NFT trend: Meta-boss Zuckerberg: Instagram to get NFT feature | news

The Facebook group is fully committed to Metaverse
NFT plans for Instagram
Competition for OpenSea & Co.?

Meta CEO wants to bring NFTs to Instagram

Trading in NFTs is one of the most popular topics on the market this year. The hype about non-fungible tokens is no longer only present among the hard crypto fans. More and more established companies like adidas and Disney want a piece of the pie and offer their own digital collectibles. With the Facebook parent company Meta, 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 non-counterfeit tokens to Instagram’s social network. “We are working to introduce NFTs to Instagram in the near future,” the CEO said, according to Bloomberg News. Mining of tokens should also be possible via the platform. The entrepreneur did not provide details on how it works, or a start date, but the NFT feature should already be usable within the next few months.

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Technical structure unclear

The meta-group could thus compete with the NFT exchanges OpenSea, Rarity and Nifty Gateway. According to Yahoo Finance, it is conceivable that the feature could be used to monetize each image on your Instagram profile as an NFT. However, as it is unclear what technical structure the new feature will be based on, only the actual extent of the innovation can be rumored. “It is not known what blockchain Instagram will base its NFT project on,” Blockasset.co COO Mike Dickens told the market portal. “But for greater mass adoption, they need a low-cost blockchain for a better user experience.”

Although Ethereum blockchain is often used for NFT trading, Solana with the “Phantom” wallet, according to the expert, can offer itself as a suitable architecture for the Instagram function. 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, the implementation of wallets like Torus, which users can create using their social networking accounts, is also conceivable, Dickens continued. This could promote acceptance of the service among rather inexperienced users.

Plans for your own cryptocurrency are not off the table yet?

In the longer term, Meta can also link its NFT services to its own cryptocurrency, the expert believes. The group has already previously worked on its cyber unit Libra, which was later renamed Diem. In January, reports became known that the internet company should have withdrawn the coin. Although Meta’s plans for its own cryptocurrency are currently uncertain, the Zuckerberg group may at least temporarily fall back on the crypto giants Bitcoin and Ethereum for their NFT plans, Dickens continued.

As early as August 2021, then-meta manager David Marcus announced that the development of possible NFT applications was also being investigated as part of work on their own wallet Novi, which was to be used with Diem. “We are definitely looking at opportunities to get involved in this area because we believe we are in a really good position to do so,” Marcus told Bloomberg Television. At the time, the manager also said that if there was an emergency, Novi would also be launched without Diem, but that it was seen as a “last resort”.

Warning against premature euphoria

Technology publicist Casey Newton, who runs the Platformer blog, also commented on Zuckerberg’s NFT announcement – warning that the hype could catch up with reality. “Zuckerberg is trying a difficult balancing act here: He presents a great, positive vision of the future that can attract top talent without overlooking what his company can realistically deliver,” Newton said. The blogger also criticized the announcement of the meta-boss due to the fact that nothing is yet known about how the NFT feature will actually work on Instagram. Mining of NFTs was also not guaranteed, Zuckerberg simply said the feature “hopefully” could be implemented. “These promises lend confidence that Meta does not really have right now,” Newton said. “I’m sure we’ll hear more from Zuckerberg about the meta-verse this year, and I’m still interested in what he says. But so far the company’s big ambitions are well documented. All that’s left to do now. ” , is the implementation. ”

Twitter offers NFT features

The competitor Twitter has also expanded its involvement in the NFT area and has since January offered the opportunity to present your own NFTs as a profile picture on the SMS service. After the user has briefly connected to the respective wallet via Twitter, 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 actually owned. According to the company, only static image NFTs running on Ethereum blockchain are supported.

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