Instagram Leaves NFTs

Starbucks Odyssey Stamps Collection + SVB Failure

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There's no question the past couple of days have been insane with the second-largest bank collapse in U.S. history (Silicon Valley Bank). As we have stated before, interest rates affect banks, which affect stocks, which affects crypto, which affects NFTs. The trickle-down and ripple effect of all money and the market as a whole is very real. 

Here is the breakdown of today's newsletter:

❌ Instagram axes their NFT program☕️ Starbucks NFTs popping🏦 SVB collapse explained📈 Bitcoin / Ethereum price flying

  • This past week saw the launch of Mocaverse, which is the Animoca Brands membership NFT collection. It consists of 8,888 unique beings that thrive in unity: The Mocas. They’re made up of 5 Moca tribes, which include the Angels, Builders, Dreamers, Connectors, and Neo-Capitalists. Total volume for the week was just over 4,750ETH, with a current floor of around 1.35 ETH.

  • Meta will no longer be supporting NFTs on Instagram, as commerce lead speaks recently shared in a Twitter thread. (@skasriel)

  • Memeland is keeping busy, dropping Captainz holders treasure bags weekly and raffling off potions. Details here.

  • Gary V dropped the first group of speakers for the upcoming Veecon, as well as opened up ticket sales. Find the full list of speakers here.

  • Animoca Brands shares their plans for Club 3, an exclusive club to open in Hollywood, and plans to expand globally. (DC)

  • Tyler Hobbs art Fidenza holds an insane floor, with the lowest offer being around $80k. (OS)

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Instagram Halts NFT Program 📱

Announced yesterday via Twitter by Stephane Kasriel (Commerce and Fintech Lead, Meta), Instragram will be winding down their support of NFTs. The decision, which comes almost exactly a year after the formal announcement at SXSW, was made to “focus on other ways to support creators, people, and businesses.” 

In the same Tweet, Kasriel also states that “creating opportunities for creators and businesses to connect with their fans and monetize remains a priority, and we're going to focus on areas where we can make [an] impact at scale, such as messaging and monetization opps for Reels."

In other words, they didn’t see NFTs as being a good way of monetizing their platform, thus they’ve chosen to settle down their approach for now. Dave Krugman replied to Kasriel stating “Inclusion of digital collectibles has so much potential to help creators engage their communities and counterbalance the pitfalls of attention-based advertising economies. You guys quit before you even started.”

Companies have been “diving deep” into Web3 for the past couple of years, but we haven’t seen much come to true fruition. While we are still in the infancy of NFT integration and adoption, the tech giants are the ones that are supposed to be pioneers in the movement. You can understand companies like Budweiser not doing much except tweeting “WAGMI”. But Meta? Instagram? Really? It’s all very confusing, even to us. WAGMI. 

Starbucks Odyssey Stamps Collection ☕️

Starbucks Odyssey has finally released its first NFT collection of “Journey Stamps”, and it sold out in 20 minutes. Back in December of 2022, the coffee giant announced that it would be making a deep dive into Web3, giving its customers a new way to interact with the brand. Odyssey promises to deliver new benefits and “immersive coffee experiences that [customers] cannot get anywhere else” as members complete games, quizzes, and make purchases.

Odyssey claims to give new benefits to users, such as immersive coffee experiences, games, quizzes, and many more. While the perks do not include “free coffee”, you can use your NFT to level up tiers to get more reward points than you already do. The “Stamps” that the company released are a part of its brand experience, which buyers seem to reciprocate. Over 2000 NFTs were sold in less than 20 minutes, bringing in $200k in initial mint sales.

For the time being, Starbucks’ vision entices people who love their coffee but also love crypto. With its user base consisting of people from all different walks of life, the company has a lot of work in terms of seamless integrations. One way they have already done this is by limiting the word: NFT. They use the words “stamps” to appeal to the masses. This is exactly how Web3 will intertwine with Web2; with seamless integration that users don’t even notice. Time will tell if their vision works, or if they abandon Web3 like almost every other company over the past couple of years.

This week's newsfeed has been completely swamped with coverage of the Silicon Valley Bank disaster (bank run). The second-largest bank collapse in U.S. history happened over the weekend and many are starting to look into who and what caused it. There's no question that there was extreme negligence when it comes to SVB's risk management and this thread accurately depicts and explains just that. 

Bitcoin has quite a week being up almost 20% in the past 5 days. Ethereum is up 16% for the week as well!

Sponsored Content: This newsletter was sponsored by Tendies Research

That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking NFT/web3 news! (@TheDropNFT)

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