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Hey Waivly Crew! 🌊 Later this week, Instagram will start testing NFTs with select creators in the U.S. Binance has temporarily suspended all withdrawals for LUNA and UST tokens due to high volume of pending withdrawal transactions.
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Meta confirms Instagram will start testing NFTs this week
On Monday, Meta CEO Mark Zuckerberg announced that Instagram is going to start experimenting with NFTs on the social media platform.
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Instagram Head Adam Mosseri later went into detail on Instagram's plan to test NFTs with select users in the United States this week. NFT creators and collectors selected for the test will be granted the ability to display NFTs on their feed, stories, and messages with zero fees.
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To display their NFTs, Instagram will let users connect their Rainbow, Trust Wallet, or MetaMask wallet. These NFTs will be showcased with a tag similar to tagged profiles and products and are named “digital collectibles”. Clicking on the tab will showcase details, including the NFT’s creator, owner, and blockchain.
“We do think that one of the unique opportunities we have to to make web3 technology accessible to a much broader range of people. And NFTs specifically we think will be interesting not only to creators who create NFT art, but also to people who want to collect it,” Mosseri said in his announcement.
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When the test launches, NFTs minted on the Ethereum and Polygon blockchains will be supported, with Solana and Flow coming soon, according to Meta spokesperson Christine Pai.
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Meta has partnered with Ethereum Layer 2 scaling solution Polygon to make its push into Web3 thanks to its carbon-neutral footprint, scaling possibilities, and the large developer ecosystem choosing to build on Polygon.
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It doesn’t stop there, as Zuckerberg shared that similar functionality will be coming to Facebook and other Meta apps in the near future. Meta is also working on the ability to use NFTs as augmented reality (AR) stickers on Instagram via Spark AR, the company’s software AR platform.
Binance temporarily suspends LUNA and UST withdrawals
Crypto exchange Binance has suspended withdrawals of Terra (LUNA) and TerraUSD (UST) tokens after the Terra-based stablecoins crashed along with the rest of the crypto market.
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Earlier this morning, Binance announced the temporary suspensions in a blog post, citing “a high volume of pending withdrawal transactions” caused by network congestion.
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“Binance will reopen withdrawals for these tokens once we deem the network to be stable and the volume of pending withdrawals has reduced. We will not notify users in a further announcement,” the company added.
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This announcement came shortly after the market value of Terra’s algorithmic stablecoin, UST, fell below the expected $1.00 price point to as low as $0.67. UST has since recovered to $0.90 at the time of writing.
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Luna Foundation Guard (LFG), a Singapore-based nonprofit formed to support the Terra ecosystem, has made efforts to bolster the reserves of UST. On Tuesday, LFG announced plans to lend out $1.5 billion worth of Bitcoin and UST to defend the stablecoin’s peg to the U.S. dollar.
The Waves
👀 Samsung is creating its own metaverse
💰 Otherdeed NFT sold for record $1.5 million
🏀 Snoop Dogg buys ownership stake in BIG3 team
🚫 Argentina’s Central Bank bans crypto trading
Creator Special
Pikachu Lebron is a 23 years old Twitch streamer that plays Nintendo games, primarily Super Mario Maker 2, doing endless expert, vs mode, uncleared levels, and sometimes viewer levels.
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PURPOSEinc is a Twitch streamer from Oregon that aims to provide good laughs, great memories, and fun times through his streams. In the future, he plans to transform PURPOSEinc into a brand.
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Love variety streamers? On Twitch, you can find Ninjasanity playing any game he can get his hands on, ranging from fighting games like Super Smash Bros. Ultimate to casual games including Mario Kart 8 Deluxe and Mario Party Superstars.
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