Mastercard has introduced a novel Web 3.0 solution that seeks to boost user authentication protocols and minimise fraudulent activities associated with digital assets.
Known as the “Mastercard Crypto Credential,” this new solution revolves around providing “secure transactions between users, verified according to standards” set by the company. This ground-breaking initiative was unveiled on April 29, 2023.
According to an informative video shared by Mastercard on Twitter, it intends to establish a framework for Blockchain service providers and Web 3.0 platforms whereby users’ transactions can be protected through Mastercard-approved verification processes.
UK To Revise Taxes For DeFi Lending, Staking Activities
The UK government is seeking views on tax modification for decentralised finance (DeFi) lending and staking.
According to a consultation document, the government has initiated an open consultation to gather insights for drafting improved tax legislation on DeFi transactions. The consultation aims to establish a framework that aligns taxation on crypto assets involved in DeFi transactions with their underlying economic substance.
The proposed reforms will reduce the administrative burden on consumers. The UK government seeks to revise the DeFi lending and borrowing tax treatment amid several calls for clear legislative pathways for crypto assets and products.
Bored Ape Creator Yuga Labs Dominates NFT Market
The developer of the Bored Ape Yacht Club, Yuga Labs, is still in charge of the non-fungible token (NFT) market, according to a recent analysis by DappRadar.
During the six-month period from October 2022 to March 2023, nearly 35 per cent of all NFT trade volume was generated by Yuga Labs.
In addition to the Bored Ape Yacht Club and its affiliated collections, which include the Mutant Ape Yacht Club and Other side metaverse gaming property deeds, Yuga Labs also purchased the CryptoPunks and Meebits NFT project IP from its original developer, Larva Labs in 2022.
The research states that over the past two quarters combined, trade volume generated by Yuga’s created or owned projects exceeded $2 billion, or 34.6 per cent of the entire market volume during that time.
