Happy Thursday! 

Or as some call it, Throw-back-Thursday, but instead of throwing it back, we’re gonna throw you headfirst into some white hot news.

Espresso Shots

☕️ The IRS defines digital assets! Hooray! 

In a draft form for the 2022 tax year released this week, the IRS goes where they’ve boldly looked the other way! The latest draft includes a definition of digital assets as all cryptocurrencies, stablecoins, and NFTs. It also includes actually filing directions for how to calculate capital gains and losses.

Now, if I could just get the IRS to define our relationship. What are we: Friends with benefits? Casual hook up? They’ll probably just break my heart again this tax season.

☕️ Israel begins live testing of its digital bond program. 

During this testing period, tokenized government bonds will be issued to banks via e-wallets. Digital currencies from the bank will then be sent to the government in exchange for the bond. This pilot phase will end in Q1 of 2023.

This is an exciting time for aunts and uncles everywhere who have been looking for a fun twist on giving newborn babies $50 paper bonds for the last 100 years. 

☕️ a16Z - the trendy name for the Venture Capital firm, Andreessen Horowitz, has announced the launch of their Crypto Startup School (CSS.)

The 12-week accelerator program includes mentorship from leading founders, advice from experts, and an investment from a16z of $500k. Applications for the program are open now at this link. 

Experts predict it will only be a matter of time before a16Z is forced to fight Elon Musk’s son, X AE A-XII Musk, for control of a futuristic, seaside city.

Spilling the Beans

Is Reddit the new NFT king?

Up until now, we’ve really only guessed at the future of the NFT industry. Honestly, we’ve pretty much only been guessing at the state of the present NFT industry.

But it’s possible that Reddit - the forum based social media platform - has figured out something that has the chance to change the industry completely.

Up until this point, there’s really only been one truly dominant NFT marketplace. Opensea has dominated in both NFT sales volume and NFT traders, sitting at over 2.3 Million total traders.

At a Tech Crunch Disrupt panel this week, Reddit Chief Product Officer Pali Bhat announced that they’ve officially surpassed 3 million created Reddit Vault Wallets and 2.5 million wallets that were created with the intent to purchase an NFT avatar on the platform.

While it’s still unclear exactly how many Reddit Vault Wallets have purchased an NFT thus far, this is the first true mass adoption of a crypto wallet we’ve seen on a social media platform.

Reddit has about 50 million daily active users, which means about 5% of them have created an NFT wallet. That’s both impressive and also leaves the platform a ton of room to grow.

If Reddit is able to create a sizable revenue stream from this feature, expect to see the other social media platforms make similar moves in the very near future.

Meme of the Day

Here I go again.

The Last Sip

For today’s last sip, we thought we’d share an interesting piece from Harvard Business Review on the state of work.

The piece aims to explore how much time employees spend toggling and adjusting to the various different applications and websites it takes to complete their jobs.

The Review studied 20 teams at 3 different Fortune 500 companies and found that: “The average user in the dataset toggled between different apps and websites nearly 1,200 times each day."

The review found that workers spent "just under four hours a week reorienting themselves after toggling to a new application. Over the course of a year, that adds up to five working weeks, or 9% of their annual time at work.”

As a person who currently has (these are real numbers) 22 tabs and seven applications open, I found this article weirdly affirming. It does seem like the amount of websites and applications involved in a job can quickly get out of hand.

What do you do, dear reader, to keep your tabs and apps under control? Have you found a workflow that works for you? Sound off in the replies!

Until tomorrow, stay caffeinated,

Coffee & Crypto Team

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.