Meta’s CEO and Founder, Mark Zuckerberg, announced that the business will integrate NFTs into Instagram in the next months, allowing users to mint such assets directly on the platform.
According to the memo, Meta-owned Instagram will streamline the process of buying and selling NFTs, lowering the barriers to accessing this type of digital asset even further. According to the paper, Instagram’s strong brand influence can legitimise NFTs, promoting a higher level of public adoption.
According to a study note published on Sunday by Deutsche Bank the implementation of NFT technology on Instagram has the ability to stimulate the entire market and make it mainstream.
The German bank Deutsche also estimated that Instagram’s creation of an NFT Marketplace would result in approximately eight billion net transactions per year. Aside from Instagram, big internet businesses such as Twitter and Snap will include NFTs to some extent into their platforms.
Twitter began allowing users who have subscribed to Twitter Blue, a paid premium service with capabilities not available to regular users, to display the NFTs they own as verified profile images earlier this year. This feature garners a lot of attention, especially given the growing popularity of NFT initiatives like Bored Apes Yacht Club.
Reddit, another social media behemoth, is looking for managers and engineers to help in “build(ing) the internet’s largest creative economy, powered by independent artists, digital commodities, and NFTs.” This is also an indication that the corporation is considering creating its own NFT marketplace and a vibrant community based on NFT collections.