Wal-Mart, Tesla Lead Early 2022 Crypto Headlines
2022 has started out with a noticeable lack of love for cryptocurrency investors, but the standing consensus among the cryptocurrency Brain Trust is that digital assets will continue to draw new investment dollars this year, despite having to weather the current volatility.
Halfway through January, and already there are some newsworthy events to suggest that 2022 will be another wild ride.
Wal-Mart Files Paperwork Signaling Expansion into Crypto and NFTs
The world’s second largest retailer (behind Amazon) has apparently seen enough, and now mega-force, Wal-Mart, wants in on the crypto-craze after watching how remarkably well digital assets performed in 2021. Wal-Mart has already submitted formal applications with the US Patent office for selling virtual goods, and another filing suggests that the retailer wants to begin offering Non-fungible Tokens (NFTs) as well.
NFTs are perhaps the biggest juggernauts to come out of the digital assets market in 2021. While an NFT isn’t entirely the same as a cryptocurrency, they share many characteristics. The key distinction is that NFTs are non-fungible tokens, whereas cryptocurrencies are. Fungible simply means “tradeable.”
Based on a review of the patent office filings, Wal-Mart has been putting an extensive amount of time and considerable resources into preparing for their inevitable expansion into the digital assets market.
They’re not alone. Given the growing popularity of the metaverse, and since Facebook announced a rebranding to “Meta,” signaling their intention to expand into the metaverse, there has been a “gold rush” of sorts among many major brands to adopt their own forms of crypto-currencies, NFTs, or both.
Tesla CEO, Elon Musk, Pumps Dogecoin with (another) Tweet
Is it a move to pump the market? Who’s to know for sure, but after weeks of suggesting the possibility, Tesla’s celebrity CEO, Elon Musk, officially announced that the all-electric car maker would begin accepting the cryptocurrency Dogecoin for Tesla branded merchandise. The announcement was made via Musk’s Twitter account on Jan. 14th.
It’s been a remarkable journey for the cryptocurrency that was originally launched as a mockery. Most crypto enthusiasts know well enough by now that favourable news like this can be announced for the sole purpose of pumping the value of digital assets like Dogecoin. In this case, the Tesla CEO’s Twitter announcement sent Dogecoin skyward, but only momentarily. Dogecoin shot up from .17 cents per coin up to .20, but then fell back to pre-announcement levels within 72 hours.
Arkansas offering Bitcoin and a Bicycle to Young Tech Talent
If living in the US ever had any appeal, then the state of Arkansas might be worth checking out. In addition to being the only state in America with an active diamond mine that the public can visit, the Northwest Arkansas Council (NAC), in collaboration with the southern state’s major employers, is offering remote employees an incentive that includes $10,000 in bitcoin…if you’re willing to relocate to the state.
Thousands of prospects have already submitted their interest. Conditions are that you must be 24 years old and have at least two years of work experience. The only ostensible catch is you need to “set up shop” within six months of being accepted and willing to sign a one-year lease or buy a home in the Arkansas area.
“This move was designed to attract more participants in blockchain technologies to help build up the region’s tech economy," says NAC Communications Director, Nate Green.
Author: Greyson Kelly
Greyson Kelly is a business writer living in Milwaukee, Wisconsin. He writes extensively on technological trends, cryptocurrency, and ‘cutting edge’ industry topics. He has an MBA in Business and has over a decade of experience in communications and public relations.