In spite of any temporary setbacks and difficulties, the web3 industry keeps on shaping the world around us. The practical implications of this ongoing shift can be observed every day. Today, we invite you to join us in exploring these changes.
Mark Zuckerberg confirms that Instagram is starting to test non-fungible tokens on Instagram. As of now, this new policy is limited to the US users. However, this step is still significant, as some creators and collectors of NFTs will be allowed to show their tokens. It is likely that the scope of this new policy will expand soon, beyond the US.
One of the main concerns associated with crypto is that it implies high risks of cybercrime and money laundering. To make crypto a totally legitimate phenomenon, the industry needs adequate crypto forensics to emerge. Thus, it is no surprise that crypto investigation and compliance services are in high demand.
In conformity with this trend, Chainalysis, a crypto forensics startup, has raised $170 million ‘in a Series F funding round led by GIC, a sovereign wealth fund of Singapore.’ We expect many more companies of this type to emerge and grow very soon.
Bloomberg cites an interesting opinion amidst what seems to be a crypto ice age: ‘Bear markets are typically a great time to accumulate the coins you have long-term conviction in,’ while ‘it’s a tough market’, it is still a good time to strategize’.’
The CEO of Binance, Changpeng Zhao, reminds that what is happening in the crypto industry right now, is now unique: ‘If you think crypto is volatile, look at stocks. -84%, -72%. Not that it makes the situation any better in crypto, but… zoom out.’
When will the tech giants absorb blockchain and web3 technologies? Probably, sooner than we assume. Step by step, it is already taking place. For instance, Google Cloud has announced an ambitious initiative. They are assembling a team to engineer services ‘for developers running blockchain applications.’ In this fashion, they are planning to ‘enter Web3 as a back-end services provider.’