Happy Holidays, everyone! 🥳🎆We'll be back with the full Lowdown the day after New Year's Day! In the meantime, please check out some of our newest updates.
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SafeMoon Orbital Shield
SafeMoon announced that SOS has been officially launched!
"The best way to spread holiday cheer is to sing loud for all to hear!🎄
#SAFEMOONORBITALSHIELD is here!
Security to all, & to all a good night."
SafeMoon also implemented their new newsletter! Check out the announcement below.
"Happy holidays #SAFEMOONFAMILY! 🎄
We are excited to announce the launch of the #SAFEMOONNEWSLETTER! 📰
This will become your path to updates, Captain's Logs, exclusive behind-the-scenes content & more from #SAFEMOON! 🥳
Subscribe to Excitement: safemoon.com/newsletter"
SafeMoon Pulse: November Recap
SafeMoon's monthly Pulse article and video are live!
Non-Fungible Tokens and the Virtual Marketplaces That They Enable
No discussion about the metaverse would be complete without talking about Non-fungible tokens (NFTs). The synergy between the metaverse and NFTs is undeniable, with virtual marketplaces like Decentraland and The Sandbox already offering users a way to buy, sell, or trade virtual assets that are backed by the blockchain.
But how exactly will NFTs fit in with the big picture of the metaverse? Beyond the obvious use cases such as virtual real estate and in-game items, it’s hard to say for sure. But one thing is certain: The potential for NFTs to disrupt traditional markets is huge. Why? Because NFTs address the problem of scarcity.
With traditional assets, there is a finite supply. This means that as demand increases, prices go up. But with NFTs, the supply is not finite. So even if demand for virtual assets skyrockets, prices can stay reasonable and accessible. In other words, NFTs have the potential to democratize access to assets by means of tokenization and fractional ownership, which could lead to the development of a new class of digital entrepreneurs.
As we have seen with Decentraland and The Sandbox, NFTs are already being used to create virtual marketplaces where users can buy, sell or trade assets that are backed by the blockchain. These assets can be anything from virtual real estate to in-game items.
The use of NFTs enables these marketplaces to operate in a trustless manner, without the need for a central authority. This not only makes them more resilient to censorship but also allows for the implementation of novel features such as trustless escrow and decentralized pricing.
The use of NFTs also has implications for the way these marketplaces are taxed. In traditional markets, taxes are typically levied on the sale of goods or services. However, in a market powered by NFTs, taxes could be levied on the transfer of ownership of the NFT itself.
This would have the effect of taxing all transactions equally, regardless of the value of the goods or services being exchanged. How? The valuation system for NFT transactions and the taxes levied on them could be much simpler than the current system for traditional assets.
That is because with NFTs, the value of an asset is intrinsically linked to the underlying blockchain. This makes it possible to use automatic valuation algorithms that take into account the total supply of the token, the number of tokens in circulation, and the transaction history of the token on the blockchain.
Of course, this is all speculation at this point. It remains to be seen how virtual marketplaces will be taxed in practice. But the use of NFTs does open up the possibility for a more efficient tax system.
This could potentially lead to a more efficient tax system, as it would eliminate the need for complex valuation systems.
To learn more about NFTs, specfically their challenges in virtual marketplaces and how to overcome those challenges, read the full VentureBeat article here!