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  • 💸💸SVB Owes $150M To Roblox & The Government Is Going To Pay

💸💸SVB Owes $150M To Roblox & The Government Is Going To Pay

Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter with trust issues. So, let us take you on a journey of pain and pleasure to see what's been happening in the NFT space on March 14th.

Got feedback for us? Great, don't keep us in the dark! Send all of your thoughts to [email protected].

  • Instagram NFTs: Goodbye For Now

  • SVB Owes $150M To Roblox & The Government Is Going To Pay

  • Half Moons 🌗 - Daily tidbits

  • NFTevening's Shooting Star 🌠 - Our artist of the day

  • Dark Side of The Meme 🌚 - your daily dose of NFT laughter

To the Moon index

Instagram NFTs: Goodbye For Now

So long, Zuckerberg. Instagram has decided to pull the plug on its NFT features, doing a complete 180 and leaving creators scratching their heads.

Stephane Kasriel, Commerce and FinTech Lead at Meta, announced that the company will be discontinuing its work on digital collectibles to focus on supporting creators, people, and businesses in other ways. While Kasriel didn't give a specific reason for the decision, he assured creators that financial opportunities are still a top priority.

We've all heard that one before.

The history of Instagram's NFT integration is brief but eventful. The platform tested NFT features with a few creators in May 2022 before allowing selected creators to start selling NFTs in November.

The hope was to create a more equitable creator economy, but Instagram's NFT marketplace was only introduced four months ago. So, in less than five months, the company has decided to scrap the whole project. Now, artists and creators are confused and disappointed.

After months of arguments about royalties, payments, and now platforms, NFT artists and creators are angry. So, the community has responded with criticism, with creator David Krugman calling the decision short-sighted and Connie Ansaldi accusing Instagram of lacking foresight. Even Nyan Cat creator Chris Torres joined in the mocking, suggesting that Instagram's plan was poorly thought out.

It remains to be seen whether financial losses were a factor in Instagram's decision, but it's clear that Meta's metaverse takeover plans may have hit a roadblock with this unexpected move. Who knows what the future holds for Instagram and NFTs, but for now, creators will have to find other avenues to showcase and sell their digital collectibles.

SVB Owes $150M To Roblox & The Government Is Going To Pay

If you haven't yet heard of the SVB drama, then where have you been? To recap: Last week, Silicon Valley Bank shocked the markets by selling its $21 billion bond portfolio at a loss.

So, depositors immediately began removing their assets, causing a classic bank run and rumors of insolvency spread like wildfire on social media.

SBF, FTX, and now SVB? The moral of the story - never trust a 3-letter acronym.

So what does this have to do with Roblox? Well, the popular gaming platform announced that they were unsuccessful in withdrawing $150 million of company funds before the bank collapsed.

Apparently, the bank had invested in US Treasuries, which plummeted in value after the Federal Reserve hiked interest rates to combat inflation. The bank was unable to process the massive amount of withdrawal requests, and eventually, regulators shut it down.

Don't fret yet - Roblox announced that the situation would have no impact on its day-to-day operations, and its shares are even up by 10% from Friday.

Even President Biden made a statement (on SVB, not Roblox), promising government assistance to the troubled bank sector to avoid any further contagion risk.

Perhaps next week's Federal Reserve meeting will signal an end to the 2022-2023 bear market?? We can only hope. 

Today’s Edition is Brought to You by DAO4ART

Enter the new era of art ownership and creation with DAO4ART! This innovative platform combines the power of NFTs and DAOs to incentivize all players to create the best art collection possible.

Using a block-structure-based approach, DAO4ART introduces an incentive-compatible model that rewards all players immediately and long-term. The platform is designed to produce even more DAOs that create incredible works of art, making it more than just another NFT collection.

But that's not all - DAO4ART also introduces royalty tokenization, where all players are awarded DAO Tokens, and a percentage of the mint sale goes into the DAO's Asset Pool. This creates a groundbreaking ecosystem where all collaborators benefit from long-term incentives. Through a user-friendly approach, the platform poses a great opportunity to not only Artificial Intelligence Generated Content (AIGC) monetization, but all kinds of artists looking to promote their art and foster their personal ecosystems.

So, if you're looking for an exciting NFT art platform with surprising benefits, look no further than DAO4ART. Explore the platform or browse the documentation to learn more about this revolutionary approach to art creation and ownership. With DAO4ART, everyone wins!

Half Moons 🌓

  • 10KTF Hoodies: Wear Your NFT Love Proudly [NFTEvening]

  • Tony Barnes Launches Music Artists With Karta Metaverse Studio [NFTEvening]

  • DRESSX Raises $15M To Transform Digital Fashion [NFTEvening]

  • Zeebedee & Fumble Games Celebrate 1M “Bitcoin Miner” Players [NFTEvening]

  • Yuga's TwelveFold NFT Collection Sparks Twitter Backlash [NFTEvening]

Shooting Star 🌠

Jakub Jagoda is a 2D digital artist from Ustka, Poland. For three years, he’s been questioning the dark sides of mythology, folklore, and fairy tales through his digital paintings. He’s also a book and game illustrator.

He’s a featured artist of NFT.NYC 2023. Follow him via @JakubJagodaArt on Twitter.

You can find his NFTs on Solsea, Kreatr.co & soon on Ethereum (March 14th), via the @faerian_art gallery.

Featured Art:

The Walker

Who's next!? Respond to this email with your artwork and a brief description of yourself for a chance to be featured in our newsletter!

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