How Significant Is Instagram’s NFT Launch? What are the things you should look out for?

How Significant Is Instagram’s NFT Launch? What are the things you should look out for?

Earlier this month the head of Instagram, Adam Mosseri, announced that he will start beta testing NFT functions with a small group of users in the US.  Mosseri also confirmed there will be no fees for posting or sharing NFTs on Instagram.  Any NFT digital collectibles shared in Instagram will appear as tagged photos or profiles, and when clicked, you will be able to view creator and artwork details.  Instagram supports the display of NFTs created on the Ethereum and Polygon as well as on Flow and Solana in the future.  It will also support the use of third-party encrypted wallets such as Rainbow, MetaMask and Trust Wallet, with support for more crypto wallets planned in the future.

 

Source: see Tweet from May 9, 2002

Creators and developers participating in the beta can now share the NFTs they make or buy.  Users can share these NFTs in their feeds, stories, or messages.  According to Mosseri, only a few people currently have access to Instagram’s NFT beta test, which is designed to be able to gain important data feedback from the initial test and learn how to best integrate the buying and selling of these digital collectibles. While more NFT-related features will be rolled out in the future I believe that Instagram’s NFT rollout may be part of Instagram’s parent company Meta’s metaverse project, involving a deeper interaction in the future. As Mosseri tweeted a few days after the NFT announcement: “Power is shifting. Over the next 10 years, we are going to see a shift in power away from platforms and towards creators. There’s a lot we all can and should do to lean into that shift.”

 

What is the purpose of Instagram’s move?

I believe that the creator economy is very important for Instagram in the current market. While many creators in social media already have a variety of different ways to make money, many of them are unpredictable and dependent on the platform they use.  Therefore, there is a strong case to believe that Instagram will be able to attract creators to form a community. “I want to acknowledge upfront that NFTs and blockchain technologies are all about distributing trust and distributing power,” Mosseri admitted. “But Instagram is fundamentally a centralized platform, so there’s a tension there. One of the reasons why we’re starting small is we want to make sure that we can learn from the community. We want to make sure that we work out how to embrace those tenets of distributed trust and distributed power, despite the fact that we are, yes, a centralized platform.”

In the metaverse, people will buy, use NFTs for a variety of purposes, and share their experiences. Meta decided to start with NFTs because NFTs are an important link in the metaverse economy. I believe that since Facebook changed its name to Meta, they have been exploring a wider range of web3 technologies, and aim that through using these technologies, creation costs will be reduced, and the experience would be better. Meta CEO Mark Zuckerberg confirmed that similar functionality will soon be available on Facebook and possibly other Meta apps in the future.  Zuckerberg added that Meta will work on augmented reality NFTs, or 3D NFTs.

In my view, Instagram’s foray into NFTs has been planned for quite a while. In 2021, Instagram hosted Creators Week, an invite-only virtual summit that Instagram describes in its invitations as a “private event for NFT creators.”  It’s also worth noting that Instagram’s NFT beta program launched not long after Twitter enabled NFT profile pictures for its premium users.  That said, Instagram and Twitter are not the only big tech companies entering the NFT space. Susan Wojcicki, CEO of YouTube, said it may start using web3 technologies including NFTs in the near future to help YouTube creators monetize their work: “We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” she confirmed in a letter published in January.

In the light of the developments, industry experts are all optimistic of Instagram’s moves on NFT. “I think Instagram can help users to understand NFT better. They are also indirectly introducing new users to the cryptocurrency space. Overall, this is a positive move and I hope more companies can do the same.” Jenny Zheng, Business Development lead at Bybit NFT Marketplace commented.

Anndy Lian, thought leader and Chairman at BigONE exchange said: “While Instagram isn’t the first social app to experiment with NFTs, the sheer size of its one billion (monthly active) user base gives it its biggest reach versus its competitors, which means that the addition of web3 technology it could potentially engage a whole new group of users.  And with Meta’s Facebook expected to add similar features in the near future, Meta will have a huge NFT presence in the social media space. I know Instagram can create more sparks in the NFT space. I am so looking forward.”

It is also worth noting that as the value of NFTs has fallen significantly since last year, so the number of users interested in the feature may be lower than expected.  As a striking example of this slowdown, on May 4, the Coinbase NFT marketplace opened, but since then only just over four thousand people have bought an NFT. So it remains to be seen whether Instagram and Facebook can turn things around and rekindle significant user enthusiasm for NFTs.

 

Original Source: https://www.benzinga.com/22/06/27870761/how-significant-is-instagrams-nft-launch-what-are-the-things-you-should-look-out-for

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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Look to the Long Term To Prosper in the Crypto Sector, Says BigONE Exchange’s Anndy Lian

Look to the Long Term To Prosper in the Crypto Sector, Says BigONE Exchange’s Anndy Lian

Speaking on the panel ‘Why are crypto exchanges still flourishing?’ at Crypto Expo Dubai on March 16, 2022, the Chairman of BigONE Exchange Anndy Lian and council member to Kishu Inu said he firmly believed in the sector’s long term prospects.

“All the good actors we have to understand why we’re here; is it because there is a chance to earn more money, a chance to earn a few million dollars on exit? That’s not true, people at Binance or FTX are all looking at the long term investment in infrastructure, including investing in licenses, and most importantly investing in people, not just their own staff but also their community,” said Lian. “Is it better for an exchange to be located in Seychelles versus Singapore or South Korea? It becomes a choice where you want to be regulated, where your community is,” he added.

Clearly, the crypto exchange industry is at a crossroads, with the sanctions against Russia together with incoming crypto regulation led by the US likely to lead to a significant change in how exchanges operate.

Until now exchanges outside the US which have largely ignored regulation have been at an advantage, allowing them to win as they benefited from lower overheads and restrictions. But as financial regulation starts to bite, this liberal regime that allowed global players like Binance to thrive is no longer the case. It was reported in December 2021 that Binance, the world’s largest cryptocurrency exchange with a daily turnover of US$76 billion, withdrew its application to start a cryptocurrency exchange in Singapore.

In the US the SEC amended rules published in January which expand its oversight to securities traded outside its supervision means that decentralized exchanges such as Uniswap, which traded more than $70bn in volume in January, could also be affected. US President Biden’s new executive order, directing agencies to work out a comprehensive approach to cryptocurrencies bodes well for the sector, but regulatory implementation will be key.

“In conclusion, I think there’s still a lot of good money out there to be made. It’s not just about Binance or FTX, if you in your jurisdiction do well, and create your own community and be truthful in your operations, whether a meme coin or layer 2, then there is sufficient money in the market, there are sufficient exchanges to be listed on for you to prosper; but overall, it’s going to be a long term process,” Lian remarked.

At this panel discussion, we are joined by Osama Bari (CTO, Difx), Peter Sumer (CEO, Bitmarkets), Mohammad Khalifa (CEO, Garantex), Shantnoo Saxsena (COO, Lbank) and Anndy Lian (Chairman, Bigone & Council Member, Kishu Inu Foundation) and moderated by Uptin Saiidi. Crypto Expo Dubai is the premier event for cryptocurrency investors, project developers and industry leaders to network, share innovation and create business relationships in the world’s fastest-growing financial country.

About BigONE Exchange

BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.

About Crypto Expo Dubai 2022

Crypto Expo Dubai is the premier event for cryptocurrency investors, project developers and industry leaders to network, share innovation and create business relationships in the world’s fastest-growing financial country.

 

Original Source: https://www.digitaljournal.com/pr/look-to-the-long-term-to-prosper-in-the-crypto-sector-says-bigone-exchanges-anndy-lian

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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Four biggest crypto market trends to look out for in 2022

Four biggest crypto market trends to look out for in 2022

The cryptocurrency market boomed in 2021, enjoying a surge in mainstream popularity and acceptance, as well as finding favour with governments and financial institutions seeking to explore a world of payments and transactions beyond the traditional banking paradigm.

Some have gone as far as to label 2021 as the breakthrough year for cryptocurrency. Bitcoin (BTC) hit multiple new all-time high prices; we saw more widespread institutional crypto adoption from major companies; and higher levels of regulation and enforcement were introduced that have the potential to transform the industry as a whole.

There’s certainly a compelling case to be made that cryptocurrency has proven itself as a growing sector. CoinMarketCap data currently lists over 13,000 cryptocurrencies in existence, while the total market capitalisation of all crypto assets surpassed $2tn for the first time in September this year, a tenfold increase since early 2020.

The mere fact that a critical mass of credible institutions are now engaging with crypto assets means cryptos have cemented their position as an official asset class. A clear indication of this is Square investing $50m and $170m in bitcoin (BTC) in the first quarter of 2020 and the first quarter of 2021, respectively.

Tesla announced in its 2020 annual report filing submitted to the US Securities and Exchange Commission (SEC) that it had invested $1.5bn in BTC, while PayPal announced in October 2020 that it is launching a new service enabling customers to buy, hold and sell cryptocurrency directly from their PayPal account.

According to an October 2021 CryptoCompare report, institutional investors seeking exposure to crypto saw BTC trading volumes on the Chicago Mercantile Exchange (CME) rise 121% to $70.3bn in October this year – an all-time high for the exchange.

Similarly, ethereum (ETF) futures volumes on the exchange rose by 13.6% to $21.0bn. In the same month, BTC had its highest month-close to date, reaching an all-time high of $66,981 on 20 October 2021 following the launch of the first bitcoin-linked ETF in the US.

What’s more, a report by Allied Market Research on crypto market predictions estimates that the global crypto market could hit $4.94bn by 2030, growing at a compound annual growth rate (CAGR) of 12.8% from 2021 to 2030.

The main drivers of cryptocurrency market trends will ostensibly be increased demand for international remittances and more transparency in global payments systems.

BTC as a mode of payment

When bitcoin (BTC) was first conceptualised in 2008, its founder, the mysterious Satoshi Nakamoto, envisaged it as a purely peer-to-peer version of electronic cash that would allow payments to be sent directly from one party to another without the need of a financial institution.

More than a decade later, businesses are starting to accept cryptocurrencies like bitcoin as legal tender, thereby boosting the viability and utility of digital currencies more generally.

On 7 September this year, El Salvador became the first country in the world to officially class BTC as legal currency. The country now requires all merchants to accept bitcoin as long as they have the technology to do so. Promisingly, El Salvador’s president, Nayib Bukele, recently stated that over 2.7m citizens are users of the country’s Chivo wallet.

Could this new development pave the way for more countries across the world to modernise their economies? A domino effect could happen in 2022, with more nations adopting bitcoin as legal tender. This would help to provide financial inclusion to those outside of the formal economy, since BTC transactions can be conducted by those who are unbanked as well.

In another monumental moment, the second-largest bank in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), enabled a bitcoin trading and custody service for its private banking clients earlier this year. More banks could follow suit in 2022 as demand for crypto products increases among customers.

The installation of bitcoin automated teller machines (ATMs) also marks another turning point for the crypto sector. According to data from Coin ATM Radar, there are currently 27,983 BTC ATMs installed across major cities in the US as of 22 November 2021.

However, it’s worth noting that adopting bitcoin as legal tender raises a number of macroeconomic and legal issues, since BTC isn’t regulated in the same way as traditional currencies, thus making it potentially more susceptible to money laundering and tax evasion.

Central bank digital currencies: The money of tomorrow

In parallel to bitcoin adoption, many countries across the world are now developing their own central bank digital currencies (CBDCs). A CBDC is an electronic form of money that can be held both by the public and financial institutions depending on the adopted model.

Faster settlement is a key advantage of a CBDC-based payments system. A recent study by the Bank for International Settlements (BIS) found that central banks representing a fifth of the world’s population are likely to issue a general-purpose CBDC in the next three years, while a vast majority of those surveyed (86%) are exploring the benefits and drawbacks of CBDCs. Overall, if a CBDC qualifies as legal tender, it can provide a credible and trustworthy alternative to current cash transactions.

In terms of cryptocurrency market analysis, CBDCs could gain further popularity in 2022 as their direct links to central banks, and the reduction of both domestic and cross-border intermediaries, aim to improve the efficiency of retail payments significantly.

Among the many central banks exploring whether they should issue a digital complement to cash is Swedish-based Riksbank. The bank is currently exploring the concept of an electronic Krona to provide an alternative to state-guaranteed means of payment.

Comparatively, the Monetary Authority of Singapore and Banque de France announced the successful completion of a wholesale cross-border payment and settlement experiment using CBDCs earlier this year, highlighting how digital currencies can be utilised for different purposes by virtue of their versatile and customisable nature.

Will 2022 be the golden year where countries all over the world finally experiment with their own versions of digital currencies? Since China announced in April this year that it will test digital yuan during the 2022 Winter Olympics in Beijing, the world’s second-largest economy could take the lead in the CBDC race.

BigONE Exchange chairman and chief digital advisor for Mongolia’s national productivity agenda Anndy Lian told Capital.com:

“China has made a good start in terms of their national digital currency initiatives. This has pressured many other governments and private sectors to ramp up their CBDC efforts in order to remain globally competitive. The need to embrace and adopt new technologies is a must. It is all about CBDC now. The new Currency Cold War has just begun.”

Increased emphasis on environment: Bitcoin’s carbon footprint

Next in the list of crypto trading trends is BTC production, which generates an estimated 22–22.9 million metric tonnes of carbon dioxide emissions a year.

Why? Bitcoin is created using high-powered computers that rely on fossil fuels (particularly coal) to operate their energy-intensive processes.

Is it possible to mitigate the harmful environmental effects of bitcoin mining? Hydropower could be the answer in 2022, especially if we look at southwestern China as an example, where hydropower currently accounts for an astonishing 80% of generated electricity in the provinces of Yunnan and Sichuan.

Global crypto regulation: What to expect

This year, UK tax office Her Majesty’s Revenue & Customs (HMRC) published its Cryptoassets Manual containing new guidance on the taxation of staking rewards and derivatives, while a new 2021 bipartisan bill in the US laid out a provision to levy taxes on digital currency transactions.

Last year, the Spanish government created a new law that includes measures to combat tax fraud linked to cryptocurrencies too.

Along with the countries that already mandate crypto-asset holders to disclose both the value of their assets, as well as the interest earned on those assets, new lawmakers and governments may start taking a deeper look at regulating the sector better in order to improve how they monitor cryptocurrency trade.

The chief investment officer and director of research at ETF Trends, Dave Nadig, believes that the SEC has been disappointing this year in terms of its comprehensive crypto regulation:

“The US has a chance, as a country, to become a real leader in the future of global finance. Currently, I’m convinced we are hindering this through regulatory inaction and legislative indifference.”

Given that governments worldwide remain divided on how they define cryptocurrency as a store of value, we’ll have to wait and see how policies unfold in 2022, since each country possesses its own diverse range of regulatory and compliance frameworks.

 

Original Source: https://capital.com/crypto-market-trends-what-is-next

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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