NFTs and cryptocurrencies are not as hot as they used to be. But they are still popular. Now, Meta is trying to build what it calls a “metaverse.” NFTs play an essential role in this project. Therefore, Facebook and Instagram users can expect the company to work on more features that include these digital holdings.
Recently, Meta announced a new NFT related feature coming to their platforms. The first step is to test NFTs in Instagram Stories.
Top 20 positive benefits of NFTs on Instagram thanks to SparkAR
- NFTs could provide a new way for creators to monetize their Instagram content.
- Using SparkAR could make it easier for creators to create and sell their own NFTs.
- NFTs can enable Instagram users to own one-of-a-kind versions of their favorite content.
- Incorporating NFTs on Instagram may open up new opportunities for artists and creators to showcase their work.
- With NFTs, Instagram users can earn more from their content, allowing them to earn a living from their creations.
- Using NFTs can add an extra layer of authenticity and provenance to content on Instagram.
- NFTs can create new opportunities for collaborations and partnerships between creators on Instagram.
- Merging NFTs could make Instagram a more exciting and dynamic platform for creators and consumers.
- The use of NFTs can enable Instagram to tap into the growing market for digital collectibles and unique digital assets.
- Instagram NFTs can pave the way for innovative new forms of content and experiences on the platform.
- Instagram NFTs can provide a new way for fans to support their favorite creators and contribute to their success.
- Using NFTs could enable Instagram to offer new features and services to its users, such as the ability to buy and sell unique digital assets.
- NFTs could provide a new way for creators to showcase their work and reach a wider audience on Instagram.
- Incorporating NFTs can make Instagram a more engaging and interactive platform, with new opportunities for user-generated content.
- With NFTs, Instagram can become a leading platform for digital art and unique digital assets.
- The use of NFTs can enable Instagram to better compete with other platforms that already offer NFT, such as Ethereum and other blockchain-based networks.
- Instagram NFTs can provide a new way for users to express themselves and share their interests with others.
- Incorporating NFTs could make Instagram a more vibrant and diverse platform, with a wider range of content and experiences available.
- Using NFTs could enable Instagram to offer creators new tools and resources, such as tools for creating and selling NFTs.
- Instagram NFTs can provide a new way for users to discover and explore new content and creators on the platform, allowing you to get more Instagram followers.
NFTs in Instagram Stories
Meta said in a blog that the digital collectibles will soon be available to more creators in more places. The company stresses digital collectibles like NFTs as an important part of its long-term commitment to creators. They are just as important as investing in Web 3 technologies to build the Metaverse.
Meta mentioned some creators who have already had success sharing NFTs with their Instagram communities. The list includes users @misshattan, nylacollection_nft, amber_vittoria, and @bossbeautiesnft.
Due to positive results, Meta decided to expand its testing of digital collectibles on the platform to more creators. Likewise, Meta says it’s expanding testing to more countries. Collectors and creators can showcase their NFTs on Instagram Stories via SparkAR.
It’s time for the company to do just that. Instagram has been working on this feature since June last year. That was over a year ago. The hype around NFTs is also declining.
So, what does this new feature really do? The project includes integration with Ethereum and Polygon. Additional support for Flow and Solana will also be available soon. This will allow users to link their Rainbow, Trust Wallet, and MetaMask accounts to verify NFT ownership.
Users will be able to view their collections on the Instagram Feed, within Instagram Stories, or in Direct Messages. You can also find the NFT tab on the profile pages of participating users. The hexagon is represented by a check mark. This symbol will also appear on NFT images that will appear on the main post feed.
Previews from last year showed Meta’s plans to be able to facilitate NFT sales. The images showed that the company wants to integrate NFT offerings into its platforms. This will make it more relevant to the broader NFT market.
There is no news about that yet. But, Meta has announced that augmented reality (AR) NFTs are coming to Instagram Stories. There is no additional information about this in this writing.
How important are NFTs in the Metaverse?
Meta CEO Mark Zuckerberg also spoke about the role NFTs will play in the Metaverse. Your avatar will represent you in the Metaverse, and the clothes the NFTs wear can be related to your identity. Of course, it doesn’t just apply to your avatar’s clothing; Many things in the Metaverse can be NFTs. Thus, it has a lot of potential.
The problem is that NFT trading is on a steady decline. It was promoted for a while, then dropped. According to the Wall Street Journal, there has been a 92% drop in NFT sales since September last year. Similarly, active wallets have seen an 88% decline since November. Big-name NFTs have also taken a massive hit – their value has collapsed due to declining demand.
So, when Meta finally winds down the Metaverse, the NFT hype could have already disappeared. So, either people won’t be too excited about it, or the Metaverse will reinvigorate people’s enthusiasm for NFTs.
Metaverse Standards Authority
Meta announced NFTs in Stories via SparkAR the same week the company announced the formation of the Metaverse Standards Authority. The group of technology companies intends to build the next version of the web. They also want to develop a common standard in web3 and Metaverse.
Meta CEO Mark Zuckerberg can’t stop talking about the Metaverse project in the past few years. It just makes it sound like it’s going to be the second biggest thing on the internet. But the project is not finished yet because the development is facing many challenges. The problem is that the new VR ecosystem produces more problems than solutions.
Meta and other technology companies have launched the Metaverse Standards Authority to overcome these challenges. Adobe, Epic Games, Microsoft, Nvidia, and Qualcomm have joined the social media giant in this initiative. The group aims to create common community hardware, software and management standards for future technology.
Some big tech companies are notably not on that list. Apple has not yet joined the race for virtual reality users. But it — along with Google and AMD — can match the founding members in terms of technologies. Therefore, one could speculate that they might make a competitor to the Metaverse Forum.
NFTs in more platforms
Meta announced that they will be bringing NFTs to Facebook soon. As usual, it will be available to a small group of US creators in the initial testing phase. These creators will be allowed to cross post on Instagram and Facebook. Based on the announcement, this will happen around the same time as testing NFTs in Instagram Stories with SparksAR.
This is great news for NFT collectors and creators. Even when stats say NFTs are on the decline, more platforms are looking to integrate them. For example, Twitter brought NFTs to its platform even before Meta. The microblogging social network allows users to use their NFTs as profile pictures. Meanwhile, eBay has acquired KnownOrigin, an Ethereum-based NFT marketplace. DeFi companies are also moving into the NFT and Metaverse markets. Uniswap, for example, recently acquired NFT aggregator Genie.
With this trend, NFTs may be on the rise again. After all, that’s what things do in the blockchain world. They fall, then rise, then fall, then rise again.
More platforms and Metaverse are offering NFT support. Perhaps, that might make the next drop not as difficult as it is now. So NFT fans celebrated. That Instagram introduced this new feature is great news.
date: December 13, 2022 / Categories: News, / Author: Drees rich
