The lowdown this week...
- Starbucks plans release of Web3-based rewards program in September
- Tinder backs out on metaverse plans and in-app coins
- Securities and Exchange Commission of the Philippines discourages citizens from using Binance
- Meta allows Instagram NFT integration for more than 100 countries
Instagram approved by Meta to integrate NFTs in over 100 countries
Mark Zuckerberg announced on Twitter this week that Meta is rolling out digital collectibles to over 100 countries. More creators and businesses will now be able to present their NFTs on Instagram freely. Instagram also announced that Coinbase and Dapper Wallet will be accepted as third-party wallets. Digital assets are one of Meta's core components for expansion, and they plan to expand their reach in the APAC and EMEA regions. Previously, NFT support was only given to citizens who resided in the United States.
Instagram's NFT functionality will allow users to connect their digital wallets and freely share NFTs in their stories, feed, and messages. Once a user posts a digital collectible, a shimmer effect will appear where public information can be displayed - including the description. In order to post a digital collectible, a digital wallet will need to be attached to Instagram first. There are no fees for posting or sharing NFTs. Since there are negative environmental impacts associated with crypto, Meta plans to purchase renewable energy to support this new feature.
Order in The Court!
SEC expresses disapproval in Binance's presence in the Philippines
Cryptocurrency is overwhelmingly popular in the Philippines, with over 11 million citizens currently holding coins. Unionbank is the only licensed cryptocurrency exchange approved by the Central Bank of the Philippines; however Binance grows ever and ever larger. The SEC has expressed its contempt towards Binance, and cautioned citizens not to invest in Binance in response to think tank Infrawatch PH’s request to ban Binance in the Philippines. The SEC considers the exchange an unregistered corporation that does not possess the necessary licenses to solicit investment.
A Binance spokesperson recently expressed via email that the company plans to secure EMI and VASP (virtual asset service provider) licenses. Changpeng Zhao also expressed his interest in expanding operations in the country, and that "its goal is to contribute to the Philippines’ increasingly vibrant web3 and blockchain ecosystem.” Although their position against Binance is strong, the SEC has not reached a formal decision just yet.
Talk of The Town
Tinder retracts plans of setting up dates in the Metaverse
Tinder headquarters suffered two large blows this week. Its first female CEO, Renate Nyborg - had decided to leave the company. Tinder's next evolution involved creating a "Tinderverse" - but these plans were cut short too. Last year, Tinder acquired Hyperconnect - an AI, video, and augmented reality technology company - to create a virtual town where singles could meet and interact with each other. Ultimately, Nyborg asked Hyperconnect to scale back, given the uncertainty and challenges of the metaverse's future. She also expressed that the company needed to evaluate the online space more carefully before moving forward.
Tinder also had plans to release a digital currency called Tinder Coins, which rewarded users for being active on the app. The coins could also be purchased directly and used for different purposes. After mixed results from testing, Tinder decided to reassess the initiative to see if it contributed to revenue. The idea of a Tinder metaverse fell apart after the company analyzed its earnings. Although there may not be a match in the metaverse for now, the company may return to the idea in the future.
Starbucks set to reveal a Web3 rewards program very soon
Web3 will play a big role in Starbucks' new rewards program next month. The new initiative will aim to increase customer engagement in their digital community. The rewards will include one-of-a-kind experiences paired with Starbucks-branded digital collectibles - that will hopefully serve as a community-building element.
"We have been working on a very exciting new digital initiative that builds on our existing industry-leading digital platform in innovative new ways, all centered around coffee and—most importantly—loyalty."
Howard Schultz, CEO of Starbucks
The CEO of Starbucks is turning to Web3 with open arms, but his employees aren't on the same page. One anonymous employee "Mark" expressed his distaste for NFTs and Web3 due to their harmful environmental impact. He believes that it will do more harm than good for the planet, and that the company should stray away from it. Despite potential company backlash, Starbucks still intends to plow forward with the opportunities that Web3 represents.
Trilz.io delivers quality and inspiring crypto stories to the Philippines
Trilz.io, a budding crypto news and media site from the Philippines - recently launched their beta site just 6 weeks ago! This passionate young company aims to educate people on topics involving Web3 and blockchain technology. Trilz takes a rather unique angle by sharing first-person success stories of people in the NFT sphere, and introducing manuals for curious crypto beginners. They're fully committed to providing Filipinos with quality crypto news, and envision themselves expanding across Southeast Asia and eventually the globe. Trilz has currently amassed over 11K followers on Facebook, and their numbers continue to grow.
Food for thought:
- Do you think that virtual dating in the metaverse will be akin to real life dating?
- Will the Philippines completely ban Binance in the next few months? Why do you think so or not?
- Do you think that Instagram and Web3 should be separated? Why?
- What topics would you like to see covered on crypto news sites?
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.
Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.