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ResearchNov 25 2022

Chain Research - Understanding How to Report NFT Sales Tax

Over the course of two years, several legacy brands have launched their own NFT collections with a physical product tied to their digital asset. As NFTs offer more than just digital artworks that live on the blockchain, companies are exploring new ways to use NFTs to authenticate their inventory. The distinction between digital and fiat currency becomes blurred as retail leaders start to explore different avenues and revenue streams that deliver virtual experiences for their customers. According to the IRS, digital assets are “broadly defined as any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology”. They include but are not limited to: “Convertible virtual currency and cryptocurrency, stablecoins and Non-fungible tokens (NFTs)”. The website makes it clear that digital assets are not to be deemed as “fiat currency,” as they are not issued by the central banks (yet).

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IndustryNov 16 2022

Chain Insights - Why Books Should Be Preserved on the Blockchain

Oftentimes when we hear the word “NFT”, our minds immediately begin to imagine a collection of 10,000 customized characters with a unique set of properties, or remember a quirky “.eth” domain name that could be worth millions one day. Artists have utilized NFTs as a medium for several years through photography, graphic design, and by designing avatars for Twitter profile pictures. Although artists have received mass exposure and on-going royalties for their art for the first time in history, there still seems to be one sub-group of creatives who remain underground: Writers. A common misconception is that NFTs can solely be used for digital collectables, ticket vouchers, MP3 files, or domain names, but for some reason the writers who meticulously curate each syllable of content on the internet are left out of the equation. Similar to visual art, without writers the world would quite literally have no meaning. Writing is the fuel that drives communication, and a writer’s dialogue serves society as a whole.

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IndustryNov 03 2022

Chain Insights- How Elon Musk Plans to Introduce Web3 Elements on Twitter

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Monthly RecapNov 01 2022

Monthly Recap: October 2022

Chain Enters a Partnership with the NBA’s Miami HEAT NFTiff Holders Can Now View Their NFTiff Pendant Renderings

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PressOct 31 2022

Chain Announces Partnership with the Miami Heat

<[Saint Kitts and Nevis] (October 31, 2022)> Leading Web3 and Blockchain software provider, Chain, is pleased to announce an advertising and promotional partnership with the NBA’s Miami HEAT, as their official Web3/Blockchain infrastructure partner. In the new partnership, Chain will be the first company to have its logo on the HEAT shooting shirt. Additionally, Chain will have a presence in community programming alongside the NBA franchise, be prominently featured in digital content on the team’s social media platforms and game day elements.

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IndustryOct 27 2022

Key Differences Between Centralized and Decentralized Exchanges

Buying crypto as a novice investor or trader can be an intimidating experience at first. After all, not every exchange is created equal. While some lack usable interfaces, others offer a wide range of trading features on their platforms. Some crypto exchanges are governed by centralized authorities, while some rely on smart contracts to connect users and liquidity providers. In order for newcomers to make more educated decisions about which exchange is best suited for their needs and risk tolerance, we will examine the two types of exchanges in the Web3 world; centralized and decentralized exchanges.

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IndustryOct 19 2022

Chain Insights - Why Communities Are the Driving Force Behind Web3

Every successful Web3 project has a strong community behind it. If you ever took a moment to explore Crypto Twitter, or even an NFT Discord channel, your head might spin by the threads of "Gm", "WAGMI", "HODL", and "Wen mint?" lingo. To an outsider looking in, this might not feel all that inclusive to novice Web3 users, but to community members, their bond is the driving force behind a project's success. For every new wave of cultural and technological change comes a reimagined definition of community. As the world transitions from the centralized Web2 paradigm to the emerging world of Web3, communities are redefining themselves in the process. Communities are reimagining how they organize, what they do, and how individuals can benefit as a result of this shift.

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IndustryOct 13 2022

Why NFTs Will Revolutionize Traditional Art

Several years before Larva Labs dropped the infamous CryptoPunks collection, a digital artist by the name of Kevin McCoy created the first NFT in history. In May 2014, McCoy minted a mesmerizing clip of an octagon, pulsating with fluorescent hues on the Namecoin blockchain. The historic gif, “Quantum” was sold for $1.47 million during the NFT boom of 2021. As an established digital artist with displays in the MoMa (Museum of Modern Art), McCoy once stated that, “The NFT phenomenon is deeply a part of the art world. It emerged from the long history of artists engaging with creative technology.”

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IndustryOct 07 2022

Chain Insights - The Evolution of Web3 Gaming

One of the most popular pastimes in modern history is playing video games. We often picture gamers as children or introverted teenage boys playing Xbox for hours a day, however this could not be farther from the truth. A recent study revealed that over 3 billion people worldwide are gamers, with the average age being 35, and almost an equal number of male and female gamers. It was even reported that the gaming industry earns more revenue than the music and film industry combined. Only a small percentage of gamers are able to earn professionally, while the rest simply use video games as an outlet to unwind or for entertainment. While the virtual world of video games is being explored through VR experiences and the metaverse, there are currently opportunities to earn real currency through online games. This currency isn't the fake money one can earn in the video game, rather it's the type of money that helps kids in developing nations create a lucrative source of income. And all the assets in the game, ranging from avatars, the outfits (skins), virtual land, and weapons, can be bought and sold with cryptocurrency. This is the world of GameFi, or as some call it, Web3 Gaming. GameFi is a combination of “game” and “finance”, and refers to games built on the blockchain that offer economic incentives to players. Web3 games offer players in-game rewards such as crypto tokens, NFTS, and virtual land through completing levels and battling other players. The dynamic of Web3 gaming typically works under a model known as “Play-to-Earn” (P2E). Players under the P2E model essentially connect their crypto wallets to the game of their choice, and buy an NFT to use that platform. From there, as the player advances through levels, they win gaming tokens that can be converted into Bitcoin, Ethereum, or even fiat currency through an exchange, such as Coinbase. The NFT can then be sold on an NFT marketplace for profit, as it  is now upgraded with new features from advancing in the game. While this seems sustainable and alluring to traditional gamers, even P2E games have their limitations.

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Monthly RecapOct 05 2022

Monthly Recap: September 2022

Chain Signs Multi-Year Partnership with Kraft Sports + Entertainment Coinbase Launches a “Learn-to-Earn” Project with XCN

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