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Weekly news 24/03/2022: Instagram is launching NFTs

24 March 2022

temps de lecture 2 minutes

avatar-auteur Johann Ouaki

Ecosystem

Instagram is launching NFTs

NFTs are coming to Instagram, said Meta CEO Mark Zuckerberg. This news confirms an earlier report that Facebook and Instagram might allow users to create and sell NFTs directly on the platforms, and potentially introduce NFT profile pictures. NFTs could eventually play a role in Meta’s eventual long-term vision of creating a virtual world for its users, Zuckerberg added.

Grayscale launches smart contract fund for Ethereum competitors

Grayscale Investments has unveiled a new cryptocurrency fund dedicated to smart contract platforms excluding Ethereum, underscoring growing investor appetite for alternative blockchain networks. The assets of seven smart contract platforms have been included in the fund: ADA, SOL, AVAX, DOT, MATIC, ALGO and XLM. Grayscale said the new fund is now open for daily subscription by accredited investors.

The Bored Ape Yacht Club has seen its trading volume increase by 1,616.98% over the last 24 hours

With the release of the Apecoin, The Bored Ape Yacht Club (BAYC) has seen its trading volume increase by 1,616.98% over the last 24 hours. Other projects associated with the Bored Ape Yacht Club have also seen a steep increase in volume, including the Mutant Ape Yacht Club (970.43%) and the Bored Ape Kennel Club (852.80%). The ApeCoin Twitter account describes it as a “​​token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.” On Wednesday, ApeCoin announced that 62% of token supply would go to the ApeCoin community, of which 15% could be claimed via airdrop.

Banks and Institutions

François Villeroy de Galhau and Christine Lagarde warn against cryptocurrencies

François Villeroy de Galhau, director of Banque de France, declared this week that Bitcoin is not a value reserve, but a speculative asset (sic), akin to tulip bulbs in the Netherlands in the XVIIth century. He also stated that stablecoins suffer from operational and compliance issues. Christine Lagarde, president of the ECB, declared that cryptocurrencies worry her because of the russian context. According to her, cryptoassets are a threat, and are certainly used by russian companies and state actors to avoid financial sanctions.

Goldman Sachs makes first OTC crypto options trade

Goldman Sachs has made the first-ever over-the-counter (OTC) crypto transaction in the form of a bitcoin non-deliverable option. The company says this is the first OTC crypto transaction by a major bank in the US and could be seen as a sign of maturity of the asset class in the eyes of institutional players. Representatives stated that they expect the transaction to open the door for other banks considering OTC as a conduit for trading digital assets.

Technology

Luna Foundation Guard has raised $2.2 billion for a bitcoin reserve

LFG, a Singapore-based non-profit working on the Terra blockchain, will use Bitcoin as a reserve asset for Terra (UST), the largest algorithmic stablecoin on the blockchain. In response to queries as to how the foundation will source the $3 billion, Kwon said LFG has already raised $1 billion via over-the-counter sales of LUNA – Terra’s native token – for bitcoin and collected another $1.2 billion by selling UST for tether. Kwon added that the foundation will need another another $800 million to meet the $3 billion target.

Figures

  • Crypto users in Africa grew by 2,500% in 2021

  • 14% of Salvadoran businesses have transacted in BTC

  • Cardano TVL hits $300 million

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