Web3 Rollup: Terra Luna to Buy $10 Billion of Bitcoin | BTC as a Global Reserve Currency | NFTs & Branding | NFT of the Month
We saw some huge announcements this week in Web3!
Before we hop into the rollup, I want to thank everyone for the great feedback from the Web3 Marketing Panel we hosted earlier this week. If you haven't had a chance to listen, please do. There is a wealth of knowledge to be gained from the panel.
Now for the Web3 Rollup. In this week's episode, we talk about:
Terra Luna announces their plan to purchase $10 billion of Bitcoin as a reserve for their currency
The future of NFTs, branding, and how businesses should be thinking about utility
The NFT of the Month
Terra Luna to Buy $10B of Bitcoin
Terra Luna announced that they will be buying $10 billion worth of Bitcoin to serve as their reserves for UST.
"The reason why we are particularly interested in Bitcoin is because we believe that it is the strongest digital reserve asset,” Do Kwon - the founder and CEO of Terraform Labs.
To date, they have purchased 30,727 BTC - just over $1.5 billion at current prices.
Global reserve currencies rotate every 100 years to the currency of the world’s largest economy. This chart shows the evolution of reserve currencies dating back to 1250. Bitcoin can be seen taking over as the global reserve currency.
The Future of NFTs for Brands and Their Communities
In an incredibly detailed Twitter Thread, Cantino outlines some of the possible use cases that businesses and brands can use to add utility to their NFTs.
Cantino notes that the incentives must be aligned.
“That means tangible benefits for communities. No cash grabs, no one-sided-exchanges. Brands get insights + loyalty, but customers get increased power + rewards.
Those that nail it will kickstart a retention + innovation flywheel.
NFTs enable this in ways that old systems cannot, creating entire economies in the process.”
Bored Ape Yacht Club Owner Uses IP Ownership Rights to Open Restaurant
Los Angeles restaurateur Andy Nguyen spent $267,000 USD earlier this month to purchase a Bored Ape and two Mutant Apes. As you can see in the photo above, he will be using the IP to brand the restaurant. This is just the beginning of how we will see NFTs used to brand businesses.
NFT Rugpullers Charged with Wire Fraud and Money Laundering
The Department of Justice has charged two 20 year old NFT rug pullers with wire fraud and money laundering. They executed a $1 million NFT fraud scheme in January, and were preparing a second one before their arrest. This is a big move forward for Web3 regulations, showing that there are punishments coming for these types of acts.
Ukraine Launches NFT Museum to Remember The War Against Russia And Raise Funds
Ukraine has been able to raise over $65 million in crypto donations. This graphic shows some of the items they have been able to purchase thanks to everyone who donated.
NFT of the Month
We have two NFT projects we’d like to highlight this month - Crypto Testers and Crypto College.
Crypto Testers is a community where the NFT acts as a membership pass. They are creating an educational platform and network of web3 builders.
Crypto College is an online platform that gives their NFT owners access to a curriculum of virtual lectures and private members only community of dedicated NFT collectors and Web3 builders. They also use their NFT as a membership that grants access to the cohort.
Web3 Academy Discord Highlights
@timjeffries @KyleReidhead @JayHamilton and @Aequio have a discussion about the need for a more mobile friendly web3 experience. It's great seeing the community come together to talk about what can be improved on in the space, and how we can help facilitate that.
If you're not already in the Discord community, make sure to join in to hang out with other creators, entrepreneurs & marketers on the forefront of Web3 innovation!
Please join us next Monday, the 4th at 4pm EST for our New Members Meetup. As more members continue to join, we want to make sure there is a space for everyone to introduce themselves, connect with the other members, and learn more about Web3 Academy.
Weekly Event Schedule
New Members Meetup: Mondays
Web3 DOer Spotlight: Tuesdays
Web3 News Weekly Rollup: Thursdays
2022 Web3 Report: Growth, Community and Marketing In the New Internet
Check out our Web3 Report to learn how blockchain, NFTs, tokens and the metaverse are revolutionizing how we think about marketing and business models in 2022.
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