Meta Shares Plummet, Metaverse Tokens Soar

<div><img width="1083" height="609" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/11/facebook-meta.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="facebook meta" loading="lazy" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/11/facebook-meta.png 1083w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/11/facebook-meta-300×169.png 300w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/11/facebook-meta-1024×576.png 1024w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2021/11/facebook-meta-768×432.png 768w" sizes="(max-width: 1083px) 100vw, 1083px" /></div><h1>Meta Shares Plummet, Metaverse Tokens Soar</h1>
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<p>Shares of Facebook’s parent company Meta Platforms fell 26% on Thursday. The drop came after reporting disappointing earnings and a decline in daily active users. That was the biggest one-day drop in the market value of a U.S. company.</p>
<p>Meta changed its name from Facebook in late 2021 to signal its focus on <a href="https://www.financebrokerage.com/meta-failed-to-impress-investors-and-analysts/">Metaverse</a>. Its struggles have coincided with double-digit percentage growth at its decentralized rivals—the Sandbox and Decentraland.</p>
<p>Meta reported a total revenue of $33.67 billion in Q4 of 2021, compared to $28 billion in 2020. However, its net income fell to $10.28 billion from $11.2 billion 12 months earlier.</p>
<p>Meta disclosed a segment for the first time in an earnings report for its virtual and augmented reality R&amp;D business, Reality Labs. According to the report, It lost more than $10 billion, up from $6.6 billion in 2020.</p>
<p>However, these are only the early stages of laying the groundwork for virtual world technology, including developing a haptic glove that allows users to “touch” objects in the virtual world.</p>
<p>According to the chairman and co-founder of Animoca Brands, the sharp drop in Meta’s share price might represent a broader trend. Users start questioning the centralized Web2 model.</p>
<p>The price of Decentraland token MANA has rallied by more than 20% over the past seven days. It surged from a low of $2.19 to a recent support level of around $2.60.</p>
<h2><img loading="lazy" class="alignnone wp-image-35980 size-full" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2019/11/Coinbase-Expands-Staking-Awards-for-Tezos-Finance-Brokerage.png" alt="Coinbase Expands Staking Awards for Tezos – Finance Brokerage" width="750" height="430" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2019/11/Coinbase-Expands-Staking-Awards-for-Tezos-Finance-Brokerage.png 750w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2019/11/Coinbase-Expands-Staking-Awards-for-Tezos-Finance-Brokerage-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></h2>
<h2>Coinbase Users Will Get U.S. Tax Refunds In Cryptocurrency</h2>
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<p>Coinbase and tax filling platform TurboTax have signed an agreement. As a result, TurboTax will allow U.S. filers to receive refunds directly in cryptocurrency.</p>
<p>Recently, Coinbase announced that users filing tax returns using TurboTax could choose to receive any returns in <a href="https://www.financebrokerage.com/bitcoin-and-ethereum-on-previous-support/">Bitcoin</a> and other cryptocurrencies supported by the platform.</p>
<p>Users can send funds to their Coinbase accounts in fiat currency. Users can also automatically convert them to cryptocurrency without paying transaction fees.</p>
<p>A New York Times report said Coinbase’s proposal applies to state and federal income taxes.</p>
<p>The cryptocurrency exchange previously partnered with tax calculation platform CoinTracker to fill out forms for users to declare capital gains and losses on their returns.</p>
<p>The deadline for U.S. residents to file taxes is April 18. Many platforms are stepping up to offer services to browse the necessary forms to avoid possible audits.</p>
<p>In January, Crypto tax compliance firm TaxBit announced that it was launching a network of U.S.-based crypto companies to provide users with tax reporting data.</p>
<p>Moreover, under current U.S. law, the exchange, purchase, or sale of cryptocurrencies is a taxable event. It may be subject to a 20% capital gains tax. Holding assets for an entire year or longer is essentially tax-free.</p>
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