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Marketplaces allow users to promote their NFTs, where buyers can browse through and bid on what they would like to purchase.
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Recent proposed legislation could make it easier for the IRS to find cases of tax evasion when it comes to crypto, though investors should already keep records of any capital gains or losses on their crypto assets. But the new rules may also make it easier for investors to properly report crypto transactions.
Dogecoin, founded in 2012 as a joke, has drawn widespread attention from high-profile personalities such as billionaire entrepreneur Elon Musk and rapper Snoop Dogg.
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Hank Wyatt, SafeMoon’s vice president of research and development, said in a Discord chat that the team will eventually “host an open beta” version before releasing the full application.
Influencers like disc jockey Diplo, YouTube star Jake Paul and platinum-selling rapper Lil Yachty touted SafeMoon, though none were compensated for doing this, according to Karony. SafeMoon’s Twitter account now has more than 968,000 followers.
Cryptocurrency is a type of currency that’s digital and decentralized. Cryptocurrencies can be used to buy and sell things, and their potential to store and grow value has also caught the eye of many investors.
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“It was almost like you just gave a 21-year-old a million dollars,” Harrison said. “I get it -- they were excited to be so popular.”
SafeMoon is still a relatively new cryptocurrency compared to others, having only launched in March 2021.
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NFTs "could be as big or bigger" than cryptocurrency trading on the platform, said Coinbase CEO Brian Armstrong.