๐ Instagram To Support NFTs, Launches Today
Seems like Zucki has been working on it for a while, it launches today.
gm fellow mfers*
There are days when I question my existence. Then there are days like this (not to mention that it is only Tuesday, so far from Friday) where market is bleeding. 15% down from last week. All those technical indicators used, all those fancy charts..No one cares. There is no such thing as fundamental or technical analysis on crypto. You just jump on a train hoping it takes you to the destination you are trying to go. They can kick you out the very next stop.
Am I really worried?!
Not at all. Of course I had to make it dramatic in the beginning of newsletter just so you keep reading it. Although, this serves as a really important reminder to engage only with projects which we really believe in long run. Yes, 99.9% of the existing web3 space projects today, will not exist in the future. But those who will be still around will definitely be big. Think about Internet era, not many companies are still around but those that are still around such as Apple, Microsoft are absolutely killing it.
Personally, even if all the projects I am involved die in the near future, I would not be worried at all. Donโt get me wrong, I would love to make money out of it. But I believe I have benefited a lot from those projects as I got more familiar with the space. Just like I am doing with this newsletter. I write because I want to learn more. There is no better way to learn than start writing about it. Especially in the web3 space. You have to read something highly technical combined with complex jargon, translate it into something plain and deliver it to your readers (I know..I am doing an amazing job..).
Some of the reasons on the crypto market crash we have seen lately are related to:
Interest Rate hikes - Fedโs interest rate increase had a huge impact on Stocks. We reported in our previous newsletter, but basically this is impacting NASDAQ index as well (tech stocks). We have seen a positive correlation between tech stocks and crypto lately.
Less interest from Institutional investors - During first quarter of the year, we have seen lot of institutional investors coming up with strategies to adopt cryptocurrencies. That has faded out lately, especially with cryptocurrency prices going down. Apparently, it turns out to be that Institutional investors care more about floor prices than us, the actual degens.
๐ Instagram to support NFTs
Back in March 2022, Mark came out with an announcement saying that they are working on bringing NFTs to Instagram in near term. It seems like they have been working on it already. A few months later, starting from today Instagram is releasing this feature to a selected group of users.
This reminds me of Stories features. Snapchat were the first ones to come up with stories and then Facebook started implementing it everywhere as a feature such as Facebook, Instagram, Whatsapp. Initially it was thought this came more like a feature with the intent to make stories less relevant since users were seeing it everywhere. In fact, it turned out to be the most used feature of all, especially for Instagram. After TikTok, now even YouTube came up with their own version of stories. Btw, this move from Facebook with stories did hurt Snapchat big time.
My point being, it might look like everyone is trying to get a piece of web3 pie hoping to stay relevant. But you also have to remember, Instagram has 1 billion active users. Think about it. We are talking about degens who keep scrolling for no reason, consuming content for hours. That definitely will bring more eyes on the NFT space.
Zucki (Mark Zuckerberg but he is my pal so I can call him however I want) even mentioned that they might support users to mint NFTs within Instagram!! Although I am against the point of being centralized as a process, I believe that currently we suffer for a standardized process during mint and if Instagram will be able to pull it off, that would help avoiding all the scams that have happened in the past. If you want to read more about scams and rugpulls for 2021, check out yesterdayโs newsletter.
๐ฉ๐ฝโ๐ Degens Vocabulary
This will be a daily section where we will keep you updated with the web3 space vocabulary (will be using them more often once audience gets more familiar with them).
MFERS, - pretty easy to figure out. Mot***f*ckers๐๐๏ธ
๐๏ธ Other news in the space
Bitcoin drops below $33,000 to hit its lowest level since July 2021 after stock sell-off
First Mover Americas: Institutions Look To Be Selling BTC in Falling Market
How Much Money You Have Now If You Bought $100 of Crypto 6 Months Ago