NFTs are coming to Instagram
GM, we take the most important, most interesting Web3 news and translate it into plain old English. Here’s what you can find in today’s edition:
NFTs are coming to Instagram
Edward Snowden says crypto is 'an evolving threat' for governments
American Express are quietly entering the metaverse
NFTs are coming to Instagram
Art by @maryamhome
In an interview at SXSW yesterday, ol' Zuck announced that NFTs would soon be coming to Instagram.
Not just as verified profile pictures, but users will actually be able to mint (i.e. create) their own NFTs on the platform.
This is exciting, but it also brings up a few questions:
How will they build this functionality into an already crowded app, without it feeling bloated?
How are they going to monetize it? Because knowing Facebook (well, Meta), they're not going to leave any potential revenue on the table.
If/when they try to monetize their new functionality, will the (wildly independent) NFT community abandon them for platforms with kinder terms?
Not so surprisingly, Zuck kept things pretty close to his chest:
“We’re working on bringing NFTs to Instagram in the near term, I’m not ready to kind of announce exactly what that’s going to be today."
And now we play the waiting game...
Edward Snowden says crypto is 'an evolving threat' for governments
Edward Snowden spoke at Camp Ethereal 22' (which we assume is like summer camp for ETH maximalists?), discussing how global governments are threatened by crypto upending the regulatory status quo.
On the surface, that's not a ground breaking statement, but when Snowden says it - people listen.
Kind of like when you're discussing how to BBQ a hog and your Texan uncle walks into the room (no? Just us?). Anyway...
Snowden noted, given that most cryptocurrencies' public ledgers (or 'transaction lists') allow every single dollar to be tracked on the network, it's something governments will likely use for financial surveillance.
Yikes.
American Express are quietly entering the metaverse
At least that's what their latest patent filings indicate.
"Included in the filings, verified by Decrypt, are requests by American Express to secure trademarks on software for credit cards, travel, concierge services, a virtual environment for recreation and entertainment, and an NFT marketplace."
Yesterday we had the city of Austin getting on the Web3/metaverse train, today we have the worlds second largest payment provider.
This doesn't mean the metaverse will be mainstream tomorrow. But hey, another brick in the wall.