Month: May 2022

The Tabcorp Holdings Limited (ASX: TAH) share price is catching the eye of investors on Tuesday.

In afternoon trade, the gaming giant’s shares are down 81% to $1.03.

What’s going on with the Tabcorp share price?

The collapse in the Tabcorp share price has been driven by the demerger of the company’s Lotteries and Keno businesses this morning.

These businesses have been spun off and listed separately as The Lottery Corporation Limited (ASX: TLC).

The good news is that while the Tabcorp share price has crashed today, value has actually been created for shareholders.

Prior to the demerger, Tabcorp had a market capitalisation of approximately $11.9 billion. This is based on 2,225,771,703 shares on issue and a share price of $5.34.

Today, eligible shareholders have been given one share in The Lottery Corporation for every Tabcorp share they owned. This means there are now 2,225,771,703 shares on issue for both Tabcorp and The Lottery Corporation.

So, with the Tabcorp share price currently trading at $1.03, it has a market capitalisation of ~$2.3 billion. Whereas The Lottery Corporation share price is fetching $4.63, giving it a market capitalisation of ~$10.3 billion.

This gives us a combined market capitalisation of $12.6 billion, which is $700 million or 5.9% greater than what Tabcorp was valued at pre-demerger.

Why did the Tabcorp demerger happen?

Management decided to push ahead with the Tabcorp demerger on the belief that it would maximise value for shareholders (so far so good!).

It notes that it will create two significant businesses with focused leadership teams and allow each business to adopt a more focused operating profile and capital structure that is more aligned to its core operations.

In addition, management highlighted that the demerger allows shareholders to retain full upside potential from various growth opportunities which may arise for both businesses. It also creates access to new and different investor categories with different investment preferences and ESG criteria.

How have the businesses been carved up?

The Lottery Corporation is the new home of Tabcorp’s Lotteries and Keno businesses. It is an omni-channel business with a portfolio of high profile, recognised brands and games, strong digital growth and a retail footprint across ~7,000 retail outlets/venues.

In FY 2021, these businesses generated 55% or $611 million of Tabcorp’s EBITDA.

New Tabcorp has been left with its wager and media and gaming services businesses, which generated revenue of $2,493 million and EBITDA of $464 million in FY 2021.

Management notes that it will be a leader in omni-channel wagering, racing and sports broadcasting, and gaming services solutions. It believes the business is well positioned for organic growth and potential upside from possible changes in the wagering and gaming industry.

The post Here’s what you need to know about the Tabcorp demerger appeared first on The Motley Fool Australia.

More reading

• The Lottery Corporation share price debuts on the ASX boards
• ASX 200 midday update: Nufarm, Tabcorp and TechnologyOne tumble
• Why is the Tabcorp share price crashing 82%?
• 5 things to watch on the ASX 200 on Tuesday
• Here are the 3 most traded ASX 200 shares on Monday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The ASX has long been known as a haven for dividend investors. Perhaps due to our unique system of franking, ASX investors have always loved a good dividend.

And companies have always felt a certain compulsion to give the people what they want. But having the world’s biggest dividend? That is certainly a crown ASX investors would love to have.

Well, it looks like we might get it. Every quarter, global fund manager Janus Henderson Group (ASX: JHG) releases a Global Dividend Index report. This analyses the income-producing qualities of share markets around the world. Its latest report makes for some interesting reading.

Right off the bat, the report finds that global dividend payments jumped a healthy 11% over the first quarter of 2022 (the three months to 31 March).

But it also had some fascinating statistics on ASX dividends. It found that ASX dividends on the whole jumped by 38.9% over the quarter in question. This was largely thanks to one ASX share – BHP Group Ltd (ASX: BHP).

BHP dominates the ASX today in a way it hasn’t for decades. This is largely due to the fact that the mining giant has ended its dual listing on the London Stock Exchange and has rehomed exclusively to the ASX. This means that all of BHP’s shares are now listed on the ASX, making it by far our largest public company.

BHP comes in as the world’s biggest dividend payer

But BHP has also spent the past year or two paying out record dividend payments. Its last dividend was the March interim payment. It was worth a whopping $2.08 per share, fully franked.

That was a very sizeable increase on last year’s interim dividend of $1.31 per share. As it stands today, BHP shares have a trailing dividend yield of a whopping 9.97%.

Well, it’s these recent payouts that have helped to push the company towards the ‘world’s biggest dividend’ crown. Here’s some of what the report said on this matter:

Indeed, almost three-fifths of the Australian Q1 total was paid by BHP alone, distributing $10.8bn to its shareholders, 70% more than the combined total of its Q1 2021 special and regular dividends. With another distribution planned for later in the year, BHP is likely to be the world’s largest payer in 2022 for the second year running. 

But the report also mentioned some other ASX dividend shares, namely Commonwealth Bank of Australia (ASX: CBA) and Fortescue Metals Group Limited (ASX: FMG):

Among other Australian companies, Fortescue Metals suffered from lower iron ore prices and cut its dividend by two fifths. Commonwealth Bank of Australia made a 17% increase as regulatory constraints were eased, although it continues to pay less than its pre-pandemic high.

So if investors are feeling chuffed after BHP’s monstrous year of dividends, there’s a good reason. This is, I’m sure, one award that most BHP shareholders would be pretty pleased with.

The post Looking for the word’s biggest dividend? You’ll find it right here on the ASX 200 appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Nufarm, Tabcorp and TechnologyOne tumble
• Better buy, BHP or Fortescue shares?
• Minority or majority government? Economist says outcome will have little impact on ASX shares
• What’s going on with the Challenger share price today?
• Is Macquarie a quality ASX dividend share worth buying?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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There are two truths that most long-term investors come to learn: Not all ASX shares are created equal and not all shares live their glory days at all times.

In fact, some quality ASX shares have tumultuous moments – as evidenced by these stocks that hit their lowest point in years this week.

2 quality ASX shares hitting long-forgotten lows

Spirit Technology Solutions Ltd (ASX: ST1)

For those unacquainted with Spirit Technology Solutions, the company provides business-focused technology and telecommunication services.

The quality company officially hit the ASX in 2016 with its shares trading at around 12 cents for their first few weeks on deck. From there it garnered enthusiasm, reaching a high of around 43 cents in January 2021.

But the past 17 months have been rough on the telco small cap. Its share price has tumbled around 85% since then to trade at 5.8 cents on Tuesday.

In fact, it closed at a new 52-week low of 5.1 cents yesterday. Today, it’s recording a 13.75% gain.

The telco has a market capitalisation of approximately $34 million according to the ASX.

Freelancer Ltd (ASX: FLN)

Freelancer is another quality ASX share reaching a new multi-year low this week.

The crowdsourcing marketplace floated on the ASX in 2013 after offering new shares for 50 cents apiece under its initial public offering (IPO).

It peaked at around $1.80 in 2016 and, in 2021, it hit a multi-year high of around $1.25.

Today, the stock reached an intraday low of 33 cents, marking its lowest point since March 2020.

Sadly, the quality ASX share has been on a downwards slope for nearly 12 months now. Its tumble was exacerbated by a quarterly update last month.

The Freelancer share price slipped 2.4% when the company announced that, over the three months ended 31 March, its cash receipts had dropped 6.1% on those of the prior comparable period.

That was made worse by the Australian Dollar depreciating against the US Dollar. The depreciation brought the company a 6.3% tailwind last quarter.

According to the ASX, Freelancer has a market capitalisation of $147 million.

The post 2 quality ASX shares trading at multi-year lows this week appeared first on The Motley Fool Australia.

More reading

• Why the Spirit share price bounced 12% this morning

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended SPIRIT TC FPO. The Motley Fool Australia has recommended Freelancer Limited and SPIRIT TC FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Crypto investors often buy Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), or a range of other altcoins in the hope they’ll go up in value.

Sometimes, as in the latter months of 2021, that works out. Sometimes, like much of 2022, it doesn’t.

But Bitcoin, the world’s first crypto, wasn’t solely intended to be an investment asset.

It was also meant to offer people an alternative, outside of traditional banking systems, to send money across the world or purchase things without having to resort to fiat currencies.

While you won’t be able to spend your crypto holdings everywhere yet, a growing number of Australian and international businesses are happy to take your Bitcoin or Ethereum in exchange for their wares.

Luxury goods and airfare with your crypto

Market analyst at CoinSpot Lee Daniels highlights five ways investors can spend their digital tokens right now.

First up, luxury goods.

“In early May 2022, Italian high-end fashion label Gucci announced that it would begin accepting cryptocurrency payments at the end of the month in five of its United States stores as part of a pilot,” Daniels says.

And for those looking to buy a high-end car with their crypto, Daniels points out that Tesla Motors (NASDAQ: TSLA) boss Elon Musk is looking into enabling people across world to buy Tesla merchandise with Dogecoin (CRYPTO: DOGE).

Closer to home, in April, CoinSpot signed a partnership with luxury car retailer Dutton Garage. The agreement opened the door for Aussies to buy cars with Bitcoin, Ethereum, and other altcoins for the first time.

The second thing you can spend your crypto holdings on is travel.

According to Daniels:

In May 2022, Emirates joined a number of other airlines who already accept cryptocurrency such as Latvian airline airBaltic, by announcing its intention to add Bitcoin as a payment option and to make NFT collectables tradable on the company’s website.

There’s also global travel agency Expedia, which accepts “Bitcoin to book over 700,000 hotels from the website’s listings, through its partnership with crypto-friendly travel booking platform Travala”.

How many Bitcoin for that coffee?

If you’re not looking to travel or buy a new luxury vehicle, there’s always food and beverages.

“There are a number of Australian-based food and beverage vendors that are now accepting cryptocurrencies such as fast-food and coffee shops in Queensland, Sydney-based cocktail bars and pubs, and cafes in Melbourne,” Daniels says.

He also points out IGA X-press in Bowen Hills, Queensland. The supermarket now allows customers to pay via Bitcoin, Litecoin, or Binance Coin.

And if you’re thirsting for a soft drink and have only cryptos to spend, fear not.

“Amatil, Coca-Cola’s bottler and distributor in the Asia-Pacific region, has enabled cryptocurrency as a method of payment via its partnership with the Centrapay platform,” says Daniels. “As of 2022, there are now over 2,000 vending machines in Australia and New Zealand which are geared to accept cryptocurrencies to pay for drinks.”

Two other ways you can spend your crypto in 2022

It’s no secret that healthcare costs are ramping up in Australia. These are costs that crypto investors sitting on gains could help offset by paying with Bitcoin or altcoins.

“In Australia, there is a wide range of healthcare providers that accept crypto in exchange for services, including Quality Dental in North Sydney and Tamworth Heart Clinic,” Daniels says.

“Some pharmacies such as Lugarno Pharmacy in New South Wales allow customers to purchase vitamins, prescription medicines, cosmetics and more with cryptocurrencies.”

And finally, if you’re willing to travel across the Pacific, you can spend your crypto on sports tickets and merchandise.

According to Daniels:

In the United States, the Miami Dolphins intend to give home game attendees the ability to pay with Litecoin and Bitcoin when purchasing tickets for the team’s 50/50 raffle.

The Dallas Mavericks also accept Bitcoin as a method of payment in exchange for both game tickets and merchandise.

You won’t be able to buy sports tickets in Australia with Bitcoin yet. But Daniels points out, “The AFL recently partnered with Animoca Brands to launch its own NFT [non-fungible token] marketplace.”

It may be the first step, perhaps, to using crypto in lieu of dollars for your entry ticket.

The post Looking to spend your crypto? Here are 5 things you can buy in 2022 appeared first on The Motley Fool Australia.

More reading

• What to expect for the Bitcoin price heading into June
• Can Bitcoin play a role in a diversified ASX share portfolio?
• Ethereum price rout knocks founder from billionaire’s list. Does he still ‘welcome a bear market’?
• Crypto venture firm’s lessons after $10 million haircut on LUNA losses
• Why Ethereum and Dogecoin are recovering nicely today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Ethereum, and Tesla. The Motley Fool Australia has positions in and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Pushpay Holdings Ltd (ASX: PPH) share price has burst out of its trading halt earlier than expected on Tuesday.

In afternoon trade, the donation technology company’s shares have jumped 17% to $1.31.

Why is the Pushpay share price jumping?

The Pushpay share price was placed in a trading halt this morning pending the release of an announcement relating to a takeover approach.

Although the company requested the halt until Thursday, it hasn’t needed anywhere near as long to respond to the proposal.

According to the release, Pushpay has confirmed the receipt of an offer from two existing shareholders, BGH Capital and Sixth Street. Combined, these shareholders have a holding of just over 20% in the company.

The release notes that BGH Capital and Sixth Street have advised that they have entered into a co-operation agreement with respect to a potential transaction involving Pushpay.

However, Pushpay has warned shareholders that the proposal is not a definitive transaction agreement and can be terminated immediately by either party on notice to the other.

Furthermore, the company has not entered an agreement with any party, including either or both of BGH Capital and Sixth Street, to implement a transaction.

Instead, it is continuing with a process that is already underway, and is in an early stage with multiple parties, to explore the potential for a transaction which is in the best interests of shareholders as a whole.

Though, once again, it has warned that there is no certainty that this process will result in any transaction.

Unfortunately, Pushpay has neglected to provide retail shareholders with any further details, such as the takeover price that is being proposed. So, they may have to sit tight until BGH Capital and Sixth Street or one of the other “multiple parties” tables a firm offer.

The post Pushpay share price jumps 17% amid BGH Capital and Sixth Street takeover approach appeared first on The Motley Fool Australia.

More reading

• Pushpay share price halted following takeover approach
• Pushpay share price down 5% on full-year results and weak guidance
• Why AUB, Block, BrainChip, and Pushpay shares are sinking
• Why Jumbo, Nufarm, Pushpay, and Vulcan Steel charged higher
• Pushpay share price soars 23% following takeover approach

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has positions in and has recommended PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Lottery Corporation Limited (ASX: TLC) share price has commenced trade on the ASX boards on Tuesday.

In afternoon trade, the lotteries company’s shares are fetching $4.60.

The Lottery Corporation share price debut

The Lottery Corporation share price debuted on the ASX boards this morning following its successful demerger from gaming giant Tabcorp Holdings Limited (ASX: TAH).

Though, whether you can call Tabcorp a gaming giant anymore remains to be seen. Its shares are down a massive 81% to 99 cents at the time of writing, with the balance of power seemingly shifting to the ASX 200’s newest member.

Based on the current Lottery Corporation share price, it has a market capitalisation of approximately $10.24 billion, whereas new Tabcorp is valued at $2.2 billion.

What is The Lottery Corporation?

The Lottery Corporation is the new home of Tabcorp’s lotteries and Keno businesses.

Management highlights that the Lottery Corporation is an omni-channel business with a portfolio of high profile, recognised brands and games, strong digital growth and a retail footprint across ~7,000 retail outlets/venues. This makes it one of the largest in the country.

These businesses continued their solid growth in FY 2021, generating a 14.4% increase in EBITDA. This meant that its Lotteries and Keno businesses contributed 55% or $611 million of Tabcorp’s total EBITDA during the 12 months.

Pleasingly, since then, these businesses have continued their positive form. For example, in February, Tabcorp reported a 15.1% increase in Lotteries and Keno EBITDA to $358 million. Whereas the rest of the business reported earnings declines, which led to group EBITDA falling 5.5% over the prior corresponding period to $529 million.

The good news is that management still sees plenty of growth ahead. It notes that the business offers infrastructure-like asset qualities, with low capital intensity and upside potential from digital growth.

It could also prove to be a good option for income investors. Management highlights that the company will aim to pay out 70% to 90% of net profit after tax excluding significant items.

The post The Lottery Corporation share price debuts on the ASX boards appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Nufarm, Tabcorp and TechnologyOne tumble
• Why is the Tabcorp share price crashing 82%?
• 5 things to watch on the ASX 200 on Tuesday
• Here are the 3 most traded ASX 200 shares on Monday
• Here’s why the Tabcorp share price is lifting on Wednesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Shares of Woodside Petroleum Limited (ASX: WPL) are rangebound on Tuesday and now trade less than 1% higher at $29 apiece.

Earlier in the session, Woodside had crept up to $29.28 apiece, before receding back down to its current levels. It had closed the day at $28.91 yesterday.

Meanwhile, Brent Crude trades at US$112 per barrel after gyrating upwards in the last few weeks. In wider market moves, the S&P/ASX 300 Metals & Mining Index (ASX: XMM) has climbed 81 basis points on the day.

What’s up with the Woodside share price?

Woodside’s Scarborough project has caused its fair share of controversy along its very short lifecycle to date.

With the newly-elected government now sworn in, Labor leader Anthony Albanese has made commitments to reduce climate emissions by roughly 40% compared to 2005 levels.

However, with a large swing of support towards independents and The Greens simultaneously gripping the election’s result, the new ministry might face pushback as both of these groups are seeking a 60% and 70% reduction respectively.

Greens leader Adam Bandt – whose party picked up three seats in the Senate – was adamant the new government had an obligation for Labor to work with the Greens.

“We’ve been very clear that in this parliament we have to come up with a plan for coal and gas,” Bandt told The Australian Financial Review.

“This has to be the year that Australia’s pollution starts peaking and that we keep coal and gas in the ground.”

However, potential minister for the climate, Chris Bowen has assured that the Labor government will carry its election commitments forward and won’t necessarily be swayed by the other parties.

This sentiment was echoed by former WA premier Colin Barnett, who also told The AFR that “it will be difficult to achieve a tougher target for 2030 when you’ve got a big project like Scarborough.”

“The [Scarborough] project needs to happen, but it’s going to be a dilemma for Albanese because a lot of people would say he’d be breaking his word – the emissions out of Scarborough dwarf everything else,” he added.

“It’s a major project. It guarantees the continuance of the Northwest Shelf at its current production levels and allows the expansion of Pluto,” Barnett concluded.

The Woodside share price has clipped a 32% gain this year to date amid a sector-wide commodity boom that’s seen prices for oil and gas shoot north.

The post What’s boosting the Woodside share price on Tuesday? appeared first on The Motley Fool Australia.

More reading

• Keen to bag the special BHP dividend? Here’s what you need to do
• What might a Labor government mean for ASX energy shares?
• Why is the Woodside share price having such a strong start to the week?
• 2 ASX energy shares that brokers rate as buys for exposure to sky high oil prices
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Bitcoin (CRYPTO: BTC) price has again slipped back below the psychologically significant US$30,000 level.

At the time of writing one Bitcoin is worth US$29,157 (AU$41,180), down 3.3% since this time yesterday.

The world’s number one token by market cap has come under pressure this year, with soaring inflation figures across Western nations forcing central banks to up interest rates.

With more rate rises expected, risk assets including cryptos have seen some of the heaviest selling.

The tech-heavy Nasdaq is down 27% in 2022, while the Bitcoin price has retraced by 39%. That puts the token down 58% since hitting all-time highs on 10 November last year.

“The markets right now are just punishing anything that’s on the speculative side,” said Chris Gaffney, president of world markets at TIAA Bank (courtesy of Bloomberg).

Now we know what’s been happening.

But the question keeping crypto investors on the edge of their seats is, where to next for the Bitcoin price?

What the experts are saying

Fundstrat Global technical strategist Mark Newton says crypto investors should keep a close eye on US equity markets to buy Bitcoin at a bargain price.

According to Newton (quoted by Bloomberg):

If the S&P falls some more, that should create one final flush and a great buying opportunity for Bitcoin. There’s a lot of bearishness, and we should be approaching a time when you really want to buy into that in the next couple of months.

Heading into June, Noelle Acheson and Konrad Laesser of Genesis Global Trading believe the Bitcoin price will remain fairly rangebound. “Bitcoin is likely to hover around $29,000 to $31,000 for the next couple of weeks,” they said.

Rick Bensignor, president of Bensignor Investment Strategies, also doesn’t think there’s going to be a big break higher over the coming month. “I’d still expect another four weeks of heaviness,” he said.

But he doesn’t believe that heaviness will see Bitcoin fall much further. Looking at the charts, Bensignor said the token has strong support at US$28,900.

Bitcoin price to zero?

On the ultra-bearish side, we’ll leave off with this forecast from European Central Bank President Christine Lagarde, decidedly not a fan of cryptos.

“My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” Lagarde said on Dutch television.

The post What to expect for the Bitcoin price heading into June appeared first on The Motley Fool Australia.

More reading

• Can Bitcoin play a role in a diversified ASX share portfolio?
• Crypto venture firm’s lessons after $10 million haircut on LUNA losses
• Own crypto or NFTs? Here’s why the ATO could have you in their sights come tax time
• Why Bitcoin, Ethereum, and Dogecoin are falling today
• Why Bitcoin and Ethereum popped on Tuesday

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

 Meta’s (NASDAQ: FB) social media apps will soon be home to NFTs based on the Solana (CRYPTO: SOL) network, unlike Twitter, which only supports Ethereum-based NFTs. For a blockchain with so much potential, it is encouraging to see one of the world’s largest tech companies recognize its utility. 

Rather than being an NFT marketplace like OpenSea or Foundation, the social media apps will serve as a gallery to show off NFTs. Creators will be able to categorize their posts as NFTs and add additional information like where to buy the NFT, what blockchain it is based on, and how much it is going for. Those scrolling past the NFTs can then access these details if interested in purchasing.

The exposure that Solana will receive through this integration is a first for the blockchain. It is a leader among the so-called Ethereum Killers, but aside from lesser-known DeFi use cases, Solana has been unable to tap into the mainstream view. 

Now Solana has the chance to prove its worth to nearly 4 billion users across Instagram and Facebook. 

The state of Solana NFTs

The timing really couldn’t have been better. As of recently, Solana NFTs have been soaring in popularity and price. The monthly volume of Solana NFTs has increased significantly. Between February and April, sales volume tripled.

Despite Solana NFTs being available on marketplaces like OpenSea and Rarible, Magic Eden is currently the most popular marketplace for them. More and more collectors are discovering this new marketplace. Before late February, there had never been more than $25 million of volume on Magic Eden. By the end of April, there was nearly $75 million in volume traded on the marketplace.

Recent NFT projects like Okay Bears and DeGods have helped catapult Magic Eden and Solana-based NFTs into the spotlight. 

The launch of Okay Bears put up historic numbers. Within 24 hours of minting, Okay Bears generated $18.4 million in primary and secondary sales. That was more than any other NFT for that day. Currently, Okay Bears sits in the top ten for all NFT projects on OpenSea in the last 30 days. It has outpaced more famous projects like CryptoPunks, Meebits, and Bored Ape Kennel Club in the same time frame.

More than welcome news

As more exposure comes with the Instagram and Facebook integrations, Solana may have finally turned a corner to put its slightly suspect past behind it. Unfortunately, in the last 12 months, Solana has suffered from a handful of network outages. 

In September 2021, Solana was down for about 17 hours. It had another outage in January of this year. And just last month, the blockchain was down for nearly seven hours due to malicious bots overriding the network. There are solutions being implemented to mitigate this in the future, but the track record is anything but perfect. 

Surprisingly, these outages have not deterred Meta. It seems Meta is aware of the potential Solana brings to level the NFT playing field. 

Despite being the most popular NFT blockchain, using Ethereum is costly when minting, buying, or selling NFTs. Users of Solana, on the other hand, will realize that the cheaper fees and faster speeds will help keep more money in their pocket. The Instagram and Facebook launch should expedite that realization in the coming months.

Solana investors should be thrilled with these new advancements. Solana has been one of the more popular DeFi blockchains, but most of those applications stay out of the public’s view. The integration on Instagram and Facebook will propel Solana into a new stage of its development and place it among the NFT blockchain heavyweights. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why NFTs will solidify Solana appeared first on The Motley Fool Australia.

More reading

• Don’t look now, but Cardano and Solana are recovering today
• Crypto market crash: Cardano, XRP, and Solana all take big hits again today
• Why Ethereum, Solana, and Cardano all plunged today
• Why should I buy Bitcoin ETF shares instead of just buying Bitcoin?
• Crypto king Bitcoin to be dethroned by this hot rival: experts

RJ Fulton has positions in Ethereum and Solana. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Ethereum, Meta Platforms, Inc., Solana, and Twitter. The Motley Fool Australia has recommended Meta Platforms, Inc. The Motley Fool Australia owns and has recommended Ethereum and Solana. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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ASX 200 tech shares are having a tough time on the market today.

The S&P/ASX All Technology Index (ASX: XTX) is falling 2.46% at the time of writing to 2,093.9 points. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.04% today.

Let’s take a look at what could be impacting ASX 200 tech shares.

ASX tech shares fall

ASX 200 tech shares Block Inc (ASX: SQ2) and Xero Limited (ASX: XRO) are falling 6.1% and 2.2% respectively today. Meanwhile, WiseTech Global Ltd (ASX: WTC) is down 2.3% and TechnologyOne Ltd (ASX: TNE) has shed 1.8%.

ASX technology shares could be reacting to news from the United States. Technology shares on the ASX often follow the trends of US counterparts.

The Snap Inc (NYSE: SNAP) share price has plunged more than 31% in after-hours trading on the New York Stock Exchange.

In a US Securities and Exchange Commission filing, Snapchat advised it would likely miss its revenue and earnings before interest, taxes, depreciation, and amortisation (EBITDA) targets.

Since we issued guidance on April 21, 2022, the macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe it is likely that we will report revenue and adjusted EBITDA below the low end of our Q2 2022 guidance range. 

This news appeared to impact overall sentiment in the sector, with many of Snap’s peers falling after hours, as the CNBC noted.

Nasdaq Futures are falling 1.30% at the time of writing. Meta Platforms Inc (NASDAQ: FB) shares plunged 7% in after-hours trading, while Twitter Inc (NYSE: TWTR) shares dropped 3.72%, Pinterest Inc (NYSE: PINS) fell nearly 12% and Trade Desk Inc (NASDAQ: TTD) slid nearly 9%.

Closer to home, TechnologyOne shares plunged nearly 5% in earlier trade before recovering slightly to the current share price of $10.22. As my Foolish colleague James reported today, the ASX 200 tech share reported strong first-half growth. Total revenue jumped 19% to $172.5 million, while profit after tax leapt 18% to $33.2 million.

Share price snapshot

The All Technology Index has dived nearly 20% in the past year, while it is plunging nearly 30% year to date.

In the past month, the index has fallen 11%, while it is virtually flat over the past week.

For perspective, the benchmark ASX 200 has climbed 1.5% in the past year.

The post Here’s why ASX 200 tech shares are under pressure on Tuesday appeared first on The Motley Fool Australia.

More reading

• Snapchat share price dives 30% pulling Nasdaq futures lower
• ASX 200 midday update: Nufarm, Tabcorp and TechnologyOne tumble
• TechnologyOne share price slides despite strong first-half SaaS growth
• Do experts think the Xero share price is a buy?
• 5 things to watch on the ASX 200 on Tuesday

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc., Meta Platforms, Inc., Pinterest, The Trade Desk, Twitter, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc., WiseTech Global, and Xero. The Motley Fool Australia has recommended Meta Platforms, Inc., Pinterest, and The Trade Desk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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