sales-last-week">DappRadar</a>.The Sandbox, an online gaming world that allows users to own plots of land, has dominated activity. Between November 22 to 28, the platform attracted $86.56 million in unique non-fungible token land sales that are tied to the blockchain, DappRadar said.In second place was Decentraland, another virtual platform that brought in $15.53 million in sales of digital plots of land. Smaller competitor CryptoVoxels sold digital land for a total of $2.68 million, while Somnium Space, a metaverse platform, sold $1.10 million worth of real estate. <div type="image" title="Virtual worlds land NFTs trading volume in 7 days" height="768" width="1541" msid="88053125" hostid="261"></div>Last week, buyers spent record amounts of money on virtual plots of land in the metaverse, where users can play games, trade digital assets and buy and sell anything from digital sneakers to digital dresses using <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> tokens.Metaverse Group, a subsidiary of Tokens.com, <a href="https://markets.businessinsider.com/news/currencies/metaverse-property-decentraland-sale-price-mana-coin-cryptocurrency-2021-11?utm_medium=ingest&amp;utm_source=markets">bought</a> digital land for $2.43 million last Tuesday, a record for property sales on Decentraland. Another <a href="https://markets.businessinsider.com/news/currencies/metaverse-crypto-digital-land-sold-axie-infinity-nft-decentraland-2021-11?utm_medium=ingest&amp;utm_source=markets">plot</a> was purchased for $2.3 million on Axie Infinity, a play-to-earn gaming platform, in the same week. "Undoubtedly, metaverse land is the next big hit in the NFT space. Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space," DappRadar said. Last week, the four leading virtual worlds had attracted over 6,000 traders. Over the previous week, Sandbox boasted the second most traded NFT collection, while Decentraland came in 8th place. The report said the surge in metaverse-related activity started with Facebook's decision in late October to rebrand itself as "Meta", in a nod to its commitment to building out its own digital world for its users."Metaverse events are becoming an industry-standard in the crypto space. Allowing brands, artists, and creators to showcase their work and product to millions of people worldwide, virtual events in the metaverse will only become more popular," the report said. Crypto asset manager Grayscale has said the metaverse is a $1 trillion <a href="https://markets.businessinsider.com/news/currencies/metaverse-1-trillion-opportunity-grayscale-virual-land-sales-decentraland-2021-11">opportunity.</a> This week, Sandbox saw the sale of the most expensive piece of <a href="https://markets.businessinsider.com/news/currencies/metaverse-property-sandbox-virtual-real-estate-deal-record-4-million-2021-11">virtual land</a> ever, after Republic Realm spent $4.3 million on a plot.Decentraland is gearing up to host a 2022 edition of this October's <a href="https://markets.businessinsider.com/news/currencies/metaverse-decentraland-festival-happening-again-next-year-nft-sandbox-2021-11">virtual festival</a> that drew in 50,000 attendees who claimed a total of 11,204 NFTs. Sports clubs are diving in too. English soccer club Manchester City has teamed up with Sony to build its own virtual world, according to a <a href="https://markets.businessinsider.com/news/currencies/metaverse-investing-crypto-sport-manchester-city-sony-nft-sandbox-decentraland-2021-12">statement </a>Tuesday. And German sportswear maker Adidas said recently it had teamed up with crypto exchange Coinbase after announcing it would expand its activities in the metaverse.Gemini exchange founders Tyler and Cameron Winklevoss said they had purchased a plot of virtual land and <a href="https://markets.businessinsider.com/news/currencies/gemini-crypto-millions-funding-metaverse-winklevoss-meta-zuckerberg-2021-11">raised</a> $400 million in a funding round recently which they will use to help build their own metaverse.

Just 4 metaverse projects sold $106 million in virtual land last week, with The Sandbox taking a massive lead: DappRadar

<keyword id="104359" type="General" weightage="20" keywordseo="Income-tax-return" source="Orion">Income tax return</keyword> forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday. The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> In an interview with PTI, Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue. "The provision in the Finance Bill is related to taxation of virtual digital assets. It is to bring certainty in taxation of cryptocurrencies. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament," he said. The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly. In the meanwhile, a central bank-backed digital currency will start circulating in the next fiscal to usher in cheaper, more efficient currency management. The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, he said adding the income tax return form from next year will have a separate column to declare gains from crypto. "Next year <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> form will show a separate column for crypto. Yes, you will have to disclose," he said. The launch of 'Digital Rupee' by <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> as well as a 30 per cent tax from April 1 on profits from digital asset transactions, including cryptocurrencies and non-fungible tokens (NFTs) was announced by Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in her budget speech on Tuesday, as the country keeps pace with the global move toward virtual financial instruments. "The Government was very clear that it has to push for a tax on income from crypto assets. So we have brought in maximum rate and levied 30 per cent, with an applicable surcharge. We have also brought in TDS, so we will now track the transactions," Bajaj said. The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act. The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1. Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets. It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income. No deduction has been allowed since cryptocurrencies and virtual digital assets do not have any economic value, except the underlying technology, Bajaj said. The crypto market in India grew 641 per cent in the year through June 2021, according to an October report by industry research firm Chainalysis. "It was always taxable, I am not saying it's not a new tax, I'm bringing certainty in tax. Now if you show crypto in the ITR form, you will have separate head crypto and it will charge you 30 per cent tax," he said, adding that the message behind the Budget announcement is that crypto is taxable. Gains from crypto are chargeable to income tax even at present, Bajaj said, adding the Assessing Officer will assess the ITR based on crypto income that the assessee has shown. "If somebody says it's a long-term capital gains tax (LTCG), he may say no it's not LTCG tax, it is a business income and hence liable to 30 per cent tax," he said. With regard to taxability of cryptocurrency prior to April 1, 2022, Bajaj said, "For transactions before April 1 you will show in some head in your ITR and the Assessing Officer will do an assessment for you". Giving example, he said currently trading in the derivative is not considered as investment or capital gain but is treated as business income. "The Assessing Officer will take a call on what head crypto gains should be charged," the Secretary said. Bajaj said the new currency that RBI will bring will also have the underlying blockchain technology. "So, what we are also saying is that since it doesn't have economic value, we will not allow set-off of losses or carry off loses." Bajaj said currently some people are showing crypto gains as income and paying taxes, but some people are not doing it. With TDS provision introduced, transaction information will reach tax department automatically. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ether-cardano-and-solana-surge-in-trade-most-altcoins-in-the-green/slidelist/89289934.cms">Ether, Cardano and Solana surge in trade, most altcoins in the green</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-motors-maruti-suzuki-tech-mahindra-hdfc-and-other-hot-stocks-on-february-2/slidelist/89287937.cms">Tata Motors, Maruti Suzuki, Tech Mahindra, HDFC and other hot stocks on February 2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/china-may-not-like-cryptocurrencies-but-is-pushing-blockchain-across-164-cities-companies-and-other-entities/articleshow/89246924.cms">China may not like cryptocurrencies but is pushing blockchain across 164 cities, companies and other entities</a>

Income tax return form will have a whole new column just for crypto next year

<ul class="summary-list"><li><keyword id="4259867" type="PERSON" weightage="60" keywordseo="grayscale-investments" source="Orion">Grayscale Investments</keyword> is offering new trusts that invest in five different <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>.</li><li>The new trusts will invest in Basic Attention and Decentraland tokens, <keyword id="10952237" type="General" weightage="60" keywordseo="chainlink" source="Orion">Chainlink</keyword>, <keyword id="10952238" type="General" weightage="60" keywordseo="filecoin" source="Orion">Filecoin</keyword>, and <keyword id="10952239" type="General" weightage="60" keywordseo="livepeer" source="Orion">Livepeer</keyword>.</li><li>Investor demand for digital currencies has never been higher, Grayscale CEO Michael Sonnenshein said.</li></ul>Digital currency asset manager Grayscale Investments announced Wednesday that it is offering <a href="http://www.globenewswire.com/news-release/2021/03/17/2194615/0/en/Grayscale-Investments-Launches-Five-New-Investment-Trusts.html">five new investment trusts,</a> bringing its single-asset lineup to 13. The new trusts are launching into fairly niche segments of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto</a> space, with three investing in Chainlink, Filecoin, and Livepeer, which are blockchain-based digital payment systems. One will invest in Ethereum-based Basic Attention tokens, while the fifth will hold coins in the virtual reality platform Decentraland. These trusts are among the first of their kind to solely invest in the digital currencies underlying each investment product. "Digital currencies have reached an inflection point," Grayscale CEO Michael Sonnenshein said in a statement. "Investor demand has never been higher, and every day we're seeing new entrants to what has surely become a bona fide asset class." <div type="image" title="ForestPlaza_04" height="441" width="1024" msid="81571140" hostid="261"></div> Grayscale said all five trusts are open for subscription by eligible individual and institutional accredited investors. The decision to launch them was based on assessment of investor demand and the integrity of each <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">cryptocurrency</a>, Sonnenshein told Bloomberg in an <a href="https://www.bloomberg.com/news/articles/2021-03-17/biggest-bitcoin-fund-provider-to-offer-different-crypto-trusts?utm_campaign=socialflow-organic&amp;utm_content=crypto&amp;utm_source=twitter&amp;utm_medium=socialedium=social">interview</a>. The asset manager's biggest product is still its $34 billion Grayscale Bitcoin Trust. The new cryptocurrencies it has chosen have much smaller market values in comparison to bitcoin. Basic Attention tokens are known to track consumers' time and attention on websites, with the goal of understanding how to efficiently distribute advertising money. Chainlink runs on the Ethereum blockchain, with a technology that enables delivery of price feeds into decentralized finance applications. Filecoin is a storage service provider that enables anyone to rent spare storage space on their computer, creating a huge source of data storage. Livepeer is a decentralized video-streaming network for those who wish to add live or in-demand video to their networks. Meanwhile, Decentraland tokens can be used to buy up virtual plots of land and goods and services within its virtual-reality space. Grayscale said it plans to continue a tradition of creating "novel pathways" for investors to access the opportunities that digital currencies may offer.

The world's largest crypto fund manager is offering new trusts that invest in 5 different cryptocurrencies

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Rare Bits/BI GraphicsA sampling of digitized goods available for purchase on Rare Bits.</div></div></div><ul><li>Rare Bits is a marketplace where you can buy and sell digital goods using cryptocurrencies.</li><li>On Rare Bits, you can buy collectibles that you actually own through blockchain technology. </li></ul>For the team behind virtual goods marketplace Rare Bits, dealing in digitized assets is second nature. Three of Rare Bits' four co-founders are former Zynga employees who worked on FarmVille, the Facebook farming game. On FarmVille, users spent hours cultivating digital crops and tilling virtual soil. At its peak, <a href="https://slate.com/technology/2018/03/farmville-helped-sow-the-seeds-of-the-cambridge-analytica-scandal.html">FarmVille had more than 80 million active monthly users</a> and its own payment system, called Farm Cash, where users could trade in real-world money for virtual farm animals and farmhouse decor.The idea that people will spend real money on intangible items is the thesis of Rare Bits, an online emporium that deals exclusively in digitized collectibles. On Rare Bits, you can use cryptocurrencies to purchase virtual items like<a href="https://rarebits.io/item/CryptoKitties/39900"> googly-eyed cats</a>, <a href="https://rarebits.io/collection/CryptoBots">cartoon "CryptoBots</a>," and <a href="https://rarebits.io/item/CryptoPunks/9999">pixelated "CryptoPunks."</a>While digitized assets have been available for purchase in the past, Rare Bits co-founder Daniel Lee says that with the advent of blockchain technology, there's been a fundamental shift in the way people consider virtual ownership."All digital goods that have been sold in the history of digital goods were locked within the server of one specific individual," Lee told Business Insider. "It was a one-way street: You could buy something, but the developer could take it away, and you couldn't resell or trade it."With the blockchain providing a digital ledger indicating virtual ownership, there's an influx of interest surrounding the buying and selling of digital goods.It was the blockchain, said Lee, that inspired both him and his co-founders to create an entire marketplace centered on virtual ownership."Given all of our experiences based on building businesses that sell digital goods, we knew that there's a lot on the horizon for building a digital goods platform," Lee said.So far, the San Francisco-based company has received $6 million in funding from investors including First Round Capital and Craft Ventures. On Tuesday, Rare Bits announced <a href="https://techcrunch.com/2018/05/08/rare-bits-launches-a-market-for-digital-collectables/">the addition of Fan Bits</a> to its platform, an interface that lets creators put digital artwork up for sale on the blockchain, all without having any prior knowledge of blockchain technology. "The area of entertainment drives adoption, but there's going to be a progression," said Lee. "There's going to be a shift in the way people think of ownership, and we want to be the company at the center of that shift. Now, when you own something online, it actually means something."<a href="http://www.businessinsider.com/intelligence/bitcoin-101?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_bitcoin-101"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-to-get-billion-views-viral-hit-youtube-2018-4">How to get a billion views on YouTube</a></h3> <div> </div> </div>

Blockchain startup Rare Bits wants to be the cryptocurrency-fueled Amazon for digital goods

<ul class="summary-list"><li>A mega yacht just sold for around $650,000, HypeBeast first reported.</li><li>The Metaflower Super Mega Yacht was purchased for 149 ether.</li><li><keyword id="12616600" type="UNKNOWN" weightage="60" keywordseo="the-sandbox" source="Orion">The Sandbox</keyword> is a virtual world where players can build, own, and monetize their gaming experiences.</li></ul>A mega yacht just sold for around $650,000, making it the most expensive non-fungible token ever sold in The Sandbox virtual gaming world.The <a href="https://opensea.io/assets/0xa342f5d851e866e18ff98f351f2c6637f4478db5/69268721851518851203477350973661279010842020632441619262890672708376456069120">Metaflower Super Mega Yacht</a> was purchased for 149 ether, according to etherscan. It is described as an ultra-luxury megayacht, featuring a DJ booth, two helipads, and a hot tub, among other amenities. <a href="https://hypebeast.com/2021/11/the-metaflower-super-mega-yacht-nft-sells-for-a-record-650000-usd">HypeBeast</a> was the first to report.The digital asset was released by <keyword id="11919792" type="UNKNOWN" weightage="60" keywordseo="republic-realm" source="Orion">Republic Realm</keyword>, a <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> developer, for <a href="https://opensea.io/The_Fantasy_Collection_Sandbox?tab=created">The Fantasy Collection</a> line of luxury NFTs designed for The Sandbox. Other luxury products include private islands, jet skis, and speedboats.<a href="https://www.sandbox.game/en/about/">The Sandbox</a> is a virtual world where players can build, own, and monetize their gaming experiences.Players can create digital assets such as NFTs and upload them to the marketplace, according to its <a href="https://installers.sandbox.game/The_Sandbox_Whitepaper_2020.pdf?_ga=2.156280754.82602243.1637940268-1518978721.1637940268">white paper</a>. Those who own <keyword id="12216254" type="UNKNOWN" weightage="60" keywordseo="sand" source="Orion">sand</keyword>, the main utility token of the platform, can participate in the governance of the platform via a decentralized autonomous organization, or DAO.The sale of luxury items in the metaverse, a new three-dimensional iteration of the internet, has been making headlines as of late.In November, a <a href="https://markets.businessinsider.com/news/currencies/metaverse-property-decentraland-sale-price-mana-coin-cryptocurrency-2021-11">plot of digital land</a> in <a href="https://market.decentraland.org/" target="_blank" rel="noopener">Decentraland</a>, a virtual world, was sold for $2.43 million — a hefty price tag that trumped the cost of most homes in New York City and San Francisco.A day after, <a href="https://markets.businessinsider.com/news/currencies/metaverse-crypto-digital-land-sold-axie-infinity-nft-decentraland-2021-11">another plot of digital land</a> sold for $2.3 million in Axie Infinity, another virtual world.The sales continue to highlight the momentum of how much investors are willing to pay to secure their lots before the metaverse enters the mainstream.The acceleration in interest has also fueled steep rises in the value of the cryptocurrencies that are linked to the virtual world, from <keyword id="12453303" type="UNKNOWN" weightage="60" keywordseo="decentraland" source="Orion">Decentraland</keyword>'s <keyword id="12453304" type="UNKNOWN" weightage="60" keywordseo="mana" source="Orion">mana</keyword> token to Sandbox's sand coin.

A metaverse mega yacht that just sold for $650,000 is the most expensive NFT sold in The Sandbox virtual world

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>, <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword>, and major <keyword id="11961769" type="UNKNOWN" weightage="60" keywordseo="altcoins" source="Orion">altcoins</keyword> tumbled Friday after <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> declared all crypto-related transactions illegal.</li><li>The bank said virtual currencies do not have the same legal standing as fiat currencies.</li><li>"We've also seen this before from China ... but it has not prevented adoption of bitcoin and digital assets from continuing their upward trend," a trader said.</li></ul>Bitcoin slipped below $42,000 Friday while ether hovered around $2,800 after China's central bank declared all <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">cryptocurrency-related transactions as illegal</a>, its strongest move against the digital asset industry thus far.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Bitcoin</a> was trading at $42,238 as of 2:48 p.m. ET Friday, a slide of around 5.59% in the past 24 hours, while <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">ether</a> was trading at $2,9.7, a fall of 7.65%, according to <a href="https://www.coindesk.com/data/" target="_blank" rel="noopener">CoinDesk</a> data.On Friday, the People's Bank of China said in a <a href="https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA" target="_blank" rel="noopener">statement</a> that virtual currencies "are not legal and should not and cannot be used as currency in the market."These do not have the same legal standing as fiat currency, the central bank added, since they are issued by non-monetary authorities and use encryption technology.Activities that the bank considers illegal include buying and selling virtual assets as a central counterparty, as well as providing intermediary or pricing services for <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> transactions.Also prohibited are token issuance financing, crypto derivatives transactions, and other activities suspected of illegal sale of tokens. The move also bans overseas exchanges from offering services to Chinese residents. Major altcoins were also sliding lower Friday:<ul><li><a href="https://markets.businessinsider.com/currencies/xrp-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Ripple</a>: down 6.26% to $0.926393</li><li>Solana: down 8% to $133.06</li><li><a href="https://markets.businessinsider.com/currencies/doge-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dogecoin</a>: down 7.07% to $0.207360</li><li><a href="https://markets.businessinsider.com/stocks/gpdb-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Polkadot</a>: down 7.52% to $30.06</li><li><a href="https://markets.businessinsider.com/currencies/usd-pen?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Stellar</a>: down 7.35% to $0.278552</li></ul>"We've also seen this before from China where news of bans have been reported over the years, but it has not prevented adoption of bitcoin and digital assets from continuing their upward trend," Freddie Williams, trader at digital asset broker GlobalBlock, said in a note Friday.He downplayed some concerns, saying the market will bounce back similar to the way it did earlier this week after initially selling off on news of the Evergrande debt crisis.

Bitcoin, ether, and major altcoins tumble on news that China will completely ban all crypto transactions

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> miners Marathon Digital and Riot Blockchain fell Friday after China declared crypto-related transactions illegal. </li><li>China said virtual currencies don't have the same legal standing as fiat currency. </li><li>Bit Digital and Coinbase were other crypto-linked stocks that lost ground. </li></ul>Shares of bitcoin miners and other stocks tied to the cryptocurrency space slid Friday after China said all crypto-related transactions are illegal, with the country's continued crackdown on digital assets also driving down bitcoin's price. <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">Bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest">ether</a> "are not legal and should not and cannot be used as currency in the market," the People's Bank of China said, according to a translated version of its <a href="https://mp.weixin.qq.com/s/4QWsmCyksuDGQO8eKiixwA">statement</a>. The central bank <a href="https://markets.businessinsider.com/news/currencies/china-crypto-bans-cryptocurrency-transactions-forbids-foreign-exchanges-service-citizens-2021-9">said virtual currencies don't have the same legal standing</a> as fiat currency because they're issued by non-monetary authorities and use encryption technology, it said.Buying and selling virtual currencies as a central counterparty and providing pricing services are among the activities the PBOC said are against the law. It also said overseas, online virtual currency exchanges providing services to Chinese residents are conducting business illegally. In US trade, shares of <a href="https://www.marketwatch.com/investing/stock/mara?mod=over_search">Marathon Digital</a>, a bitcoin miner valued at around $3.6 billion, fell 7% premarket and lost as much as 8.4% when they hit $34.53. Bitcoin miners <a href="https://markets.businessinsider.com/stocks/riot-stock">Riot Blockchain</a> and <a href="https://markets.businessinsider.com/stocks/BTBT-stock">Bit Digital</a> slumped 7% and 7.9%, respectively. Meanwhile, shares of <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a>, the largest <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>currency exchange in the US, declined by 3.7%, and crypto seller <a href="https://markets.businessinsider.com/stocks/hood-stock">Robinhood</a> shed 2.7%. <a href="https://markets.businessinsider.com/stocks/mstr-stock">MicroStrategy</a>, the business enterprise software maker which makes large purchases of bitcoin, lost 5.6%.Beijing has been steadily tightening the screws on cryptocurrency operators, weighing on prices for digital coins. China previously ordered bitcoin miners operating in the country to shut down, citing environmental concerns. It has also raised concerns about digital assets being used in financial crimes. Bitcoin, the world's most traded cryptocurrency, gave up 7.9% Friday to trade at $41,353, and ether, the token of the ethereum blockchain, sank 10% to $2,823.

Marathon Digital and other crypto-linked stocks drop after China declares cryptocurrency transactions illegal

<ul class="summary-list"><li>The two ETFs will track a "global universe" of companies on <keyword id="11909874" type="UNKNOWN" weightage="60" keywordseo="fidelity" source="Orion">Fidelity</keyword>'s proprietary indexes.</li><li>Fidelity will create two ETFs that track companies involved in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and the <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> according to SEC filings.</li><li>The filings come as the crypto market undergoes a severe crash while the metaverse grows in popularity.</li></ul>Asset manager Fidelity Investments plans to launch two exchange-traded funds that will track and reflect the performance of companies exposed to the metaverse and crypto sector, <a href="https://www.sec.gov/Archives/edgar/data/945908/000119312522019699/d605666d485apos.htm">SEC filings</a> showed on Thursday. Fidelity <a href="https://www.sec.gov/Archives/edgar/data/945908/000119312522019756/d177178d485apos.htm">filed</a> with the US Securities and Exchange Commission on Thursday and set out key information on the proposed exchange-traded funds, called the Fidelity Crypto Industry and <keyword id="6358577" type="UNKNOWN" weightage="60" keywordseo="digital-payments" source="Orion">Digital Payments</keyword> ETF, and the Fidelity Metaverse ETF.The filings come at a time when cryptocurrencies are undergoing <a href="https://www.washingtonpost.com/business/2022/01/25/crypto-collapse-regulations/">a severe correction</a> that has eroded over $1 trillion in market value in a matter of weeks. However, the metaverse is seeing a <a href="https://www.forbes.com/sites/hannahmayer/2022/01/24/the-future-of-the-metaverse-what-2022-has-in-store-for-the-immersive-digital-world/?sh=3c1f0154335a">surge in popularity</a> from both retail and institutional investors, with billions of dollars in <keyword id="6355120" type="UNKNOWN" weightage="60" keywordseo="investment" source="Orion">investment</keyword> pouring into the virtual world. The <a href="https://www.sec.gov/Archives/edgar/data/945908/000119312522019699/d605666d485apos.htm">Fidelity Crypto Industry and Digital Payments ETF</a> will provide returns correlating with the performance of the Fidelity Crypto Industry and Digital Payments <keyword id="12211908" type="UNKNOWN" weightage="60" keywordseo="index" source="Orion">Index</keyword>. This index reflects the performance of "a global universe of companies" that are engaged in activities related to cryptocurrency, including cryptocurrency mining, <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> technology, and digital payments processing, <a href="https://www.sec.gov/Archives/edgar/data/945908/000119312522019699/d605666d485apos.htm">according to the filing</a>. The ETF will not invest directly in cryptocurrencies or other digital assets, but it would have indirect exposure to them through its investments in companies involved in crypto, the filing stated.The <a href="https://www.sec.gov/Archives/edgar/data/945908/000119312522019756/d177178d485apos.htm">Fidelity Metaverse ETF</a> will provide investment returns correlating with the performance of the Fidelity Metaverse Index.This Index reflects the performance of a "global universe of companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the metaverse," <a href="https://www.sec.gov/Archives/edgar/data/945908/000119312522019756/d177178d485apos.htm">according to the filing</a>."'Metaverse' is a term used to describe a future state of the internet characterized by a network of both augmented reality and virtual worlds that can be experienced persistently and in a shared environment by large numbers of users," the filing stated.A growing number of companies are seeking to get exposure to the metaverse, whether through owning digital assets in the virtual world, or via those firms that run it or operate in it. Analysts at Goldman Sachs believe the metaverse has the potential to offer <a href="https://www.businessinsider.com/metaverse-investing-goldman-sachs-web3-crypto-blockchain-analysis-outlook-strategy-2022-1">a $8-trillion investment opportunity</a>.

Asset manager Fidelity is planning to launch two ETFs to track the metaverse and the cryptocurrency sector, according to SEC filings

<ul class="summary-list"><li>Republic Realm bought land in The Sandbox metaverse for a record $4.3 million, the Wall Street Journal reported. </li><li>The virtual land developer purchased the <keyword id="12643230" type="UNKNOWN" weightage="60" keywordseo="metaverse-property" source="Orion">metaverse property</keyword> from video game company Atari. </li></ul>Prices for virtual land set a new milestone Tuesday with one company buying property in The Sandbox metaverse for a record $4.3 million, according to <a href="https://www.wsj.com/articles/metaverse-real-estate-piles-up-record-sales-in-sandbox-and-other-virtual-realms-11638268380">The Wall Street Journal</a>.Republic Realm, which invests in and develops virtual real estate and other digital assets, purchased the land from Atari SA, marking the biggest metaverse property sale publicized to date, the WSJ reported citing Republic Realm and data from NonFungible.com. The new record broke the one set just last week by Metaverse Group, a subsidiary of Tokens.com, when it <a href="https://markets.businessinsider.com/news/currencies/metaverse-property-decentraland-sale-price-mana-coin-cryptocurrency-2021-11?utm_medium=ingest&amp;utm_source=markets">purchased a patch of digital land for 618,000 mana</a>, or about $2.43 million at the time. That land is set in the so-called fashion district of <a href="https://market.decentraland.org/">Decentraland</a>, an online, virtual-only environment. The deals underscore the <a href="https://markets.businessinsider.com/news/currencies/metaverse-real-estate-property-sales-virtual-land-sandbox-decentraland-2021-11">increasing appetite for stakes in the metaverse</a>, or the online space of interconnected 3D worlds in which people in avatar form can socialize, work, shop, and play games. Crypto asset management firm Grayscale has said the metaverse holds <a href="https://markets.businessinsider.com/news/currencies/metaverse-1-trillion-opportunity-grayscale-virual-land-sales-decentraland-2021-11?utm_medium=ingest&amp;utm_source=markets">a $1 trillion-a-year revenue opportunity</a>. Republic Realm owns about 2,500 plots of digital land across 19 worlds, according to WSJ. The company sometimes decides to sit on vacant metaverse property and wait for it to appreciate. Other times it will pay an architect to design virtual homes or malls and then hire a game developer to build them, the report said, citing Republic Realm's co-founder Janine Yorio. The company and Atari plan to team up on developing some of the properties Republic Realm purchased on The Sandbox, the report said.

You Searched For "virtual digital asset" and got 12 results

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The world's largest crypto fund manager is offering new trusts that invest in 5 different cryptocurrencies

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Blockchain startup Rare Bits wants to be the cryptocurrency-fueled Amazon for digital goods

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A metaverse mega yacht that just sold for $650,000 is the most expensive NFT sold in The Sandbox virtual world

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Bitcoin, ether, and major altcoins tumble on news that China will completely ban all crypto transactions

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