• Crypto-focussed bank Silvergate reports Q4 loss of $1B. (CoinDesk)
• Bill Gates doesn’t think web3 is a big deal. (Decrypt)
• Seoul government opens city’s metaverse project to public. (Cointelegraph)
• Bored Ape Yacht Club NFT sales spike ahead of Yuga’s Dookey Dash Game. (Decrypt)
• Wallets of NFT influencer drained in OBS malware attack. (CryptoSlate)

Did you know that Instagram boasts 2 billion monthly active users? That’s over 28% of the world’s population. 2022 saw Meta Platforms begin testing out NFT sharing, allowing select users to connect to their digital wallets and showcase NFTs that they either created or bought.

While we are certainly not there yet, the adoption of an NFT feature by such a major player could certainly help the format finally reach mainstream adoption because of its expansive reach. The growth is certainly, well, growing seeing that only a couple of months ago, Instagram slowly started expanding its Digital Collectibles feature, allowing select digital artists to begin minting and selling NFTs directly on the platform.

What’s so clever about Instagram’s implementation of NFTs is that it doesn’t seem to be too much too soon for non-web3 active users. For example, users on Instagram pay for NFTs in fiat currency, eliminating an otherwise challenging on-ramp for Web3 newcomers...

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As we move into 2023, companies are testing various aspects of Web3 tech and more brands such as Tiffany & Co, Starbucks and Nike have moved beyond merely collectible NFTs in favour of token-gated commerce, loyalty programs and other ways to interact more directly with consumers via first-party data.

These types of projects still make up just a small part of marketing compared to Web2 social channels such as Facebook, Instagram and Twitter. However, research firm Gartner expects that by 2027 more than 40% of large organisations around the world will be using Web3, spatial computing and other metaverse-based projects as ways to increase revenue...

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We have written so much on the anxiety Musk’s Twitter takeover is causing brands, advertisers and users. While many experts recommend staying on the app simply to maintain customer relationships and check in on customer feedback, we understand that many are looking for alternative platforms.

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As a banking company, Mastercard could even be seen as the very antithesis of the decentralised vision that proponents are trying to build. Having said this, the finance giant is smart in shaping a positive outlook for the space in 2023.

​​At CES last week, it launched the Mastercard Artist Accelerator, an initiative that will teach emerging musicians how to leverage Web3 technology. The crux is that a career in music is increasingly dependent on the digital economy, and in order to get out ahead, creators should harness the advantages that blockchain tech can offer.

One of the driving forces behind this decision is Raja Rajamannar, chief marketing and communications officer, who acknowledges that NFTs and other Web3 tools can help artists achieve scale at critical junctures in their career (i.e the beginning which is often not monetised in a web2 career stream)...

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