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Instagram's NFT Integration Underway

NFT Drama Overload, Floor Tracker, EIGHTBIT History

May 10, 2022

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It's only Tuesday and the NFT space is reeling with fresh drama. We are going to cover the entire Azuki drama tomorrow but for now, read this article by the project founder that has the entire space buzzing. Here is just one of the many spicy tweets that have come out since...😳

What's Dropping ⚡️

  • On Thursday, Doodles holders will on "be able to claim a dooplicator. A functional piece of doodle machinery with extraordinary powers". See the classic "Doodlesque" announcement here.

  • Madonna embraced the metaverse last month after purchasing a BAYC, to mixed responses from her fans. She's teamed up with talented and well-known artist Beeple for her small Mother of Creation collection, auctioning this week.

  • Head of Instagram Adam Mosseri tweeted a video announcing that they will begin testing the integration of NFTs into their platform this week. This will most likely be a way for users to share their verified NFTs in a post (more on that below).

  • Otherdeed #59906 re-sold for a record-setting high of 625 ETH ($1.5 million) only ten days after launch! The piece is the 8th rarest of the whole collection.

  • NFTs are shedding light on one man's dream of flying into space. CSA (Crypto Space Agency) pulled a winner from holders of their gen 1 collection, which acted as space lottery tickets, essentially. The chosen holder will become the world's first cryptonaut, a space traveler funded by cryptocurrencies.

  • Petaverse network is making it possible to immortalize and memorialize your pets in a virtual setting. They will be launching their first collection Metapaws in the near future. You can sign up for more information on their website!

  • NFT collection Party Degenerates doubles as a ticket to one of the highest esteemed nightclubs in Ibiza.

  • The Metroverse, a land trading NFT strategy game on Ethereum, begins minting today at 3pm EST.

  • The Randoms and Genesis Senshi are minting this Friday, the 13th.

  • The Humanians, a socially conscious NFT project bridging art and utility while bringing awareness to Body Dysmorphia, started minting this weekend and have sold about 80% of the supply.

Instagram's NFT Integration Underway 🚀

Trading in the middle of a bear market amplifies pessimism about NFTs, and this often obscures their long-term outlook. In his most recent Facebook post, Mark Zuckerberg announced that Instagram will integrate NFT support into the platform, accommodating the Ethereum blockchain as well as Solana, Flow, and Polygon. A move like this for Instagram marks a moment that rightfully incites optimism for the future of NFTs.

With Instagram’s tremendous user base of 1.3 billion people, NFT integration within Instagram will promote NFTs as a culturally familiar object, and perhaps increase the rate of NFT adoption. The founder of Azuki just published a powerful piece that reminds NFT traders that, “bull or bear, Azuki is our vision for the future. We’re building for the long term” and that “builders need to experiment and innovate for web3 to be able to challenge web2.” Indeed, platforms like Instagram, as well as projects like Doodles are continuing to build (the latter recently acquiring the president of Billboard) despite whatever sentiments external evaluations express. While the initial capability will launch this week, it will be tested via a limited number of users.

Above you can watch the CEO of Instagram Adam Mosseri break the new announcement.

EIGHTBIT - Here Since The Beginning 🗿

When thinking about the genesis of the NFT era, investors often think of CryptoPunks or BAYC. But, with a little due diligence, you would discover that NFTs have been around since 2014, when Kevin McCoy created Quantum. While McCoy’s project was one of the artistic concepts, the origin of the PFP usually goes unnoticed.

EightBits have been around since 2010. While these were not considered NFTs at the time, the 8-bit nature of PFP was born from this collection. According to the website, “Before a world of punks and apes, our app let you make a virtual 8-bit version of yourself.” Back in the day, you could see EightBits, or Blockheads as they were previously known, all over Twitter. There was actually an automatic tweet sent out when you made your avatar on the EightBit app. And, if you watch their promotional video carefully, you might even catch a glimpse of an early Kevin Rose (purple shirt at 00:34), founder of Proof Collective and Moonbirds. This team has been building in a certain capacity for more than a decade.

Back in March, the team behind the original EightBits released an 8,888 NFT collection at a mint price of 0.05 ETH. But once people found out the history behind the concept and the correlation with Blockheads, the floor price started skyrocketing. With players like Gary Vee and Steve Aoki getting in on the action, this project is finally receiving the exposure warranted for something of its caliber. And on top of that, with Moonbirds collectors following Kevin Rose’s footsteps, this project has gained a lot of organic traction. The group just completed a Twitter Space with Gary, and the community is ready for this project team to build. To show even more commitment, Addison, the founder of EightBits, has now become a full-time builder for the community after quitting his job. The future is bright for the Bits. Historical NFTs seem to always prevail. WAGMI.

Meme Drop 💧

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.

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