Meta announced that NFTs on Instagram will soon become a reality. Here’s what we know
The non-fungal code is the buzzword of the moment that Zuckerberg recently talked about NFT on Instagram, confirming that they may soon also reach the leading platform for sharing photos and short videos. Moreover, always in South to Southwest Conference Austin, Meta CEO went to talk about metaverse And the amount of NFTs on Instagram will be key to unlocking it New monetization options for creators.
What do we know about NFTs on Instagram
Over the past year, Meta has clearly shown it The metaverse will be more and more central her new business model. distance Libra bankruptcyFacebook’s cryptocurrency company is now exploring new ways to leverage technology in order to create a profile standalone virtual ecosystemHence the NFTs on Instagram and the announcement of the possible launch of one of them New meta virtual currency: Zuk Buck.
At the moment, both projects have been released Very vague information. From Zuck Buck, we just know it’s going to be a file Token in the app In development, such as those already used in many video games to buy “skins”, while in relation to Non-fungible icon on Instagram We only know that in the near future “it will be possible to mint the NFT on the platform,” as Zuckerberg himself stated.
But NFT has been talked about on Instagram for some timeJust think Adam Mosseri, head of Instagram, actually mentioned this option about a year ago: long before the NFT acronym appeared on everyone’s lips.
Implications for non-fungible icons on Instagram
As mentioned earlier, at the time of writing, we don’t have great news about how NFTs work on Instagram. In general, for those who are fasting in this thread, NFTs are nothing more than Certificates of Authenticity and Ownership of Unique Assets, non-replaceable, mostly in digital format. Hence the concept of non-replaceability of the asset.
On January 20, 2022, Twitter announced the launch of a version of NFT on iOS And on March 17, 2022, the feature also arrived for Android users.
source: blue twitter
Twitter’s NFTs are within a domain Personalization mode From the account and anyone who is enabled for this functionality can show the NFTs they own thanks to a hex profile picture. With this step, Twitter has approached reddit and discordplatforms known to be “crypto-friendly”, leaving behind Facebook and Instagram once again.
Going back to the NFTs on Instagram, we know for sure how good Zuckerberg is at “taking inspiration from his competitors” and this is evidenced by Snapchat clone stories, but also by TikTok clone Reels. So we can easily imagine that Meta is thinking of providing its users with the ability to Connecting a blockchain wallet to a profileTwitter has already done so, leading to new monetization options for influencers and creators first and foremost.
Zuk Buck and NFTs
We already expected Meta to have it in mind among its projects in the near future zok buckOne New virtual currency Spends only on apps that belong to the group. That Zuckerberg has expanded to Cryptocurrency world It’s certainly not new, so much so that it launched Libra in 2020, then renamed Diem, but it failed soon after.
As revealed by several sources including the Financial Times, the new Zuck Buck will constitute a file alternative source of income of the company and will be part of growth plan It aims to attract more users on the Meta platforms thanks to the development of new features. However, the risk of creating a blockchain to register the new Meta cryptocurrency was very high, as evidenced by the failure of Libra, so Zuck Buck would simply be social currencywhich will not in any way compete with other cryptocurrencies or traditional currencies.
Maybe NFTs on Instagram can only be bought by exchanging your real money at Zuck Buck?
We still don’t know, although the option could certainly be interesting because, by doing so, Meta would be able to create a more closed ecosystem to attract new potential users interested in it. Now a multibillion dollar market of NFTs.