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- Mark Zuckerberg announced a new NFT feature on Instagram.
- This move will allow them to generate revenue from the platform.
- Twitter has already implemented NFTs on their platform.
New Feature on Instagram
So, NFTs are finally stepping into the mainstream following Mark Zuckerberg’s latest announcement. The users will soon be able to create, mint and sell NFTs on Meta’s picture sharing social media platform, Instagram. Meta CEO initially announced the integration of non-fungible tokens during March 2022. In May 2022, the company started testing with the selected users.
Users can initiate the trades on and off Instagram. Currently, NFTs on the platform are backed by blockchains like Polygon, Ethereum and Flow, and support Coinbase Wallet, Dapper Wallet, Trust Wallet, Rainbow and Metamask. The company will add support for Phantom wallet and Solana blockchain in future.
Another social media giant, Twitter, announced integration of non-fungible tokens in January 2022. The users can display their NFTs as profile pictures on the platform, though the feature was made available for Twitter Blue subscribers. In the latest development, the platform will allow people to trade, buy or display the tokens via tweets. During April 2022, Jack Dorsey, co-founder and former CEO of Twitter, sold his “First Tweet NFT” for $2.9 Million.
Opera Mini web browser have entered the NFT space recently. The company announced that they will offer an NFT analytics tool to filter authentic projects. It will leverage off-chain data through social media sources. Users can easily differentiate between genuine and fraudulent projects through “Smart Filter” in the blink of an eye.
On one hand NFT is nothing but a ‘jpeg’ image for most of the people in the space, but there’s more to it. Top collections like Bored Ape Yacht Club (BAYC) allows the holder to earn ApeCoin, the native crypto asset in the Bored Ape universe. Yuga Labs released the First Trip of Otherside metaverse. Though it is unclear whether the creators will allow the users to enter the virtual space for free.
NFT can be anything in its digital form, from a picture to music. Use cases have started to emerge to scale their utility in the sector. People can earn royalties from musicians by holding music NFTs. For instance, if a band generates a revenue stream through their work, the token associated with their album will provide holders with a percentage cut from the earnings.
With this update, Mark Zuckerberg has contributed in making Web3 a reality. Web3 will contain all the aspects from its predecessors, Web1 and Web2, and add monetization and ownership in a whole new internet. The new update may attract a lot of users on Instagram. Meta Platforms is already struggling with monthly active user count on their Horizon Worlds. This move might be an experiment before integrating NFTs in the metaverse.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
