Innovation & Launches
Facebook and Instagram will reportedly become major NFT marketplaces (8 minute read)
Meta is preparing tools for creating and distributing non-fungible tokens (NFTs). Teams across both Facebook and Instagram are actively exploring NFTs and the option of a marketplace where users can mint collectibles and offer them for sale on social media platforms. Facebook's digital wallet Novi will play a substantial part in Meta's adoption of NFTs. Meta will invest $10 billion a year into the metaverse.
Twitter Launches NFT Profile Picture Verification (2 minute read)
Twitter has released an official verification mechanism for NFT profile pictures. Users can now link their Ethereum wallets to their Twitter accounts, after which they will be presented with a list of NFTs they own. Verified NFT profile pictures will be enclosed in a new hexagonal border. The feature currently only supports Ethereum-based NFTs, but Twitter is considering adding support for other blockchains. NFT verification is only available for users subscribed to Twitter Blue.
Guides & Resources
Diving into OpenDAO: Predictions on the Flash DAO Phenomenon (12 minute read)
Flash DAOs are decentralized autonomous organizations that seemingly appear from nowhere to support a common purpose. OpenDAO, one of the first of its kind, was created on December 23 and it already has more than 60,000 Discord server members. The DAO airdropped its governance token to OpenSea users according to levels of activity. This article looks at OpenDAO, how it formed, how it will generate value, what its plans are, and more. It makes predictions on the future of Flash DAOs using OpenDAO as an example.
Protocol Frontends as Competitive Marketplaces (4 minute read)
When a web3 app or platform decides to restrict access to certain parts of the blockchain, users are stuck either losing functionality or they have to install front ends locally. Users do not want to run their own servers. A solution to the problem could be to build many competing platforms on a blockchain to let the free market decide which platform to use. If a particular platform decides to block any information, the information remains on the blockchain, so other platforms can still make it easily accessible to users. This will mean that users can also easily transfer between platforms without losing any information.
Simpin' Ain't Easy: The Business Sense Behind IreneDAO (3 minute read)
IreneDAO is a collection of NFT images that started out as a sticker pack on Telegram. The lowest listed price of any of its NFTs is now 1.35 ETH, or around $4,400. The NFT collection was created by Irene Zhao, who is the creator of SO-COL, a platform that aims to create social tokens where fans can purchase creator coins as a form of investment in an influencer. IreneDAO is a proof of concept for SO-COL and aims to prove that the fan economy will be bullish in the web3 ecosystem.