In Crypto; TLDR
- Instagram wants a piece of the NFT pie, officially a marketplace now
- RBI launches pilot project of the Digital Rupee
- US voters on both sides agree that “Crypto is the future of finance”
- MoneyGram introduces crypto purchases on app
- Visa joins hands with Crypto.com, unveils FIFA World Cup NFTs auction
Instagram Rolls Out Features to Let Select Creators Sell NFTs on the App
Meta, the tech giant that was previously Facebook, has been making efforts to establish its presence in Web3 for a while now. Its latest offering may be its biggest bet yet.
Meta has been teasing an NFT update since early 2022. And it’s finally here! Don’t get ahead of yourself, though. This round of public testing will only allow select creators to sell NFTs to their audience on Instagram. It has promised that NFTs sold on its platforms will not have any additional fees attached to them, at least at launch. This isn’t to say that there won’t be any fees. The respective app store fees will still apply to purchases, it said, referring to Apple’s 30% fee on in-app purchases. Basically, Apple allows NFTs to exist on apps in its App Store, but any NFTs that unlock additional features will be taxed.
On their part, Meta’s spokesperson has stated that the company will not charge gas fees “at least until 2024.”
One of the biggest Web2 players transitioning into an NFT marketplace is quite the statement. And if Reddit’s case is any proof, this should be a resounding success.
The RBI Has Launched the Digital Rupee’s Pilot Project
The pilot project is only available to the wholesale segment for now. Wholesale, in this context, comprises exclusively bank-to-bank transfers. For now, nine banks in the country have been included in the pilot project.
The RBI has said that the project will be extended to the retail segment in about a month in select locations and only for closed user groups. The retail segment’s use cases would include everyday consumer transactions.
Democrats and Republicans Agree on One Thing– Crypto Is the Future
A national survey conducted by Grayscale Investments, the biggest crypto asset manager in the world, shows that Americans, irrespective of their political ideals, believe cryptocurrency is the future of finance.
It had 2,029 adults participating. 25% of participants revealed that the dramatic inflation and the threat of recession has made them see crypto in a new light. Moreover, 44% of participants said that they’d like to add crypto to their portfolio in the future.
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MoneyGram Debuts Feature to Buy, Sell, and Hold Crypto on Its App
MoneyGram, the digital P2P payments company, has rolled out new features on its mobile app that allow its users to buy, sell, and hold select crypto. For now, Bitcoin, Ether, and Litecoin have made it to the list. The company also stated that it plans to add more cryptocurrencies by 2023.
MoneyGram’s CEO believes that this update allows the company to be “uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services.”
Visa Unveils a FIFA World Cup NFT Auction Leading Up to the 2022 World Cup in Qatar
Visa has unveiled the Masters of Movement auction in partnership with Crypto.com in an effort to cash in on the World Cup hype. The company claims that Masters of Movement is a unique recreation of iconic movements in digital form. Each NFT in the auction will include digital art inspired by five iconic goals from five football legends.
Later this month, at the FIFA fan festival in Qatar, the NFTs will be brought to life on an interactive pitch where the fans can create their own signature movements.
All proceeds from the auction will go to Street Child United, a charity for children living in poverty.
Other Highlights
- Miner Marathon Digital Holdings mined a record-high 615 BTC in October
- Singapore doubles down on efforts to become global crypto hub, grants licenses to two more crypto players
- NFT marketplace MOOAR takes a stand against optional royalties
