Study on NFT ownership, Ralph Lauren doubles down on crypto and more

This article is not intended to be financial, investment or trading advice. This article is for information and solely for education purposes. It does not protect against any financial loss, risk or fraud.

Cryptocurrencies are unregulated in the UK. Capital Gains Tax or other taxes may apply. The value of investments is variable and can go down as well as up.

NFT ownership is prevalent among 75% of cryptocurrency holders

Source(s): 1

30% of whom acquired their first NFTs in the last year.

• A survey was completed by CoinGecko and Blockchain Research lab between December 2022 and January 2023, with 438 respondents.
• Interestingly, the survey showed that once people purchase their first NFT, they usually seem to keep collecting and buying more.
• NFTs have evolved from being mainly profile pictures to having utilities in both the digital and real world. As NFTs continue to serve various needs, more and more NFT holders are likely to become avid collectors.
• NFTs can cater to a wider audience than classical cryptocurrency investments due to the flexibility and wide range of use cases.
• Some tangible use cases are event ticketing, airline ticketing, real estate, fashion collections, digital art and many more.
• Making it easier for people to have their first experience with NFTs is key to the growth potential of the NFT market. This is where NFT collections from well-known brands like Adidas and Starbucks, and seamless NFT experiences like Reddit’s Collectible Avatars, come into play to encourage adoption of the technology.

 

What would this mean for the market?

• It’s great to see that the NFT space is maturing and moving away from the initial profile picture hype that saw Bored Apes and CryptoPunks traded for millions of dollars.
• Every week there are more and more real-world examples of use cases from industries that see the value of the underlying technology and the ability to enhance communities and their participation through issuing NFTs.
• As stated, as more and more mainstream brands start interacting with the space, the greater the effect on adoption will be moving forward.

 

Ralph Lauren moves towards crypto acceptance

Source(s): 1

Ralph Lauren has entered the Web3 space by utilizing Ethereum NFTs to send invites for a private party and accepting cryptocurrency at one of its stores.

• Ralph Lauren are accepting cryptocurrency as a form of payment in their new Miami Design District store through a partnership with Crypto PSP, BitPay.
• Through the partnership, customers will be able to pay with BTC, ETH, MATIC, USDC and other cryptocurrencies.
• Other than accepting crypto as a form of payment, Ralph Lauren are also embracing NFTs for their community.
• As part of a multi-tiered partnership with online leisure community Poolsuite, Ralph Lauren is providing a crypto-native experience by gifting NFTs.
• The community has been selling NFT memberships for its "Internet Leisure Corporation" since November 2021 and minted a secondary collection called "Grand Leisure" almost a year later, predating the rise of Web3 (launched in 2014).
• Commemorative Ralph Lauren tokens have been sent to Poolsuite NFT holders, issued on the Ethereum blockchain. These tokens allow holders to register for tickets to a private party at a Miami estate, which will be hosted in late April. The NFTs have been distributed to over 2,700 addresses.
• Moreover, holders of Poolsuite's Grand Leisure collection will have the opportunity to update their "Leisurist" avatars with Ralph Lauren-inspired digital looks based on the retailer's recent runway show in Los Angeles.

 

What would this mean for the market?

• One of the world’s most recognisable consumer brands have started to accept cryptocurrency as a form of payment. This is amazing for mainstream adoption, and it showcases that there is a desire from these retailers to accept crypto as a payment option.
• Using NFTs to send an invite to an exclusive party once more showcases the versatility of NFTs when it comes to community engagement for brands and their customers.

 

MetaMask launches new fiat purchase function for cryptocurrency

Source(s): 1

The new functionality has been added to the MetaMask Portfolio dApp.

• MetaMask Portfolio dApp was launched last September after a large amount of requests from users to be able to view their entire portfolio in one place.
• Previously, there was no way to do so using MetaMask services alone, and users had to rely on external sources to get a comprehensive report on their assets across crypto, DeFi, and NFTs.
• Now, MetaMask has introduced a new "Buy Crypto" feature that allows users to purchase a diverse range of cryptocurrencies through different payment methods such as debit or credit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House). This service will be available to users in more than 189 countries, offering over 90 tokens across eight different networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo.
• Metamask has partnerships with a number of Crypto PSPs who provide the conversion of fiat to crypto on behalf of the users.
• In addition, the new "Buy Crypto" feature of MetaMask considers various factors, such as the user's location and local regulations, to provide a personalized quote for each purchase. After selecting a quote, users will be directed to a third-party provider's website to finalize the transaction. The purchased funds will be directly deposited into the user's MetaMask wallet.

 

What would this mean for the market?

• Seamless on/off-ramping from fiat to crypto is key for mainstream adoption and this new feature is a very good way of doing so.
• Users will receive a selection of different on-ramp options based on where they live, allowing them to receive the best and most convenient way to convert their fiat into crypto.