😱 it's coming
😱 it's coming
Instagram is adding NFTs soon, Ukraine signs crypto bill, Aptos raises $200 million to revive Diem and more.
Hey👋
Welcome to the mesha tribe. A biweekly newsletter by mesha that brings you all the latest developments in Crypto, NFTs, and Web3 to help you take your net worth #ToTheMoon🚀
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Crypto Market Update 📈
The global cryptocurrency market cap rose to the $1.82 trillion mark, rising 1.61% over the last 24 hours. The total crypto market volume grew 1.06% to $94.32 billion during the same period.
Bitcoin (BTC): $40,872.78 (↑1.40%)
Ethereum (ETH): $2,875.29 (↑4.33%)
Tether (USDT) : $1 (↑0.01%)
Binance Coin (BNB): $386.27 (↑3.06%)
Top Stories 📰
1. NFTs are coming to Instagram
If you thought the NFT fad was nearing its end, I have some news for you.
During an interview at the South by Southwest (SXSW) conference in Austin, Meta Platforms CEO Mark Zuckerberg announced that the company is working on technical functionalities to bring NFTs to Instagram "in the near term."
However, he didn't reveal any specifics on when and how the features might work.
Rumours were already circulating surrounding such announcement since last December when Instagram's head of programming Adam Mosseri revealed that the team was "actively exploring NFTs." Then in January, a Financial Times report claimed that teams Facebook and Instagram were working on NFT integrations that allowed users to create, showcase, and sell NFTs.
A broader vision: Instagram's decision to bring NFTs to the platform fits perfectly with Meta's grand ambitions after the social media giant changed its name in October 2021 to reflect its focus on virtual reality and the metaverse.
“I would hope that, the clothing that your avatar is wearing in the metaverse… can be basically minted as an NFT, and you can take it between your different places,” Zuckerberg said.
Why it matters? This isn't Meta's first attempt to launch a blockchain-based technology. In 2019, Zuckerberg tried to launch stablecoin Diem (then known as Libra) which ended due to regulatory blowback. But several founding members, who left the project, are now trying to revive it (more about this below).
2. Ukraine legalizes crypto
Ukrainian President Volodymyr Zelenskyy has signed a bill to legalize and regulate digital currencies.
The new law, known as "On Virtual Assets," establishes the legal framework for the country to operate in the crypto space. According to an official statement, the law determines the legal status, classification, ownership and regulators of virtual assets, market regulators, and setting registration requirements for crypto services providers, among other things.
The bill was previously adopted by the Ukrainian parliament last month after President Zelenskyy rejected an earlier draft in 2021, citing the country's inability to support a new regulatory body for managing crypto.
While Ukraine may have legalized crypto now, the country has been one of the most active traders of virtual currencies for the last two years. But it renewed its crypto ambitions after Russia's invasion on February 24. Since then, Ukraine has received over $100 million in crypto donations from around the globe.
To further support its cause, the Ukrainian government has launched an official website solely dedicated to crypto donations and has announced plans to release an NFT collection commemorating the war.
The nation's Ministry of Finance is now working on tax regulations and other regulations for launching the crypto market.
Why it matters? Although this wasn't how the Ukrainian officials expected their transition to happen, the move will allow the nation's first crypto exchange, Kuna, to convert digital currencies to fiat and support its efforts against the Russian invasion.
Deal Street 🤑
ConsenSys valued at $7 billion
Blockchain software engineering firm ConsenSys raises a $450 million Series D funding round at a $7 billion valuation. Led by ParaFi Capita, the fundraises was joined by new investors, including Microsoft, Temasek, Anthos Capital, SoftBank Vision Fund 2, Sound Ventures, and C Ventures. The lastest round more than doubled the Brooklyn-based startup's earlier valuation of $3.2 billion in November. Founded in 2014 by Ethereum co-founder Joseph Lubin, ConsenSys allows developers, enterprises and users worldwide to build applications and infrastructure geared towards the Web3 space. Its most popular products include MetaMask crypto wallet and Infura, a suite of tools that helps developers create Ethereum apps. ConsenSys will use the latest cash injection to hire 600 more employees to support MetaMask's redesign, expected to release later this year, and grow its NFT business.
Aptos raises new funding to revive Diem
Aptos, a blockchain venture founded by two former Meta employees, has announced that it closed a $200 million strategic investment at a valuation of around $1 billion. The round was led by a16z, with participation from investors like FTX Ventures, Coinbase Ventures, Tiger Global, Multicoin Capital, Katie Haun, and 3 Arrows Capital. The four-month-old startup is building a scalable Layer 1 blockchain that is partly based on Move, a coding language initially developed for Meta Platform's now-defunct stablecoin project, Diem. “Our goal is to work with some of the world’s largest brands and tech companies to really build a web3 ecosystem for the masses,” CEO Mo Shaikh told Techcrunch. Along with this, the company has also launched "devnet," which allows programmers to contribute open-source code. The fresh capital will be used for hiring new staff and supporting companies and builders looking to develop their projects on the Aptos blockchain.
Mesha Team Profile🧑🤝🧑
Every week, we'll highlight teams in the mesha community and their experiences investing in NFTs. This week, we have:
Team Name: NFT Gang
Members: 4 (Deep Shah, Harish Patel, Pankaj Dalmia, Harish Gharge)
We signed up on Mesha as a team to explore NFTs. Since we can't afford an NFT individually, we thought of purchasing it together. With Mesha's group investing feature, we can now buy NFTs together and share risks and rewards equally. We're excited to make our first purchase very soon!
Share what you learn 🤝
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See ya next week. Ciao👋