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Facebook and Instagram Reportedly Working on Allowing Users to Create, Display, Sell NFTs

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According to The Financial Times, social media giant Metawas considering allowing users to build, promote, and trade NFTs on Facebook and Instagram.

If the corporation launches such tools, it will be the most visible demonstration of significant support for NFTs so far, helping to cement the controversial assets’ place in the digital world.

According to the Financial Times, the plans are “early stage and may still change.” According to the journal, staff at Facebook and Instagram are “preparing” a feature that would allow users to show NFTs as profile pics and work on a prototype that will allow users to mint more NFTs. Others at Meta are said to be talking about “launching a platform for users to purchase and trade NFTs.”

What are NFTs?

Non-fungible tokens (NFTs) are digitalized tokens unique in the blockchain network. What an individual is willing to pay for determines its worth. As a result, demand drives pricing.

NFTs, on the other side, are one-of-a-kind and rare; thus, no two are the same. Picture Pokémon cards, rare coins, or a pair of limited-edition Jordans: NFTs create scarcity in otherwise infinitely available assets, complete with a certificate of authenticity. Digital artwork that may be acquired and sold with NFTs includes GIFs, tweets, virtual trade cards, photos of physical objects, and photographs of tangible items are examples of digital artwork that may be purchased and sold using NFTs.

Exactly how far along these plans are is impossible to say, but it’s not the first show of interest in NFTs we’ve seen from Meta’s leaders. Last December, Instagram CEO Adam Mosseri stated the firm is “currently exploring NFTs and how we can make them more accessible to a larger audience,” while Meta CEO Mark Zuckerberg said the metaverse would need to enable “ownership of digital goods or NFTs” in October.

Because the tech giants are jumping on the NFT bandwagon, this could create an enormous opportunity and marketspace for artists to showcase their unique NFT collection. They need to provide a more secure platform because many obvious scams show that any photoshop experts can replicate any famous NFTs and lure buyers into their scam.


The Colossal crypto sell-off; wipes off $1 trillion since November 2021

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The cryptocurrency market hasn’t had a very good year so far in 2022. Bitcoin has lost 16 percent since the beginning of the year, while Ethereum has lost 22 percent. Bitcoin and other coins resumed their downward trend Wednesday, with Bitcoin falling to its lowest level in the previous five months, currently trading at $35,573. Ethereum, the second most popular asset, is presently trading at $2,471.

Bitcoin has dropped by 48% from its all-time high of $69,000 in November 2021. Since then, this drop, combined with a drop in other assets, has resulted in the market losing about $1 trillion.

Various cryptos have together wiped away a market worth of roughly $150 billion in the previous 24 hours, with the global market cap falling 9.28 percent to 1.63 trillion as per the reports by CoinMarketCap.

With Bitcoin down 8.41 percent and Ethereum down 12.93 percent since yesterday, most cryptocurrencies were in the red, with the exception of a few stablecoins named among the Top 100 largest digital assets. Other prominent currencies, like Cardano, have dropped 8.95 percent in the previous 24 hours, while Solana has gone down by 17.62 percent.

What spiked the crypto carnage?

Central Russian Bank recently announced its intention to impose a blanket ban on cryptocurrency trading, circulation, mining, and other related activities, causing widespread concern, given that Russia is the world’s third-largest mining hub.

Furthermore, the Biden administration, together with the US Congress, is paying closer attention to the effects of these assets, as the administration prepares to announce a comprehensive policy covering a variety of digital assets.

In the past 24 hours, 330,834 traders liquidated roughly more than $1 billion as per the reports by Coinglass. Bloodbaths are not a newbie to long-term crypto hodlers. Bear runs and market crashes test the sentiments and rises the uncertainty among many investors.
But remember that when one sells, someone else buys. Even during uncertain times, it’s evident that whales keep accumulating crypto. So take a step back, keep the sentiments away because crypto is not a quick rich scheme.

$1,211,000,000 in Crypto gets liquidated over 24 hours as Bitcoin slumps below $36,000

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Over a billion dollars worth of cryptocurrency has been liquidated in the last 24 hours, according to cryptocurrency futures trading and information platform Coinglass, as Bitcoin (BTC) currently trades below $36,000.

As per a report by Coinglass, in the past 24 hours, 367,707 traders were liquidated and the largest single liquidation order happened on Bitmex – XBTUSD value $9.31M.

Bitcoin (BTC) takes the lead with $410.28 million in liquidations, followed by Ethereum (ETH) and Solana (SOL) with $334.13 million and $40.21 million in liquidations, respectively.

Polkadot (DOT), an interoperability blockchain platform, is in fourth place with $25.61 million in liquidated holdings. Terra (LUNA), a decentralized financial payment network, comes next, with $23.66 million in liquidations.

Ripple (XRP) $16.48 million, Dogecoin (DOGE) $15.22 million, Fantom (FTM) $14.91 million, Cardano (ADA) $14.48 million, Cosmos (ATOM) $13.80 million, Binance Coin (BNB) $13.49 million, and Near Protocol (NEAR) $13.18 million round out the top ten.

Over 81% of the $1.2 billion in liquidations occurred on long positions. Crypto exchanges like Binance $348.05M, Okex $343.97M, FTX $225.28M, Bybit $103.49M, Bitmex $60.50M, Deribit $53.68M, Huobi $47.80M, Bitfinex $17.80M experienced the respective liquidations.

What caused this crypto menace?

The market witnessed one of the highest ever single-day liquidations today, since the opening of the market to the time of this report. Bitcoin, which has about $410.28 million in liquidated contracts, is one of the most important components in a market downturn. Bitcoin used to create a large red candle on every significant liquidation, which had a rippling impact on the rest of the market.

Following this was the decision by one of the biggest economies (Russia) who suggested banning of usage and mining of cryptocurrencies on the territories of Russia. This caused a severe blow to the head since Russia is the world’s 3rd largest bitcoin miner who issued and raised environmental concerns.

At the time of writing, nearly all of the top ten cryptocurrencies were trading within 10% of their all-time highs, with Bitcoin dropping about 8%. It has not only lost its $40.5k support, but it has also tested the key level of $38k and continues to plummet.

El Salvador carries out cheapest 410 Bitcoin purchase as prices plummet below $36k

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El Salvador, a Central American country, has added 410 Bitcoin (BTC) to its central bank as BTC values fall below $37,000, the lowest point since July 26th, 2021. President Nayib Bukele announced the acquisition of 410 bitcoins for $15 million, setting the exchange rate per bitcoin at roughly $36,585. Bukele believes “some individuals are selling comparatively cheap” now that Bitcoin is trading just around $36,000, strengthening his long-term objective of mainstream Bitcoin adoption.

On September 7, 2021, El Salvador adopted BTC as legal money as a means of combating catastrophic inflation and the country’s deteriorating buying power. Over the previous four months, the country has actively accumulated 1,801 BTC, especially when the market underwent a shortfall in prices.

Since the time the government recognized Bitcoin as legal tender, their most recent purchase is the cheapest it’s ever been.

Following Bukele’s revelation, bitcoin’s value continued to fall, reaching a low of $35,422 before partially rebounding to $36,653.56 on Friday evening, down 46.72 percent from its November high of $68,789.63.

According to a new study from Crypto.com, the global crypto industry will have one billion users by the end of 2022, as more emerging economies follow El Salvador’s lead and accept BTC.

El Salvador and Bitcoin

El Salvador was the first country to recognize bitcoin as legal tender, creating bitcoin ATMs and encouraging businesses to accept it. Bukele later vowed to build a tax-free Bitcoin City on the Salvadoran coast, to accelerate citizenship for certain blockchain investors, and to build geothermal bitcoin mining facilities, potentially turning the Central American country into a global crypto mining hotspot.

Bukele, who goes by the nickname “CEO of El Salvador” on Twitter, said “It’s game over for FIAT” if the economy of the country improves by the adoption of bitcoin as a currency.

Several financial specialists have voiced concerns about El Salvador’s acceptance of Bitcoin. They emphasize that cryptocurrencies, such as Bitcoin, are extremely volatile, speculative assets with no physical backing, causing price volatility.

Despite the soaring uncertainties revolving around Bitcoin and other cryptocurrencies, one cannot be blind to the rising adoption and popularity of them among developing countries and curious individuals.