TLDR Crypto Daily Update 2022-01-21

Facebook NFT marketplace 🖼️, Robinhood launches wallet 🔑, Javascript smart contracts ⚡

Innovation & Launches

Robinhood Launches Crypto Wallet Beta for Bitcoin, Ethereum, and Dogecoin Transfers (2 minute read)

Robinhood's cryptocurrency wallet beta program is now live. The first 1,000 people on the waitlist now have access to the wallet. Robinhood plans to scale up to 10,000 users by March. Users will be able to use the wallet to transfer crypto between Robinhood and external wallets. Testers in the beta will be limited to 10 withdrawals totaling no more than $2,999.

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.

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.
Guides & Resources

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.

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.

El Salvador’s plan to create the first Bitcoin-powered nation is tanking the economy—and is a mess by every measure (4 minute read)

While El Salvador is pushing crypto, many of its citizens still don't understand or trust Bitcoin. The nation's debt is now selling for 36 cents on the dollar. Despite this, many in the crypto community still praise the scheme as adopting Bitcoin has more than doubled the number of Salvadorans with access to banking and financial services. This article presents the problems with introducing Bitcoin as legal tender, discussing issues such as volatile prices, transaction fees, concerns over sanctions, and more.

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.

Agoric Raises $50M in CoinList Token Sale to Bring JavaScript Developers Into Crypto (2 minute read)

Agoric, a startup dedicated to creating JavaScript-based smart contracts, has now raised over $85 million in total after a public token sale at the end of last year that sold over $50 million in tokens. Over 10 million developers use JavaScript. Agoric's platform will eventually allow JavaScript developers to create web3 apps. The project now has a proof-of-stake blockchain linked to the Cosmos ecosystem. Its next phase will be to flesh out its economic applications layer and create a stable token.

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