Since its inception in 2021, NFTs have gained a lot of attention, and it’s no surprise that social media platforms have taken notice of it and pushed it to the forefront.
It appears that the long-anticipated collaboration is finally taking shape. There is a good chance that Meta will collaborate with NFT.
Instagram’s NFT Incorporation Draws Nearer
Instagram is preparing to accept non-fungible tokens-based blockchains, according to confirmed reports. Digital collectibles will be tested on Instagram starting this week, according to Meta CEO Mark Zuckerberg.
In the past few months, there have been several reports that the NFT and social media may be closer than previously thought. Early in June 2021, Instagram hinted at the possibility of NFT incorporation when Allessandro Paluzzi said as much.
Additionally, Mark Zuckerberg has stated that Instagram will implement NFT functionality in the near future, but he has not stated when or how it will work.
In contrast, Instagram has stated that it will be able to verify NFT ownership through popular crypto wallets, according to a report. According to the report, NFTs can also be used as profile pictures, shared on social media, and tagged by users. Compared to Twitter, Instagram is rumored to offer these features at no cost to its users. To use NFTs as their profile pictures on Twitter, users had to pay an extra fee.
NFTs Roles in Facebook
It appears Facebook will endeavor to establish a committed NFT society and turn it into a hub for different owners. Some NFTs are talked about on Discord. A lot of whitelisting and other components happen in that space. The idea is to make Facebook a face for such activities and transfer some of the interactions to the app.
Meta is seeing a future in which NFTs will become the foundation of a new Digital market economy. Meta seeks to boost electronic commerce inside the metaverse.
While the NFT space has experienced some obstacles in 2022, the technology is still being widely accepted in most places of the world. In the first quarter of 2022, ZyCrypto reported a record number of secondary sales for the NFT market.
Meta’s incorporation of NFTs is likely to increase its appeal to a wider audience with the number of users on its platform.