While Non-Fungible Tokens (NFTs) have been around for a while, it was not until 2021 that it caught the attention of a big part of the crypto community, and the world at large. The launch of collections like Crypto Punks, Bored Apes, Sorare which were worth millions of dollars even made it more interesting.
During this same period, people wondered why these digital collectibles cost so much that some of the top celebrities and high networth people wanted to have a share. Well, some pointed to utility. For others, NFTs signified "bragging rights". Whichever is true, there has been a new turn to the way NFTs are seen, especially as global organisations have turned to integrating them on their platforms. Most recently, Meta, the parent company of Facebook and Instagram recently added an option to connect your wallet and add NFTs on the latter application. The big news read "Meta integrates NFTs". So, in this article, we will discuss all you need to know about the latest integration of NFT by Meta for Instagram users. You definitely do not want to miss out on the details. So, sit back, relax and enjoy the ride of this revolutionary decision.
The Whole Story
While Meta through Mark Zucherberg had discussed its plans in 2021 up until August 2022, the feature went live in November 2022. Meta revealed that the new features already launched on Facebook and Instagram will improve the experience for creators and digital artists who use the platforms owned by the company. While this development might be interesting, the updates for NFT were only made for Instagram subscriptions, and those who use Facebook Stars. In light of the update, Meta has proven that it was committed to providing creators with opportunities and avenues to make money off the platform.
Despite that crypto investors might need to be careful about committing investments to these collectibles. In other ways, users of the platform also need to know that some regulation might be guiding the use since it is related to crypto. Speaking of crypto and platforms, we recommend you to check the broker-trader platform BitiCodes, which is ideal for newbies, who are just starting their crypto journey. Regardless, what are the other necessary things to know about this incredible addition to the social platforms. Let's look at the next section as we discuss the importance of subscriptions in accessing these services.
Dissecting the Model
However, one thing you should know is that accessing the NFTs feature will require some work from creators. The feature was not added for literally anyone with an artwork or "unique" item to profit off sales. Around the beginning of 2022, Meta had confirmed that creators would not necessarily need to depend on platforms like OpenSea or MagicEden to sell their items. According to Mark Zuckerberge, NFTs on Instagram, would mean that creators can connect their wallets, own the non-fungible tokens, and trade them easily. In addition to the update, creators would also be able to develop or design their own digital collectibles directly on the platform, This would also aid them in selling them directly to interested users on Instagram. For this reason, it seems that Meta is pushing non-stop towards its metaverse objectives. This also implies that it is possible that the NFT market can revive despite the current condition. While it might not be immediate, having more users who can create easily means more support for these artists.
It would also interest you to know that Ethereum NFTs are not the first focus of Meta. According to the company, Polygon takes the position even though there had been discussion about integrating FLOW for a while. In addition to that, Meta would not only support pictures as NFTs. The global company communicated that it has also been working on adding support for digital video collectibles on Instagram. Besides that, it plans to expand support for more wallets apart from Phantom and Coinbase wallets. At the time of this writing, other wallets including Dapper and Meta Mask have been added in over 100 countries and counting.
However, Meta is prioritising some regions. For example, the company noted that it was expanding access for paid Instagram subscriptions across all regions in the UnIted States. The subscriptions will allow creators to be able to monetise their content easily without any hassle. While it might cost some payment, creators would get easy access. In addition, it also creates a new way for creators to enjoy the rewards of their work without depending on YouTube and similar platforms. After all said and done, the most important part could be how this integration helps the crypto market and users at large. Not to worry, we will point to that in the next part of this article.
What Does the NFT Integration Mean for Crypto?
As you know, there would be no NFT without crypto. While some investors have tried to separate them from each other, it is common knowledge that NFTs won't work without a crypto asset backing it. So, what does this Instagram NFT integration mean for crypto? Well, maybe not a lot. At the same time, it might mean the right decisions to take.
As of this writing, almost all cryptocurrencies are massively down from their all-time highs. For some, this is the confirmation of a bear market. However, like any other market, the crypto market is not void of the laws of demand and supply. So, more creators coming into the NFT space could mean more demand for crypto. Of course, more demand usually leads to a hike in price. Still, the crypto market does not depend on demand and supply alone as underlying factors such as whales effect, selling pressure and the likes also have a say. Despite that, the rewards of this integration might reflect until the return of the bull market. You can recall that in 2021, many cryptocurrencies made insane profits for investors especially as Bitcoin hit the $69,000 mark. But with the number one coin struggling to hold on to $20,000, it has become increasingly difficult for updates like this to have a notable effect. So, what else is there to know about the integration?
In conclusion
In ending this article, you should know that Facebook expanding access to NFT does not guarantee any return on investment. While adding virtual items to social media could be great news for creators, it still requires some work from the crypto community. So, here are a few other things you need to know about the update.
· You can only access or integrate NFTs on Instagram via creator or professional mode. As a Facebook user, you may need the " Facebook Stars" account to access it.
· The update is not yet available in countries globally. However, about 100 countries already have the feature, with plans for it to be available worldwide in no time.
· NFTs are not currently in their best selling mode. It would interest you to know that blue-chip collections like Bored Apes, DeGods are incredibly down from the highest floor prices of 2021. So, if you have thought about investing in NFTs as a get-rich-quick venture, you might need to rethink again.
