📈 Coinbase posts record Q4 earnings
Crushing analysts' predictions
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Hey Waivly Crew! 🌊 Minutes before the auction was scheduled to start on Wednesday, Sotheby’s withdrew a lot of 104 CryptoPunks. Coinbase has reported its fourth-quarter earning quarters, crushing analysts' predictions.
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Sotheby's 104 CryptoPunk sale cancelled minutes before auction
First announced on February 8th, a single-lot of 104 CryptoPunk NFTs was expected to sell for up to $30 million yesterday, but minutes before the auction began, it got cancelled.
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23 minutes before the bidding was scheduled to start, Sotheby’s announced the withdrawal. “Following discussions with the consignor, tonight's Punk It sale has been withdrawn. Thank you to our panelists, guests and viewers for joining us,” Sotheby’s tweeted.
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Not long after, the pseudonymous collector ‘0x650d’ tweeted “nvm, decided to hodl,” followed by two memes claiming they were “taking punks mainstream by rugging Sotheby’s.” The lot, which Sotheby’s titled “Punk It!,” was acquired by the collector in a single transaction back in July 2021.
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Because of the sale’s focus on CryptoPunks, Sotheby’s co-head of digital art, Michael Bouhanna, earlier described the as a “first-of-its-kind” and “monumental.”
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"CryptoPunks are the original PFP series that laid the groundwork for subsequent NFT projects and helped launch NFTs to the global stage as one of the most identifiable visual styles that has become synonymous with the digital art movement."
Neon launches world’s first NFT vending machine
Neon, an NFT marketplace built on the Solana blockchain has announced that it has opened the world’s first NFT vending machine in New York City’s Financial District.
According to a Business Wire report, the vending machine will operate 24 hours a day and accept USD credit and debit cards. Anyone who buys an NFT will get a box with a unique code inside to easily redeem their selected NFT on Neon’s marketplace
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Neon’s goal is to allow artists and creators to sell NFTs to everyone, no matter how much NFT and crypto knowledge they have. All users need to create an account is an email and payment method.
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“Giving people the choice to use vending machines and an easy online platform that decouples cryptocurrency from NFT participation means we can engage the widest possible audience. NFT buying and selling doesn’t need to be a mystery and you shouldn’t be required to hold Ethereum, write a smart contract, pay gas costs or bridge blockchains to participate,” said Jordan Birnholtz, CMO and co-founder of Neon.
The Waves
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Crypto Special
Coinbase made $2.5 billion in net revenue during Q4 of 2021
Yesterday, Coinbase, the leading cryptocurrency exchange in the US, reported that its fourth-quarter earnings beat analyst estimates after it earned $2.5B in net revenue.
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Investors initially predicted that Coinbase would generate around $1.94 billion during the quarter, much lower than the reality. Some of the key metrics include, $840 million net income, $1.2 billion in adjusted EBITDA, and 1.4 million monthly transaction users. Most notably, Coinbase’s total transaction revenue for 2021 was an impressive $6.8 billion.
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"In 2021, millions of new users joined the cryptoeconomy through Coinbase; we generated $7.4 billion in net revenue – including $2.5 billion in the fourth quarter; we became the first publicly traded crypto asset trading platform; and we made substantial progress in building a best-in-class infrastructure to enable easy, safe and secure on-ramps and access into the global cryptoeconomy," the firm said in its shareholder letter.
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Despite a potentially slow start to 2022, Coinbase reassured its investors that it plans for “aggressive” internal investment this year while also preparing for any potential bad market conditions.
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“In the event of a material decline in our business, below the ranges we have planned for, we may slow down our investments and would expect to manage our adjusted EBITDA losses to approximately $500 million on a full-year basis.”
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How Colorado is becoming the leading crypto state
Recently, Colorado Governor Jared Polis announced that Colorado will become the first state to accept crypto as a form of payment for state taxes and fees.
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Colorado, which was the state to first adopt and use blockchain technology for its government infrastructure, will now accept digital coins as a form of payment and deposit the corresponding value of the crypto into dollars to the state’s treasury.
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In a statement, Polis explained that the state government has been laying down the foundations for Colorado to be a center of crypto and blockchain innovation for many years. Polis views that the foundations that the state has laid would become “a critical part of its innovation ecosystem.”
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Colorado’s announcement of now accepting crypto as a form of tax payment comes after other states such as Arizona and California proposed a law that would allow crypto to be accepted as payment for governmental services as well as general payments of goods and services statewide.
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Despite the fact that officially Colorado will be the first state to allow crypto as a form of payment for state taxes, they were not the first state to implement the program. The state of Ohio implemented a similar program back in 2018 which they ultimately had to abandon in 2019 due to it being unsuccessful.
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With crypto being a big thing now, more and more states and even countries like El Salvador are beginning to adopt or move towards accepting crypto as a form of payment for taxes as well as goods and services.
Own and secure your crypto with Ledger
If you’re into cryptocurrency and own crypto assets, you need a secure place to store your coins and tokens. You probably already know that you shouldn’t store your crypto on an exchange due to potential hacks, not being solely in control of your crypto’s private keys, and for other reasons, and so a hardware wallet is the way to go and the best option to protect your private keys, therefore, you should make the move to a Ledger wallet.
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Ledger wallets are an extremely secure and premium way to secure, manage, and grow your crypto assets with their Bluetooth-enabled hardware wallets, and easy-to-use app which lets you manage your portfolio on the go. They let you manage multiple assets, buy, sell, grow, and exchange crypto, gain financial freedom by you being in full control and ownership of your private keys, and so much more.
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The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.
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