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📈 Gone Yachting

  • March 18, 2022

Happy Friday after St Patrick’s! How are those green beer hangovers treating you? 

If you’ve got some energy, crypto analyst Ansem released his Q2 crypto report and it’s definitely worth a read. 

He thinks we’re near the bottom of the crypto winter and makes a number of interesting trading recommendations (spoiler: he’s bullish on LUNA).

The whole report is pretty interesting. Want to read more? Check it out here.

In today’s edition:

📞 NFT’s coming soon to Instagram

đŸ” ApeCoin launch

Instagram NFTs

Meta CEO Mark Zuckerberg confirmed that NFTs would be “coming soon” to Instagram, giving a vague outline of how he sees the digital collectibles fitting into the metaverse.

What happened: An audience at Austin tech/entertainment conference SXSW was the first to hear the news as Zuckerberg joined Shark Tank star Damon John virtually for a panel to discuss “Creators, Commerce and Connection” in the metaverse.

  • While he didn’t offer any solid timelines of when NFTs would ararive on the app, he did appear optimistic about moving towards amalgamating web3 capabilities on a web2 platform, mentioning that ideally, users would not just display NFTs but mint them as well. 
  • The news isn’t exactly surprising for those with their finger on the pulse, as Meta has been “actively exploring” NFTs for some time now. Instagram CEO Adam Mosseri made mention of it in December.

Why it matters: Instagram’s NFT adoption will likely be the first step in Meta’s web3 adoption. At the same panel, Zuckerberg mentioned how lucrative digital goods could be in a virtual world.

  • “I would hope that you know, the clothing that your avatar is wearing in the metaverse, you know, can be minted as an NFT, and you can take it between your different places,” he said, admitting that the technical requirements need further development.

Big picture: Meta is throwing caution to the wind when it comes to web3 (if you couldn’t tell by the corporate re-brand last fall), despite running into a series of problems like harassment complaints in the Metaverse and a failed cryptocurrency.

  • “The future belongs to the people who believe in it more than others,” Zuckerberg said at SXSW, cementing his company’s public confidence in the new era of the internet.

Yacht Coin

As if being part of a Yacht Club wasn’t exclusive enough, Bored Ape holders now have another membership perk: ApeCoins.

What happened: On Wednesday, the long rumoured BYAC affiliated coin ApeCoin ($APE) was introduced on Twitter as “a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.”

  • ApeCoin is operated as a DAO, separate from BAYC developer Yuga Labs and supported by Ape Foundation, an administrative entity and legal steward of the project. Holding ApeCoin is the only requirement for membership in the ApeDAO.
  • Owners of Yuga Labs NFTs (including Bored Apes) were entitled to claim a share of the billion tokens dropped. Bored Ape holders could claim 10,094 tokens. Mutant Ape holders could only claim 2,042. You can see the full breakdown of token allocation and claims here.
  • According to a Yuga Labs spokesperson, the coin will soon start trading on major platforms like FTX, Coinbase and Kraken.

All the hype around BAYC didn’t do much for the price of ApeCoin. It fell throughout the day, starting with a price of US$10.36 and dropping to US$7.77 (as of writing).

Why it matters: The token will facilitate Yuga Labs’ expansion into other aspects of web3 outside NFTs, and it is attracting some high-profile players to the table.

  • Animoca Brands will incorporate ApeCoin into its game Benji Bananas.
  • The DAO’s board members are an impressive bunch, and include Amy Wu of FTX, Maaria Bajwa of Sound Ventures, Yat Siu of Animoca Brands, Dean Steinbeck of Horizen Labs and Alexis Ohanian, co-founder of Reddit.

“Today we’re making the ‘Club’ bigger with ApeCoin,” Ohanian said adding that web3 plays a role in developing a strong community around art and culture. “I believe this community will build, expand, partner, and disrupt in a massive way.”

Bits & Blocks

Eight members of the US Congress have accused SEC Chairman Gary Gensler of conducting “overburdensome” investigations and “stifling innovation” of the crypto industry.

Musician Iman Europe increased her earnings from $300 a month to almost $20,000 a month by selling her music as NFTs.

The crypto conman is back at it: 0xSifu, the guy who allegedly defrauded investors not once but twice, has launched his own token and investment fund. What’s that old George W. Bush quote? “Fool me once shame on you, fool me twice – you can’t get fooled again!”

The Bank of Canada and Massachusettes Institute of Technology (MIT) have partnered to research how a Central Bank Digital Currency (CBDC) could operate in Canada.

More on CBDCs: NSA whistleblower Edward Snowden slammed the currency concept, comparing them to Scrooge McDuck’s money magnet and calling them “crypto-fascist currencies.”

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