Soon, anyone with an NFT avatar will be able to display it on Facebook and Instagram as a profile picture. The possibility of a marketplace intended for the exchange of non-fungible tokens was also mentioned by the FinancialTimes. An announcement that will end the hegemony of OpenSea?
NFT, a lifeline for Instagram and Facebook?
Not very talkative on the subject, the Meta group left the FinancialTimes freedom to disclose its plans to allow Facebook and Instagram users to create and sell NFTs. This comes a few months after Mark Zuckerberg announced he was renaming his empire in preparation for the metaverse.
Let’s not forget that the two social networks have each generated astronomical revenues for their shareholders. Advertising revenue on Instagram and Facebook amounts to several billion dollars. Except that this supremacy is far from being sustainable: competing social networks are gradually stealing market share from them.
Hence the interest of the leaders of Meta for a marketplace conducive to NFT trading.
Will it be a new competitor for OpenSea? This platform, closely followed by the start-up LooksRare, continues to amaze observers by achieving record-breaking monthly trading volumes.
In any case, the arrival of Meta in this universe will have an impact on at least two points: a new dynamism at the market level, coupled with an upsurge in buyers and sellers of non-fungible tokens, and/or a cannibal effect between the mastodons of this vast ocean.
Certainly the idea of getting ahead of the others by entering the metaverse first was commendable on the part of Meta, but the “trials and failures” that they accumulate plunge us into doubt. The resounding flop of the year-end VR concerts speaks volumes. In addition, the resignation of David Marcus, father of Facebook’s digital currency, has not been without effect within the system.
Diem, Zuckerberg’s group cryptocurrency has also encountered strong opposition from regulators. This had repercussions on the project to launch its wallet Novi.
However, the digital wallet continues its testing phase in parts of the United States and Guatemala. This privilege is therefore not granted to all residents of these localities.
Note that this integrated cashback wallet is based on the Pax Dollar, the stablecoin issued by Paxo, in order to obtain the green light from the authorities.
Meta’s dive into the NFT universe would make perfect sense. This confirms in particular its desire to integrate the metarverse, even if the non-fungible tokens do not have the power to make it come true. If this project is successful on Facebook and Instagram, Mark Zuckerberg will have reason to praise his collaborators given the potential that this represents for both platforms.
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The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it