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This Week in Crypto 10/31/22

Posted on October 31st, 2022 by RockItCoin

In RockItCoin’s effort to empower individuals in the cryptocurrency space, we have extracted top industry stories for your Weekly Digest. Cryptocurrency continues to dominate the news and here are some key happenings you should know.

NFT Marketplace MyNFT to Debut NFT Vending Machine in London
Nonfungible token marketplace MyNFT is unveiling a physical NFT purchasing experience through a vending machine at NFT.London, which runs from Nov. 2nd-4th. The machine allows customers to purchase NFTs with a credit/debit card and without having their own digital wallet. The purchasing process is made to be as easy as possible, to show that NFTs aren’t just for the crypto-savvy. Buyers select an envelope on display at the machine, and once purchased, open it to scan a QR code that creates a myNFT account and wallet to receive the NFT. The CEO of MyNFT, Hugh Mcdonaugh, said that “The most accessible way to buy anything is through a vending machine, and so we’re breaking the perception that buying an NFT is difficult via this initiative.” Using purchasing mediums that everyday people understand is a great way to get into the crypto world, very much like our Bitcoin ATMs!

Dogecoin Sees Jump in Price as Elon Musk Buys Twitter
Elon Musk finally purchased social media platform Twitter for $44 Billion last Thursday. Of course, with any mention of Elon in the news, Dogecoin saw a jump in price – all the way to $0.14, up from its stagnant $0.06. There are also rumors that Twitter is working on its own cryptocurrency wallet, according to a tweet by popular tech blogger Jane Manchun Wong. With Twitter now being owned by a very vocal crypto advocate, it should be interesting to see how the platform innovates for possible future crypto features.

Apple Announces It Will Continue 30% Fee on NFT Sales
Smartphone giant Apple released new developer notes last week stating that NFT sales in apps will still have to occur as in-app purchases, which are subject to a 30% tax that goes to Apple. Many in the crypto space are still upset about this ruling, as it slows mainstream adoption of NFTs. Developers unfortunately have to choose between limiting functionality in their apps, or be subject to a large cut in their profits. In addition to the tax, Apple also said that apps may not unlock new features for users based on ownership of NFTs, as well as link to outside sites that allow users to buy and sell NFTs.