Web 3.0 Woundup –26/03/23

Reading Time: 2 minutes

This week’s Web 3.0 woundup sees Magic Eden launch Bitcoin support, NFTs potentially banned from retirement plans, and Trump NFTs booming.

Orange-you glad we cover stories like this?

Magic Eden Launches Bitcoin Support

NFT marketplace Magic Eden this week joined the Bitcoin NFT party and unveiled a Bitcoin NFT marketplace in partnership with Xverse and Hiro wallets. The exchange said it aims to popularize Bitcoin NFTs among collectors, with the new collectibles trading platform arriving shortly after leading NFT creator Yuga Labs launched its first Bitcoin NFT collection called TwelveFold.

According to Magic Eden, the BTC-powered marketplace only took 30 days to create and involved more than a dozen developers. The marketplace currently allows secondary NFT trading but it has plans to allow aspiring Bitcoin NFT creators to interact directly with the Bitcoin Ordinals project.

No Taking NFTs Into Retirement

U.S. citizens who planned to take their Bored Ape into a retirement home might need to rethink their strategy following a statement this week from the Internal Revenue Service (IRS) indicating that NFTs could be excluded from IRAs.

The IRS and U.S. Treasury Department declared their intention to release guidelines that might categorize NFTs in a similar manner to tangible collectibles such as artwork, coins, antiquities, and alcohol, which cannot be included in retirement savings accounts. The move would see the agencies class the JPEG within the NFT as the collectible for the purpose of taxation, rather than the NFT itself.

Trump NFTs Explode After Arrest Rumors

Donald Trump-linked NFTs, Donald Trump Digital Trading Cards, this week increased in value following rumors that the United States government is preparing to take the former president to court. The collectibles’ floor price and trading volume have increased by 20% and 70%, respectively after the former U.S. president was accused of mishandling classified information and lying about the usage of public funds.

However, Trump was not arrested as he intimated, although he did manage to raise $1.5 million in donations from his supporters after his announcement.