Sunday, October 2

Facebook and Instagram, about to jump into the NFT pool


Key facts:
  • Facebook and Instagram users could display NFTs on their profiles.

  • Since December, Instagram has been working on making NFTs more accessible to its users.

Facebook and Instagram, social networks belonging to the Meta conglomerate, seem to be interested in getting involved in the burgeoning non-fungible token (NFT) industry.

Everything indicates that Facebook and Instagram are working on a tool to make it easier for their millions of users to creation of digital collectibles and a marketplace for subsequent marketing according The Financial Times.

The company would plan to allow its users to display their NFTs on their profiles on social networks, according to information released by the newspaper.

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Although they imply that the project is in an initial phase, It is something that the company has been managing for months.

The Financial Times information, provided by people familiar with the matter, is substantiated. If you look at some background that this medium reported, it can be seen that Meta companies have been taking steps towards the NFT market for a long time.

Last December, the director of Instagram, Adam Mosseri, said that they were “actively” exploring NFTs and looking for a formula to make them “more accessible to a broader audience”, as reported by CriptoNoticias.

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“I think that this [el ecosistema de los coleccionables digitales] it’s an interesting place where we can integrate and hopefully a way to help content creators,” Mosseri said.

However, the first Instagram’s approach to digital collectibles dates back to May 2021. At that time, the social network announced an event called Creator Week(Creator Week) to help NFT creators increase their following and earn more money.

NFTs, a million-dollar industry that no one wants to miss

What is clear is that the interest that NFTs have aroused, despite criticism and their comparison with ICOs, generates billions of dollars.

This was evident just a few days ago, when one of the most popular markets for NFTs, OpenSea, reached a new record in its monthly trading volume, exceeding USD 4 billion.

new-historic-high-volume-trade-opensea
The marketplace for NFTs, OpenSea, garnered over $4 billion in monthly trading volume. Source: Dune Analytics.

OpenSea broke the records of December and August 2021, when it traded USD 3.24 billion and USD 3.42 billion, respectively. The marketplace founded in 2017, registered a total of USD 16,000 million in sales throughout 2021.

Such figures cannot go unnoticed by corporations outside and inside the cryptocurrency ecosystem.

That may be one of the reasons why Meta wants to get on board with NFTs. Similarly, companies like GameStop, a video game retailer, are also planning to launch an NFT marketplace.

Companies that belong to the world of cryptocurrencies also want to attend the NFT party. That is why the bitcoin (BTC) and cryptocurrency exchange Coinbase announced that it will launch a market for NFT. Likewise, the bitcoin financial company Blockchain.com launched the beta version of its own marketplace for digital collectibles.

Everything indicates that the industry around NFTs will continue to grow and expand. This year it is expected that its implementation in video games will deepen.



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