Evolving Crypto Wallets and the NFT Boom

November 12, 2021     6 minutes

Cash.Tech Newsletter #3: Wallet development, 2022 view, and NFT market growth

Global cryptocurrency market capitalization now hovers around the $3 trillion mark. The market growth is partly attributable to disruptive improvements in wallet solutions that allow investors to engage with this new asset class. Anyone who used crypto in its early days will readily admit that user experience has evolved significantly.

Bitcoin mobile wallet UI in 2013 (Source: Engadget)

Cash Tech has built a next generation mobile wallet by reviewing advancements made throughout the last decade and incorporating them with what modern-day crypto users expect from a full-fledged wallet solution.

This edition of the Cash Tech Newsletter brings you the latest updates regarding the Cash Tech wallet development and provides a sneak peek into exciting features planned for release in early 2022! We will also review the growing market for non-fungible tokens (NFTs) and how Cash Tech is positioning itself to tap into the demand for user-friendly storage solutions.

Cash Tech development update

We are pleased to report that the widely anticipated NFT display feature is on track for release in three weeks. Our developers already launched the display in beta mode and it has been running smoothly. Over the coming days, we will continue to rigorously test core integrations and address display bugs that could affect user experience.

We will release NFT display functionality initially with support for three networks — Ethereum, Binance Smart Chain and Polygon. Additional features such as audio/video support are also in the pipeline and we plan to begin an official countdown for the NFT Display rollout soon!

Beyond the immediate future, we are excited to unveil our Q1 2022 roadmap and solicit community feedback regarding features they want the development team to prioritize going forward.

Cash Tech roadmap Q1 2022

1. Cash Tech lending program: This feature will have a significant impact on our tokenomics by increasing the utility of the CATE token within the ecosystem. The Cash Tech lending program will allow users to securely lend crypto assets held within the Cash Tech wallet in exchange for lucrative yields. Earnings will be paid through CATE tokens and automatically added to the staking rewards for token holders.

2. Token Swap: This will be an in-app feature that allows users to easily swap supported tokens. The initial rollout will utilize a DEX integration to allow swaps between assets on the same chain. We will gradually roll-out support for swapping multi-chain assets based on user demand.

3. Merchant Protocol: One of our core objectives is to make crypto spending as seamless as possible for Cash Tech users. The planned merchant protocol will accelerate adoption of Cash Tech by enabling merchants to start accepting crypto payments. Merchants will be charged a tiny fee which we intend to distribute to CATE token holders via staking rewards.

We use this medium to solicit feedback from the community about these planned features and which ones they’re most excited to see! The Cash Tech team seeks to pursue initiatives that the community deems most beneficial to the project’s growth. We remain committed to rolling out these features within the planned timeline and will continue to keep the community updated every step of the way.

Global NFT sales volume crosses $10 billion

Ahead of Cash Tech’s NFT display release, it is worth celebrating a remarkable milestone for the emerging digital art industry. According to data from an industry tracking website, NonFungible, the total amount spent on completed NFT sales crossed $10 billion for the first time.

(Source: NonFungible.com)

The latest milestone is significant for a number of reasons. For one thing, it solidifies the position of NFTs as a bridge between the traditional art and digital worlds and indicates increased global uptake. The total sales volume has increased by 50 times since January 2021.

Notably, NonFungible tracks Ethereum-based projects and does not account for the growth of NFT communities on other networks. The Solana-based NFT ecosystem also achieved a new milestone last week with secondary sales surpassing $500 million. This growth is jaw-dropping since it was achieved within three months! For perspective, it took over three years for the entire industry to attain the $500 million mark for the first time.

These milestones make us incredibly bullish on the continued adoption of crypto wallets. Unlike other crypto assets that most investors store on centralized exchanges, NFTs are primarily held in self-custodied user wallets such as Cash Tech’s. These wallets enable artists and collectors to interact with NFT marketplaces, to store and receive NFTs, and much more.

Cash Tech has designed its NFT infrastructure to capture a significant portion of the growing base of NFT investors. Existing NFT wallet solutions are rudimentary and only support storing of NFTs on a particular blockchain network. There is also no option for users to view or interact with their NFT assets.

Cash Tech has redesigned the current user experience from scratch and will offer users a foretaste of what is to come with the release of the NFT display in a few weeks. Being the premier multi-chain wallet solution means users eventually store and interact with all their NFT assets across multiple networks using a single application.

The Cash.Tech team will continue to work towards its mission to provide users access to all the possibilities of crypto in a fully non-custodial environment. We eagerly look forward to receiving awesome feedback from the community regarding the features planned for release in Q1 2022. We reiterate our commitment to explore other integrations that will improve the overall wallet experience and especially promote adoption of CATE tokens.

Cash.Tech wallet is already connected to the testnet and fully functional for Android and iOS devices. Make sure to download the wallet to get a first-hand experience!

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