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These 3 Decentraland (MANA) alternatives could blow up in the coming months

Decentraland (MANA) is one of the biggest metaverse projects in crypto right now. But it is not alone in fact, many new projects have been coming up, and they are far cheaper and less risky. But why would you even be considering getting an alternative to MANA? Well, here are some facts:

  • Decentraland appears to have very limited upside potential.

  • Investors are always looking for new, more exciting projects.

  • There is a lot of room on the metaverse for a lot of coins to shine.

With that in mind, we decided to come up with a list of MANA alternatives that have immense potential. Here they are:

Genesis Worlds (GENESIS)

Genesis Worlds (GENESIS) dubs itself as the 100-year metaverse. Its concept is largely based on how Decentraland works. In essence, users get to buy virtual real estate and other virtual items that are backed by NFTs. 

Data Source: Coinmarketcap.com

However, Genesis offers a more immersive virtual experience and is also adding social and gaming elements into its metaverse. What makes this project so exciting is the fact that it still has a market cap of around $1.4 million. The potential for growth is huge.

Terra Virtua (TVK)

Terra Virtua (TVK) is a blockchain project which is planning to combine NFTs and virtual reality fully. The aim of this project is to give users a way to interact with digital collectibles in an immersive experience within the metaverse. There will also be a virtual marketplace within the metaverse where users can sell and buy NFTs.

CEEK VR (CEEK)

CEEK VR (CEEK) is music and entertainment-centered virtual universe where artists can monetize their content within the metaverse. The aim is to promote virtual performances and concerts as well as celeb-inspired virtual communities. CEEK is a highly undervalued project with so much potential for growth.

The post These 3 Decentraland (MANA) alternatives could blow up in the coming months appeared first on Coin Journal.

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India’s crypto tax policy takes effect on 1 April: Here’s a brief recap

In February, India’s Finance Ministry introduced new tax proposals on cryptocurrency, with the effective date of the capital gains tax set for 1 April 2022.

That has been clear since. But what else might crypto holders need to keep tabs on?

What the Taxation of Virtual Digital Assets says

As part of her budget speech then, Finance Minister Nirmala Sitharaman announced a 30% capital gains tax on all Virtual Digital Assets (VDAs). She also introduced a 1% TDS levy on all transactions involving crypto.

The crypto community has also known since a clarification was announced two weeks ago, that there would be offsetting of losses in one asset with the income from another.

Also key is the clarification that costs of mining would not apply in tax calculations as cost of acquisition. More than that, using VDAs for gifts would also constitute a taxable event.

Note that non-fungible tokens (NFTs) also fall into the category of virtual digital assets.

Key dates

  • 1 April 2022 – the effective date for the 30% capital gains tax on VDAs.

  • 1 July 2022 – the 1% TDS levy on all cryptocurrency transactions.

The government needs to rethink this policy, crypto exec says

“Tomorrow, new crypto tax comes into effect. The Indian Government needs to rethink this tax policy,” Nischal Shetty, the CEO of crypto exchange WazirX tweeted on Thursday.

According to him, the taxes could force people to find ways to trade on foreign exchanges, trade without KYC or use grey markets. There could also be large tax defaulters, not to mention the potential for large claims of TDS refunds.

“The flat 30% tax rate may not prove the best outcome since it does not consider aspects of long and short term gains calculated in line with the holding period of VDAs,” Rishi Anand, Partner at DSK Legal told The Times of India.

“Gifting VDAs may not become mainstream due to this tax regime,” he added.

The post India’s crypto tax policy takes effect on 1 April: Here’s a brief recap appeared first on Coin Journal.

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Why has STEPN (GMT) price risen by more than 320% in two weeks?

With the majority of the altcoins seeing significant price gain lately, there is one by the name of  STEPN (GMT) that has broken the ranks by rallying by over 320% in the past fourteen days.

At the time of writing, it was trading at $2.31 after a slight retracement from a daily high of $2.46 but still in the green with a 12.30% rise over the past 24 hours.

This article reflects on the factors behind the current STEPN price rise.

What STEPN?

STEPN is a Web3 lifestyle app launched on the Solana blockchain with fun features as well as a gaming design. It has two tokens; Green Metaverse Tokens (GMT), which is its governance token, and Green Satoshi Token (GST), which is used as the game token.

To earn GST tokens, users are given NFT sneakers with a built-in swap function to jog, walk or run outdoor, users are rewarded for running or walking. GST earnings are then stored in an in-app wallet and can be used to mint new sneakers or to upgrade game level.

Why is STEPN (GMT) price surging?

There are three main factors being attributed to the current surge in GMT price. These include the recent announcement about Nike and Adidas sportswear by a STEPN representative, STEPN’s partnership with Binance, and STEPN’s plan to apply a move-to-earn method.

  • Announcement about Nike and Adidas sportswear

During an interview, one of the STEPN representatives whose identity was not disclosed said that they have an upcoming announcement regarding big sportswear companies like Nike and Adidas.

In a recent interview, an unnamed STEPN (GMT) crypto platform representative says they have an upcoming announcement relating to sportswear giants Adidas and Nike.

“Big sports brands like Nike and Adidas are known for shaping the market regarding walking and running. Do you see these players as a threat in the future? You will see we have an announcement about this very soon.”

  • STEPN partnership with Binance

In a tweet earlier this week, STEPN gave a hint that it was planning an undisclosed partnership with a crypto exchange, Binance.

  • Move-to-earn method

In addition, during a Solar Eco Fund interview, they said that to remain competitive, they will apply the move-to-earn crypto project to maintain a high return on investment (ROI) on GMT tokens.  

“People are chasing high sustainable ROI, we believe we will be on the top of the list by providing long-lasting use cases and burning scenarios of GMT to maintain the high demand of GMT.”

Besides, STEPN is planning to convert the STEPN app to an NFT marketplace and a social platform.

The post Why has STEPN (GMT) price risen by more than 320% in two weeks? appeared first on Coin Journal.