• The Facebook Group is fully committed to Metaverse
• NFT plans for Instagram
• Competition with OpenSea & Co.?
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. They also want to enable cross-platform minting. The entrepreneur did not provide details of how it will operate or a start date, but the NFT feature should already be usable in the next few months.
The technical structure is not clear
The meta collection can thus 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 function should be based, the actual scope of the innovation can only be publicized. “It is not known which Instagram blockchain will establish its own NFT project,” 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, a “Phantom” wallet could be a suitable architecture for an Instagram feature. This will allow users, for example, to click on an image and see the current price of the associated NFT, sales history and price changes. The situation is similar with the market leader, OpenSea. Alternatively, it could also envision the implementation of wallets like Torus, which users can create with their social network accounts, Dickens continued. This can boost acceptance of the service among somewhat inexperienced users.
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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 cryptocurrency Libra in the past, which was later renamed Diem. In January, reports became known that the internet company should have dumped the coin. Although the plans for its own cryptocurrency Meta are currently unconfirmed, the Zuckerberg Group may at least temporarily use crypto giant Bitcoin and Ethereum for its NFT plans, Dickens continued.
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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 could 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. The NFT minting wasn’t foolproof, Zuckerberg only stated that the feature could “hopefully” be implemented. “These promises borrow confidence that Meta does not already 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 respective wallet via Twitter, the NFT can be sent 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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