Meta took a major step to embrace web3 technology by enabling support for NFTs in Instagram for over 100 countries around the world. Users living in these specific countries can now upload and share their unique NFTs on the platform and increase exposure to their digital assets. Meta announced its direct support for Coinbase and Dabber wallet which would allow creators to directly upload their NFTs and share it with a broader audience.
Third-party wallets such as MetaMask and Rainbow crypto wallet are also accepted by Instagram. Earlier, the concept of NFTs was limited to crypto-spheres and blockchains only, and no major company had adopted the trend of non-fungible tokens (NFTs) before on such a large scale.
Meta believes that this step towards mainstreaming NFTs will enable creators to sell their unique digital collectibles to their followers to generate revenue. By leveraging the tools at hand, the adaptation of NFTs will open up many more alleyways for creators to earn and it’s an incredible step towards mainstreaming NFTs in a centralized fashion.
Meta’s support for NFTs on Instagram won’t only benefit the creators, but also introduce the concept of cryptocurrencies which would eventually boost cryptocurrencies. Down below, we’ve explained comprehensively how Meta’s NFT expansion to Instagram would create a boom in the crypto industry.
Benefits of Instagram Support for NFTs
The concept of non-fungible tokens (NFTs) has been around for some time but, unfortunately, only the people familiar with the concept of cryptocurrencies managed to understand their functionality. Fortunately, Instagram enables creators to share their NFTs with the world, millions more will be exposed to the concept of digital collectibles, and it would have a hugely positive effect on the blockchain industry.
Moving on, there are no fees for sharing NFTs on Instagram which would further motivate creators to share their incredible work and tap into a billion-dollar market. Previously, marketing and reaching out to a broader audience would not be possible without a gigantic allocation of marketing budget but, with Instagram enabling its support for crypto-backed NFTs, it will be a huge step toward mainstreaming NFTs.
Boost Crypto Currencies
On Instagram, people would be able to sell their NFTs through the Instagram marketplace, and since cryptocurrencies are used to trade them, a boom in cryptocurrencies is logically expected. With more circulation of cryptocurrencies and more and more people investing in NFTs, the currencies will get stronger with time which would potentially change the game plan for all the blockchains around the globe.
Currently, Instagram readily supports Ethereum and Polygon blockchains but down the line, Meta has announced support for Solana and Flow blockchains as well. Support for maximum blockchains, which we expect to happen quite soon, will enable cryptocurrencies to keep flourishing.
Broaden the Audience for Creators
Despite the massive boom of the crypto world and the recent declines, a majority of people on the internet are not completely familiar with the concept of NFTs, making it harder for creators to reach a broader audience. However, Meta’s expansion of NFTs would not only enable creators to reach more people but also offers a learning curve for people who were not familiar with the concept of NFTs.
The idea of having complete digital ownership of an asset would surely intrigue millions on the internet and it would also play a vital role in securing investment in crypto spheres. Moreover, since NFTs are relatively new to a majority of people, seeing that Meta is promoting them, more and more people would surely be enticed by the concept and would acquire a few of these just for bragging rights.
Strengthens Crypto Currencies
Users are required to use a crypto-wallet to secure NFTs and since trading is done in the native currency of the blockchain, more people would get a hold of cryptocurrencies. The increase in the circulation of the money would further contribute to strengthening these cryptocurrencies. While the early investors could reap the rewards, new users won’t have to fear losing the value of their precious digital assets since the generous inflow would keep the currencies afloat.
Over the years, there have been multiple times when major cryptocurrencies such as Bitcoin and Ethereum took a dive and were devalued. However, since the adaptation of NFTs by Meta hints at mainstreaming these digital assets, this might contribute to less fluctuations resulting in these currencies being more stable over the long term as an investment.
There’s no denying that introducing NFTs to the casual audience will bring a boom to the crypto world which would eventually be quite beneficial for all cryptocurrencies and their holders. Instagram now enables creators to come up with digital collectibles and generate revenues from them which also motivates content creators to work on exciting projects.
Introducing the casual audience to NFTs will also make it easier for them to wrap their heads around the offerings of web3 and the blockchain world. Furthermore, there’s also a negative sentiment towards the crypto world due to the negative narrative put on things but, since Instagram, the most popular social media platform on the planet, is vouching for it, people won’t be hesitant about the crypto world anymore and instead further investing the cryptocurrencies and digital assets is to be expected.
Lastly, Meta’s core focus on bringing the metaverse live and with it, various sorts of NFTs, screams that the platform is planning to dominate the NFT scene as well. And ever since the drop in the annual revenue of the company, they’re dedicated to adapting web3 and enabling users to experience the modern age with virtual and augmented realities.