You’ve made it to the end of another week! Social media giants are pouncing on the NFT craze, and our writer describes what it’s like to go to a rave in the metaverse.
Let’s get to it.
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1. Social media companies are jumping on the NFT craze. Twitter, Facebook, and Instagram all have made — or are planning to make — moves into the $40 billion market for non-fungible tokens. Here’s the latest:
- Twitter is the first of the platforms to make an official plan. Yesterday it announced that users who opt-in to Twitter Blue, its $2.99-per-month subscription, will be able to make their profile pictures an NFT. Twitter has instructions on how to do it.
- While a non-fungible profile pic will look much like a regular profile pic, you’ll be able to tell if someone has an NFT profile photo if it has a hexagon shape around it. Normal profile pictures are plain-old circles.
- This means, should you feel so inclined, you can make your profile picture a multi-million-dollar Bored Ape Yacht Club NFT. Or maybe you’d prefer something a little less pricey, like an NFT of an Olive Garden.
- According to the Financial Times, Meta is working on its own plan to let users create and sell NFTs on Facebook and Instagram. Other features, though not yet released, include an NFT marketplace and NFT profile pictures.
What we know about Meta’s NFT plans.
In other news:
Michael Loccisano/Getty Images
2. Peloton has reportedly paused production of its bikes and treadmills. Documents obtained by CNBC describe a “significant reduction” in global demand, causing the company to hit the brakes on production of its flagship products. Here’s what else the documents said.
3. Compensation changes are frustrating Cisco salespeople — and pushing some to quit. Insiders say their goals rose even as Cisco’s growth slowed, making it harder to earn commissions and driving some salespeople to leave the company. Here’s what employees told us.
4. The IRS is set to start using facial recognition. Starting this summer, anyone who uses the IRS’ online portal will have to create an ID.me account, which requires selfies to make and view payments and access tax records. More on selfies for the IRS.
5. VC partners collect record bonuses while many junior-level associates are left out. After a blockbuster year for venture capital in 2021, compensation is at an all-time high — but most VCs in junior roles will have to wait years before they see a cut of profits. What’s going on with associate bonuses.
6. Crypto.com confirmed that 400 customer accounts have been hacked. On Monday, the cryptocurrency exchange suspended withdrawals after receiving reports of “suspicious activities” in user accounts, and has since reimbursed affected users, the company said. Here’s what you should know.
7. A former Amazon employee shares his experience with its notoriously opaque performance evaluations. Patrick McGah, once a research scientist at Amazon, said the company’s performance evaluations were humiliating and predatory — and ultimately drove him to quit. He describes navigating the worst weeks of his career.
8. Amazon is opening a brick-and-mortar clothing store later this year. Called “Amazon Style,” the high-tech store will require customers to use the Amazon app to find the sizes and colors they want, then scan a QR code to have the items added to a fitting room. Get the details on Amazon Style.
9. Our writer went to a rave in the metaverse. Within the browser-based “Decentraland,” which is described as a “virtual social world,” our writer attended a party — but says it just felt like he was playing a game without anything to do. Here’s what it’s like to rave in the metaverse.
10. Winnebago designed an electric camper built on a Ford Transit van. The tiny home on wheels has a bathroom, kitchen, and bed, and sports a modest 125-mile range. See inside the e-RV.
The latest people moves in tech:
- Google exec and DeepMind cofounder Mustafa Suleyman is out after a turbulent few years: “I really screwed up.”
- Susanne Daniels, YouTube’s global head of original programming, is leaving in March.
- Vishal Garg has returned to his role as Better’s CEO.
- Activision’s CEO Bobby Kotick is expected to leave the company after being acquired by Microsoft. He’s set to receive a nearly $400 million payout.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Michael Cogley in London.
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