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The Facebook group is fully committed to the Metaverse
NFT Plans for Instagram
Competition with OpenSea & Co.?
Meta CEO wants to bring NFTs to Instagram
NFT trading is one of the trending topics in the market this year. The hype around non-fungible tokens is no longer just among diehard crypto fans. More and more established companies such as adidas and Disney want a slice of the pie and are offering their own digital collectibles. With Meta, Facebook’s parent company, another major market player is now expanding its involvement in the NFT market. As CEO Mark Zuckerberg recently announced at the SXSW festival in Austin, Texas, the company now wants to bring the unforgeable tokens to the Instagram social network. “We are working on introducing NFTs to Instagram in the near future,” the CEO said, according to news agency Bloomberg. Token mining should also be possible through the platform. The entrepreneur did not give details on how it will work or a start date, but the NFT functionality should already be usable in the coming months.
Unclear technical structure
The metagroup could thus compete with the NFT exchanges OpenSea, Rarity and Nifty Gateway. According to Yahoo Finance, it’s conceivable that the feature could be used to monetize every image on your Instagram profile as NFTs. However, since it’s unclear what technical structure the new feature should be based on, the true extent of the innovation can only be rumored. “It’s unclear which blockchain Instagram will base its NFT project on,” Blockasset.co COO Mike Dickens told the market portal. “However, for greater mass adoption, they need a blockchain with low fees for better user experience.”
Even though the Ethereum blockchain is often used for NFT trading, according to expert Solana with the “Phantom” wallet could offer itself as a suitable architecture for Instagram functionality. For example, users could click on an image and see the associated NFT’s current price, sales history, and price changes. This is currently the case with market leader OpenSea. Alternatively, setting up wallets such as Torus, which users can create using their social media accounts, is also an option, Dickens continued. This could promote acceptance of the service by rather inexperienced users.
Plans for your own cryptocurrency not on the table yet?
In the long term, Meta could also tie its NFT services to its own cryptocurrency, the expert believes. The group has worked on its Libra cyber device in the past, later renamed Diem. In January, reports surfaced that the internet company should have torn the coin to pieces. Even though Meta’s plans for its own cryptocurrency are currently uncertain, the Zuckerberg Group could at least temporarily fall back on crypto giants Bitcoin and Ethereum for its NFT plans, Dickens continued.
As early as August 2021, then-meta-manager David Marcus announced that the development of possible NFT applications was also under consideration as part of the work on his own Novi wallet, which should be used with Diem. “We are certainly looking for opportunities to get involved in this area because we believe we are very well positioned to do so,” Marcus told Bloomberg Television. At the time, the manager also said that in the event of an emergency, Novi would also be launched without Diem, but that was seen as a “last resort”.
Warning against premature euphoria
Tech publicist Casey Newton, who runs the Platformer blog, also commented on Zuckerberg’s NFT announcement – warning that the hype may be catching up with reality. “Zuckerberg is attempting a difficult balancing act here: He presents a big, positive vision of the future that can attract top talent without over-promising what his company can realistically deliver,” Newton said. The blogger also criticized the meta boss announcement due to the fact that it is not yet clear how the NFT feature will actually work on Instagram. Exploitation of NFTs was also not guaranteed, Zuckerberg simply said the feature could “hopefully” be implemented. “These promises borrow a confidence that Meta doesn’t really have right now,” Newton said. “I’m sure we’ll hear more from Zuckerberg about the Metaverse this year, and I remain interested in what he says. But so far, the company’s grand ambitions have been well documented. more to do now.” , is the implementation.”
Twitter offers NFT features
Competitor Twitter has also expanded its involvement in the NFT arena and since January has offered the option to feature your own NFTs as a profile picture on the short message service. After the user has briefly logged into the respective wallet via Twitter, the NFT can be transferred and used as an avatar. The image is then displayed on the profile in a hexagonal shape, which guarantees that the token is indeed held. According to the company, only static image NFTs running on the Ethereum blockchain are currently supported.
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