Large technology conglomerate, Meta, announced that Instagram would introduce its Digital Collectible feature to allow users to showcase their NFTs that are linked to a digital wallet, legitimising the move towards the new era of the internet.
and CryptoPunks can easily hit millions of dollars. For many, this is a sure-fire way to amass wealth in the shortest time.While many have become millionaires during this “golden age”, the current situation is not a joyful affair. Pundits have termed this period the “crypto winter”, where prices have reached an all-time low. For example, NFT sales have for the first time not hit the US$1 billion mark in July since June 2021.
Things are not looking great at the moment for the NFT community as the market undergoes a consolidation period to smoothen out the kinks around. While the industry corrects itself and regains a foothold, social media companies are not taking the backseat. Meta announced that Instagram would introduce its Digital Collectible feature to users in more than 100 countries after completing its beta testing in May early this year.
On average, Instagram boasts approximately two billion monthly active users. For NFT creators, to be able even to capture a fraction of this massive audience could help their careers. The move to integrate NFTs into a social media platform is not novel; competitors like Twitter, Reddit and Snapchat have experimented with it.
Earlier in May, Meta CEO Mark Zuckerberg shared that the company is moving to bring augmented reality NFTs to its Instagram Stories where digital art can be superimposed into physical spaces. This aligns with the company’s continued progress in integrating the metaverse into its platforms. Other significant players across industries have already started their move into Web3. From fashion brands like
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Web3 Has Conquered the Last Bastion of Adoption With InstagramLarge technology conglomerate, Meta, announced that Instagram would introduce its Digital Collectible feature to allow users to showcase their NFTs that are linked to a digital wallet, legitimising the move towards the new era of the internet.
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