Here is a recap of everything we published this week.
According to recent reports, Instagram is planning to add support for NFTs. Instagram's venture into NFTs should come as no surprise. In December, Instagram CEO Adam Mosseri stated that the social media platform was "actively exploring NFTs" but provided no further details.
Meta, Instagram's parent company, has also revealed additional plans to leverage blockchain technology. Last year, the company's decision to rebrand from Facebook to Meta spiked corporate interest in the metaverse.
Last week has been a tough one for crypto traders. In the latter half of last week, cryptocurrency markets tumbled. Following highs of more than $1.8 trillion on Wednesday and Thursday, the total market capitalization of major cryptocurrencies has dropped to around $1.5 trillion as of Monday, a more than 15% drop in just five days.
The music industry and the digital world continue to converge, with prominent musicians advocating for NFTs and Web3.
On Monday, Pop culture icon Madonna and the digital artist Beeple, released her own NFT series, titled "Mother of Creation", featuring three digitally rendered videos that recast her as a nude woman giving birth to different aspects of life.
Following the huge success of play-to-game games, move-to-earn is now the new hot trend in the cryptoworld. Move to Earn platforms reward users for staying fit by providing an additional income stream for participating in their regular exercise activities or participating in specific fitness-related challenges.
Liquidity pools are a crypto industry innovation with no direct counterpart in traditional finance. In addition to providing a safety net to a DeFi protocol's core activities, liquidity pools also serve as breeding grounds for investors who prefer high risk and high reward. Most token holders are currently hesitant to contribute their tokens to liquidity pools due to the risk of negative returns from volatile losses.
What We’re Reading
Our favorite writing from beyond The Token Dispatch
A Theory of Justice for Web3 - Li's Newsletter
Cautionary Tales from Cryptoland - Thomas Stackpole