🏃‍♂️ Binance Chain experiences a spike in user activity despite the FUD

🏃‍♂️ Binance Chain experiences a spike in user activity despite the FUD 🧾 Japanese government wants to ease 30% crypto tax ⚽ Sports metaverse space is set to generate $80bn by 2030 - a report

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🏃‍♂️ Binance Chain experiences a spike in user activity despite the FUD 

🧾 Japanese government wants to ease 30% crypto tax 

⚽ Sports metaverse space is set to generate $80bn by 2030 - a report

Binance Chain experiences a spike in user activity despite the FUD

There has been a lot of FUD around Binance lately, but it might also be a blessing in disguise. While the withdrawal volume has sky-rocketed to an enormous $5 billion - which would have been catastrophic for any other exchange - Binance's network activity has surprisingly increased as well.

According to Coin98Analytics, BNB Chain reported the highest number of daily active users on the blockchain, with 1.1 million users - leaving Ethereum trailing behind, with just 402,000! Who would have thought that all this FUD would be the thing to help Binance blow away its competition?

It's not just Binance that has been dominating the landscape - the NFT industry has seen a surge in activity too. In the last 30 days, various NFT markets have experienced a short-term uptrend which is only likely to increase over time as projects like NBA Top Shot and CryptoPunks become more popular.  

So while all this FUD and news around Binance's withdrawal volume may seem like a bad thing, it turns out that it has been good for the exchange - and the blockchain industry as a whole. Who knows what other surprises the crypto-space might have in store for us.

Japanese government wants to ease 30% crypto tax

The Japanese government has decided to ease the 30% crypto tax requirement, which means that Japanese crypto firms can finally exhale! No more trying to figure out a way to pay taxes without making a profit.

Japanese crypto businesses currently pay a set 30% corporate tax rate, regardless of whether or not they make a profit. It's no wonder why some crypto firms have moved elsewhere to escape this hefty imposition.

Japan's Liberal Democratic Party (LDP) has identified this hefty tax as a primary task and has decided to do something about it. After much deliberation, they've decided that the only way to help these businesses is by reducing the tax rate.

 Prime Minister Fumio Kishida has even commented that he hopes this move will promote the growth of blockchain technology in Japan. It's safe to say that this move will be welcomed by Japan's crypto sector, as it reduces the amount of financial burden they face. The Japanese government has sent a clear message that they are pro-crypto and believe it has the potential to revolutionize the economy.

It remains to be seen if other countries will follow suit, but Japan is certainly taking the initiative in this regard. This move shows that the government is willing to support blockchain technology and the digital economy, and is not deterred by the current bearish market.

Sports metaverse space is set to generate $80bn by 2030 - a report

The World Cup has been a great opportunity for web3 projects and brands to showcase the power of the metaverse industry. While the majority of us were probably more interested in who would win the trophy, web3 companies were busy carving out their stake in the industry.

A report by Web3 Studios revealed that the industry could be worth a whopping $80 billion by 2030. This is exciting news for any web3 project or brand looking to make their mark in the industry, as it suggests that now is the time to get involved.

The report featured contributions from some of the biggest players in web3 and was clearly on display during the tournament. If you looked closely enough, you may have seen some of them (tastefully) advertising their products at matches or through social media.

The report also highlighted some of the challenges facing the industry, such as a changing consumption pattern, an increasingly demanding fan base and a constantly evolving technological landscape. But that isn't stopping web3 projects and brands from believing in the power of the sports metaverse space.