May 10: Crypto Summary
Bear markets or bare markets? NFTs coming to Instagram 📸
gm bear market viewers and CryptoBrew readers.
Here are today’s market moves:
Here's what you need to know:
NFTs coming to the gram 🔥
Mark Zuckerberg has announced that Instagram has began testing digital collectibles & NFTs on Instagram.
In a conversation with Tom Bilyeu - Zuck explains that this week - Instagram is starting to test digital collectibles so that creators and collectors can display their NFTs on their profile.
Here’s a sneak peek:
Similar functionality is coming to Facebook soon, along with augmented reality NFTs on Instagram Stories via Spark AR so you can place digital art into physical spaces.
UST is currently down 14% and people are losing their shit
This is a bigger drop than BTC and most other the top alt-coins in the last 5 days.
It's been a rough few days for TerraUSD, one of several popular stablecoins pegged to the US dollar. Unlike many stablecoins like Tether or USDC, Terra is an algorithmic stablecoin, meaning that instead of (ostensibly) being backed 1-1 by various assets, they are based around an algorithm that uses various market incentives to maintain a set price. UST is the largest algorithmic stablecoin on the market at the moment, followed by projects like Fei and FRAX
TerraUSD has lost its dollar peg for the second time in three days. The price of LUNA has dropped 30% in 24 hours. The Luna Foundation Guard (LFG) announced on Sunday that it would loan out $1.5 billion of its bitcoin reserves to professional market makers to defend UST's dollar peg. The system is experiencing its biggest stress test yet.
“Stable coin”😏
Also, a thread…
Founder of popular Azuki project admits to past rug pulls 😱
In a blog post titled "A Builder's Journey", the founder of the popular Azuki NFT project admitted that he had also been behind the NFT projects CryptoPhunks (note the "h"), Tendies, and CryptoZunks. CryptoPhunks were simply mirrored versions of the early CryptoPunks project. In his telling, he decided to "decentralize the project by handing over the reins to our community". Many, if not most, others consider CryptoPhunks to be a rug pull—abandoned by its founder in a betrayal of the community. The same is true for the other two projects that he ran.
This news came as a shock to many lovers of Azuki NFTs, pricey NFTs which regularly trade for 20–30 ETH (~$45,000–$70,000). Azuki is not without its own controversies, recently facing accusations of insider trading.
Here’s the blog link:
Crypto lingo of the day
COPE:
The opposite of FOMO.
Failing to buy an NFT because one is coping with one's earlier error of not FOMOing at 1/10th the price.
"I know Golden Snails are up 50x and heading to Christie's, but I didn't like the launch so staying out" "OK, LOL, cope"
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