Plus, lawmakers continue to push digital dollar
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Deutsche Bank believes that Instagram will help NFTs go mainstream. In its report, the bank predicts that Instagram will simplify the process of buying and selling NFTs, thus lowering the barrier to entry. More: - The bank believes that Instagram's large audience and strong brand presence will legitimize the industry.
- Deutsche Bank expects the launch of an NFT marketplace on Instagram to have a high likelihood of success.
- Based on typical marketplace fees and assumptions on penetration and transaction fees, Deutsche Bank calculated the NFT integration could bring in an additional $8B in net annual revenue.
- Mark Zuckerberg confirmed at SXSW that NFTs are coming to Instagram.
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U.S. lawmakers have introduced a new "ECASH" bill with the hopes of establishing a digital dollar. The digital dollar would be created by the Treasury Department — not the Fed. More: - The Electronic Currency and Secure Hardware Act would direct the Treasury Secretary to develop and issue the electronic version of the U.S. dollar, which would be legal tender for all debts, public and private.
- The digital dollar would be a means of transaction that people would hold on their phone or a card.
- It would be a token-based system, not account-based, meaning if you were to lose the phone or card, you would lose the funds as if you lost a wallet filled with cash.
- The e-cash would support peer-to-peer transactions.
- Lawmakers believe it would preserve privacy and anonymous transactions.
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Bitcoin, Ethereum, and the broader crypto market have watched their USD-denominated prices surge into Monday morning. Why? - Bitcoin's on-chain metrics show long-term holders have been accumulating for months.
- Two-year treasuries are trading 200 bips above the benchmark rate. This could mean one of two things, both good for the price:
- Rate hikes are fully priced in;
- They are more than priced in.
- Growing ETH network demand is coupled with ETH 2.0 merger hype.
- Russia is considering selling its oil and gas for bitcoin.
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The Ukrainian government will start selling NFTs from its new "war museum" on Tuesday to raise funds for the war against Russia. The museum currently has 54 NFTs that share the effects of the war on civilians. - The government has created a digital museum full of NFTs to share the effects of the war on civilians.
- The first is timestamped at 5:45 on Feb. 24, when Russia announced plans to attack the Donbas region.
- Ukraine leveraged Fair.xyz for the NFT launch.
- The tokens will be on Ethereum and Polygon.
- The Ukrainian government has already raised over $100M in cryptocurrency donations.
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- Crypto investor Raoul Pal bought a Bored Ape for $400,000.
- Coinbase is looking to acquire Latin America's largest crypto brokerage and its $2.2B parent company.
- Antonio Garcia-Martinez talked to Joe Rogan about Web3. (Discussion begins at 2 hours, 41 minutes.)
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 |  | Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering. Connect with him on Twitter @trevorisonline |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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