Tag: buyers

Bots Inc Starts Accepting Dogecoin And Other Cryptocurrencies from Tesla Vehicle Buyers

BOTS Inc. global blockchain technology firm has announced that it has started allowing local car dealerships to accept cryptocurrencies like Dogecoin to buy used Tesla vehicles.

As the popularity of crypto assets like Bitcoin and Dogecoin continues to rise, several car dealers and manufacturers have identified that as an opportunity to reach and even attract new clients. BOTS will be providing Dogecoin merchant processing services to pre-owned Tesla dealers and individuals first.

The move, therefore, makes Bots one of the first publicly traded companies to accept Dogecoin as a payment method for its services and products.

BOTS Inc. is an international information technology firm specialising in blockchain-based solutions, cryptocurrency, fintech, cybersecurity solutions, insurance, mining equipment repair, consulting, and decentralised finance application solutions. On August 16, the firm said that it has started allowing local dealerships to accept cryptocurrencies like Dogecoin for used Tesla vehicles.

Since the demand for Tesla cars is exceptionally high, some clients would rather purchase a used Tesla car than wait many weeks to deliver a new one. Thus, the dealer customer base continues growing steadily.

Since last year, the global shortage of microchips has caused vehicle manufacturing companies to minimise new production, causing increased prices of used cars. As a result, the prices of some popular models of used cars are higher on second-hand markets than the brand-new cars.

SeeCars Executive Analyst Karl Brauer talked about the development. He said: “Buyers are willing to pay extra for a used Tesla Model 3 because the Model 3 is still relatively uncommon in the used car marketplace. And despite the high resale value of its used versions, it is the most affordable Tesla available. It appeals to a wide audience from tech enthusiasts to eco-minded consumers to those who want a fun-to-drive sporty car.”  

Elon Musk Still Supporting Bitcoin

In February, Tesla began accepting Bitcoin as a payment method and even bought $1.5 billion worth of Bitcoin as part of its treasury reserve. But after three months, Elon Musk, Tesla CEO, stated that the automaker would no longer accept Bitcoin as a payment for its vehicle sales, citing environmental concerns.

The announcement by BOTS to begin offering Dogecoin merchant processing services to pre-owned Tesla vehicle dealers and individuals first comes a few weeks after Musk hinted that Tesla might resume accepting Bitcoin payments. Last month, July 20, Musk said at the B-Word conference that: “Tesla will ‘most likely’ restart accepting bitcoin as payments”.

Musk stated that he personally owns Bitcoin, Ether, and Dogecoin, apart from Bitcoin that SpaceX and Tesla own.

Musk, one of the critical drivers of the cryptocurrency boom during this year, often expresses support for Dogecoin. Last week, Musk backed Mark Cuban’s claims that Dogecoin is the best cryptocurrency as a medium of exchange.

NFT Market Facing Persistent Selling Pressure

According to the data provided by the analytics platform NFTGo during the month of April, the market for nonfungible tokens (NFTs) has been regularly seeing a greater amount of selling pressure than purchasing. There were only 7,907 purchasers on April 26, although there were 8,641 vendors trying to sell their NFTs. On April 19, there were just 5,893 purchasers, which led to the market reaching its second-lowest point in the preceding year.

There were 18,495 buyers in the market on April 5, but there were also 36,423 sellers, and there hasn’t been a single day in April in which the number of buyers has outweighed the number of sellers. Even with the rise on April 5 to 18,495 buyers, the market still had 36,423 sellers. Those who have their sights set on selling their NFTs in the near future could find this consistent selling pressure to be reason for alarm.

NFT trade volumes on March 10 were between $68 million and $74 million before the collapse of the bank; nevertheless, they dropped to $36 million on March 12. In addition, between March 9 and March 11, there was a reduction of 27.9% in the number of daily sales of non-fungible tokens (NFTs).

Twitter users have expressed their opinions on a wide variety of topics in response to the volatile circumstances in the NFT market. The co-founder of Canary Labs, Ovie Faruq, said in a tweet on April 26 that the NFT market is “not functioning” at the present time.

The amount of wash trading on the top six NFT markets increased to a total of $580 million in February, according to a research that was published by CoinGecko on March 20. This was the fourth consecutive month that wash trading increased. According to the findings of the research, the volume of the NFT marketplace increased by 126% from the previous month’s level of $250 million. The rise may be attributed to the general recovery of the market for non-traditional financial assets.

Despite the fact that the NFT market has been under pressure to sell during the month of April, it is important to keep in mind that the NFT market is still a relatively young and emerging business, and it is not unusual for the market to be volatile. Despite this, the consistent selling pressure may indicate to sellers that they need to change their pricing strategy or explore the possibility of hanging onto their NFTs for extended periods of time.

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