While the market remains stable, the crypto industry is expanding as businesses innovate and accept cryptocurrency payments to attract more customers.
To better understand the trends around participant expectations for digital currencies and their impact on payments and enterprises, data platform PYMNTS worked with Bitpay to poll merchants.
According to the "Paying With Cryptocurrency" report, 85% of companies with a $1 billion annual revenue use cryptocurrency payments to attract and retain new clients. On the other hand, 82% of all the businesses participating in the poll stated that they accepted cryptocurrency since it cut out intermediaries.
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In addition, the findings revealed that 77% of the surveyed businesses were lured to crypto because of decreased transaction costs. According to the study, the fees for processing cryptocurrency transactions are estimated to be roughly 1%. This is far less expensive than the typical costs of 1.5% to 3.5% levied by other forms of payment, such as credit cards.
While most of the survey presents positive viewpoints on cryptocurrencies, some business owners indicate that technological obstacles and difficulties prevent them from accepting cryptocurrency payments. 68% of businesses that do not yet accept cryptocurrency cited difficulties implementing the technology at the checkout as the reason for this.
Despite offering a complimentary 2023 Corvette Z06, American carmaker Chevrolet has had (almost) no interest in its maiden non-fungible token (NFT) event.
The "Own the Color" NFT, which features a lime green Corvette Z06, was made by digital artist Nick Sullo, also known online as xsullo.
On June 20, the auction began on the NFT marketplace SuperRare. The initial offer for the auction was ETH 206, as stated on the auction description page (USD 235,550).
A special Corvette Z06 painted in the one-and-only shade of "Minted Green" would have also been given to the prospective winner, along with the option code RFN that would "forever associate" the vehicle with the NFT auction.
The auction received no offers during the first session, which ran from June 20 to June 24, as exciting as that may sound.
SuperRare then said that it would prolong the sale by another 24 hours, citing that some users "missed the Corvette Z06 NFT auction window" due to the "craziness of the NFT.NYC event."
After 24 hours, the auction ended once more with no offers.
Notably, the NFT does not presently include the promised Corvette Z06 vehicle. The vehicle was expected to be produced after the sale and delivered by September 2022, subject to alteration, according to the rules of the NFT Auction.
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The generally unfavorable market circumstances are partly to blame for the lack of interest in the NFT. The auto company accepts bids only in Ethereum, which, according to CoinGecko, is down about 77% from its all-time high as of this writing (8:41 UTC). It trades at USD 1,141 and has not moved over the past week or a day.
