👨🏿‍🚀TechCabal Daily – Why is crypto dipping?

10 MAY, 2022


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Good morning 🌞

Instagram is the latest social media platform to fall for the NFT FOMO. 

Yesterday, Meta CEO Mark Zuckerberg announced in a Facebook post that the company is testing NFTs displays for Instagram. 

Called “digital collectibles”, NFTs on Instagram will work the same way other products are displayed. Users will be able to display NFTs on their stories, feed, and messages; and clicking on these NFTs will display details of the NFTs like the creator and website listings. 

Image source: The Verge

Basically, Instagram is testing NFTs as products on the Instagram Store. 

Zuckerberg also announced that NFTs will be implemented on Facebook in the near future. Facebook and Instagram will join other social media platforms like Twitter, YouTube, and Reddit which are presently implementing NFTs on their sites. 

If you’re still confused about how NFTs work, think about original paintings from Van Gogh, and Da Vinci. Only a handful of these original pieces exist, but there are replicas. NFTs are the original paintings which often cost a fortune, while the screenshots you take on your phone are replicas, and worthless. 

Still confused? There’s an explainer here. Don’t overthink it, it’s exactly what it sounds like. 🌚 

In today’s edition

  • Crypto takes a dive
  • Paymob raises $50 million
  • Uber is pushing for arbitration in Kenya
  • Icasa reboots South Africa’s pay TV Inquiry
  • Report: How investors are betting on Africa’s early-stage startups
  • Opportunities

Read more at techcabal.com

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