NFT trend: Meta Zuckerberg chief: Instagram should get NFT | newsletter

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Meta CEO wants to bring NFTs to Instagram

Trading NFTs is one of the trending topics in the market this year. The hype around irreplaceable tokens no longer exists only among hardcore crypto enthusiasts. More and more established companies like Adidas and Disney want a piece of the pie and are offering their own digital holdings. With Facebook’s parent company Meta, another major market player is now expanding its participation in the NFT market. As CEO Mark Zuckerberg recently announced at the SXSW Festival in Austin, Texas, the company now wants to bring unforgiving icons to the social network on Instagram. “We are working on introducing NFTs on Instagram in the near future,” the CEO was quoted as saying by Bloomberg News. Minting of coins should also be possible via the platform. The entrepreneur did not provide details on how it will operate or a start date, but the NFT feature should already be usable in the next few months.

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The technical structure is not clear

The meta-set can therefore compete with the NFT OpenSea, Rarity and Nifty Gateway exchanges. According to Yahoo Finance, it is conceivable that the feature could be used to monetize every photo on your Instagram profile as an NFT. However, since it is unclear on the technical structure on which the new functionality should be based, one can only speculate on the actual extent of the innovation. “It is not known what the Instagram blockchain will base the NFT project on,” Mike Dickens, COO of Blockasset.co, told the marketplace portal. “However, for greater mass adoption, they need a blockchain with lower fees for a better user experience.”

Even if the Ethereum blockchain is often used for NFT trading, according to expert Solana who owns the “Phantom” wallet, it could present itself as a suitable architecture for the Instagram feature. For example, users will be able to click on an image and see the current price of the associated NFT, sales history, and price changes. This is currently the case with the market leader, OpenSea. Alternatively, it could also envision the implementation of wallets like Torus, which users can create with their social media accounts, Dickens continued. This can boost acceptance of the service among somewhat inexperienced users.

Plan your own cryptocurrency that hasn’t been on the table yet?

The expert believes that in the long run, Meta can also link its NFT services to its own cryptocurrency. The group had already worked on its Libra electronic device in the past, which was later renamed Diem. In January, reports became known that the internet company should have dumped the coin. Dickens continued that even if Meta’s plans for its cryptocurrency are currently uncertain, the Zuckerberg Group may at least temporarily pull back the Bitcoin and Ethereum crypto volumes for its NFT plans.

As early as August 2021, then director of definition David Marcus announced that development of potential NFT applications was also under investigation as part of work on their own Novi wallet, which should be used with Diem. “We’re definitely looking for opportunities to get involved in this area because we think we’re in a really good position to do that,” Marcus told Bloomberg TV. At the time, the director also said that if there was an emergency, Novi would also be launched without Diem, but this was seen as a “last resort”.

Early orgasm warning

Tech publicist Casey Newton, who runs the Platformer blog, also commented on Zuckerberg’s NFT ad – warning that the hype can catch up to reality. “Zuckerberg is trying a difficult balancing act here: he presents a big, positive vision for the future that can attract the best talent without over-promising what his company can realistically achieve,” Newton said. The blogger also criticized the meta chief’s announcement due to the fact that nothing is known yet about how the NFT feature actually works on Instagram. Mining NFTs wasn’t foolproof, Zuckerberg only stated that the feature could “hopefully” be implemented. “These promises borrow confidence that Meta does not really have at the moment,” Newton said. “I’m sure we’ll hear more from Zuckerberg about the metaverse this year, and I’m still interested in what he has to say. But so far, the company’s big ambitions are well documented. All that’s left to do now.” It is implementation.”

Twitter introduces NFT features

Competitor Twitter has also expanded its involvement in the NFT area and since January offers the option to present your NFTs as a profile picture on the SMS service. After a user briefly connects to the wallet in question via Twitter, the NFT can be transferred and used as an avatar. The image is then displayed on the profile in a hex shape, ensuring that the token is actually owned. According to the company, NFTs for still images running on the Ethereum blockchain are currently supported.

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