NiftyNoon: What is the future of Instagram NFTs?

Meta discards its NFT ambitions for Instagram (March 14, 2023)

Nifty Thought

• After months of excitement surrounding Meta's push into NFTs for Instagram and Facebook, the company has decide to sideline those plans. This comes at a difficult time for Meta where much of its market value was wiped away during the 2022 tech stock crash. While cutting back its costs with projects such as NFTs may make sense intuitively, this may ultimately harm their long term position in the metaverse space overall.

• Unfortunately, this is also a loss for NFTs. Today, social signaling remains as one of the biggest forms of utility an NFT can provide. People love to show off expensive cars and watches on Instagram. This contributes to a culture that makes such items desirable. Without verified NFTs in place, it will be difficult and less common to see people signal through their digital assets and therefore mainstream appeal for these assets will absolutely decrease as well. However, there is hope within other social media platforms, particularly in China, that have embraced NFTs more openly. Instagram’s loss may ultimately be their gain.

Project News

• Meta is sunsetting digital collectibles with features disabled across the platform:

  Stephane Kasriel @skasriel

  Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]

  nft now @nftnow

  BREAKING: Instagram is sunsetting digital collectibles (NFTs). Features will be disabled across the platform. (1/3)

• Binance announces it will convert the remaining $1 billion Industry Recovery Initiative funds from BUSD to native crypto:

  CZ 🔶 Binance @cz_binance

  Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.

• DeGods returning to the Bitcoin blockchain with all details revealed in the coming days:

  DeGods III @DeGodsNFT

  All roads lead back to Bitcoin. It's time to go back to where all of this started.

  

• MapleStory Universe hints upcoming project developments:

  MapleStory Universe @MaplestoryU

  🌌Ready to Board Our Spaceship?

  

• ApeCoin DAO requests user aid in helping them define their mission statement by answering three polls:

  ApeCoin @apecoin

  GM We're finalizing the @apecoin DAO mission statement, but there are some outstanding questions and we need your help with three polls. 🧵⬇️ 1/6

  

• Blur announces it is now possible to browse and buy NFTs on mobile:

  Blur @blur_io

  🚨FEATURE ANNOUNCEMENT🚨 You can now browse and buy NFTs on mobile! More mobile functionality coming SOON

  

• RTFKT announce special event in Tokyo taking place the 30th of April:

  RTFKT @RTFKT

  One more tweet... see you in Japan 4.30.2023 🌸🇯🇵🫡

  

• The Potatoz Questing is now live:

  Memeland (3.33%) 🏴‍☠️ @Memeland

  The Potatoz Questing is now live! 👉🏻 memeland.com/dashboard When you send your Potatoz to Questing, they will bring back 1 Valuable every 7 days automatically.

• Mocaverse updates on Mocas reveal, DAO foundation, and rewards:

  Mocaverse💼🪐 @MocaverseNFT

  4 days until reveal..? Now that all 8888 of them have been sent to the Realms, do you know where they will go? On Mint day, the wormhole sucked 2678 Mocas into the treasury The remainder of them traveled to the Realms through the portal (lucky Mocas) ⬇️

  

• Yuga Labs inform the inscription process for TwelveFold collection is currently underway:

  Yuga Labs @yugalabs

  The inscription process for the TwelveFold collection is currently underway. We’ll post a notice from this account once all pieces have been inscribed and transferred to the auction winners’ empty receiving addresses. More below.

• Jack Butcher airdrops Twelve Checks to One Check collectors:

  Jack Butcher @jackbutcher

  to all twelve one check collectors check your wallet

  

Community News

• Barney Frank openly admits Signature bank was arbitrarily shuttered despite no insolvency because regulators wanted to kill of major pro-crypto bank:

  nic carter 🌠 @nic__carter

  Dear God. Barney Frank openly admits that Signature was arbitrarily shuttered despite no insolvency because regulators wanted to kill off the last major pro-crypto bank. Colossal scandal cnbc.com/2023/03/13/sig…

  

Quick Stats:

• OpenSea ETH Daily Volume: 5,288 ETH (▲ 0.17%)

• Blur ETH Daily Volume: 19,238 ETH (▲ 47.46%)

• BTC: $25,957.10 (▲ 15.18%)

• ETH: $1,749.38 (▲ 9.22%)

• Solana: $21.65 (▲ 11.33%)

• Polygon: $1.22 (▲ 8.81%)

NFT Daily Winners:

• 🏳️‍🌈 Chromie Squiggles: 12.50 ETH (▲ 4.17%)

• ⛩️ Azuki: 14.45 ETH (▲ 4.03%)

• 🐧 Pudgy Penguins: 5.18 ETH  (▲ 1.37%)

• 🚬 CryptoPunks: 67.00 ETH (▲ 0.18%)

NFT Daily Losers:

• 🐈‍⬛ VeeFriends: 4.15 ETH (▼ 0.46%)

• 🥃 Proof Collective: 14.85 ETH (▼ 0.93%)

• 🦧 Bored Ape Yacht Club: 66.25 ETH (▼ 1.10%)

• 🧟 Mutant Ape Yacht Club: 14.38 ETH (▼ 1.84%)

• 🧬 Clone X: 4.14 ETH (▼ 2.59%)

• 🌈 Doodles: 4.18 ETH (▼ 4.35%)

• 🦉 Moonbirds: 4.55 ETH (▼ 5.39%)

• 🧝🏼‍♀️ DigiDaigaku: 7.10 ETH (▼ 5.93%)

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