Tech giants invest big in Web3

Two crypto down cycles are never identical. The world’s largest companies are moving towards the crypto-powered future of Web3 despite market fluctuations. Web3 is a user-owned version of the web that depends on blockchain tech. Many of the defining Web2 pioneers like Google, Facebook, Instagram, and Twitter announced crypto invasion.

Then there are NFTs that continue to make and break records. Let’s look at the week’s updates,

Twitter rolled out an NFT verification feature on Thursday. Twitter Blue subscribers can connect a crypto wallet to their account and also choose an NFT for their profile picture. NFT profile photos get a unique hexagonal border, a link to the collection on OpenSea, and an Etherscan link allowing them to view on-chain data of the NFT.

Meta, the parent company of Facebook and Instagram, is also looking forward to verifying NFTs featured in profiles. The company also plans to create an NFT marketplace that allows users to create, buy, and sell digital art and collectibles. Meta also launched a digital currency wallet, Novi, and tapped Coinbase to custody users’ funds.

YouTube CEO Susan Wojcicki is also hinting at NFT integrations of this kind. Google also recently appointed a new “funding leader” to its Labs division. The move aims to focus on blockchain and other next-gen distributed computing and data storage technologies, along with AR and VR projects.

The Super Bowl also promises to be a super Sunday for NFTs. The attendees will get commemorative NFTs of their tickets, and that’s not all. Budweiser appears passionate to create a major NFT moment fixed to the big game after releasing a beer-can NFT series last year.

Crypto prices are just one variable of the health of the crypto economy. OpenSea broke its monthly sales volume record tallying more than $4 billion in trading volume. It is about 20% more than its previous monthly record of $3.4 billion set in August. The record defied the broader downtrend, and so did NBA Top Shot, which launched an ad campaign with Brooklyn Nets star Kevin Durant and witnessed a surge of 72% between December 22 and January 22, with more than $53 million in sales. Also, many corporate giants seem to give little importance to volatility. After all, the ones who build during downturns are best positioned during rebounds.