Sources meta nfts facebook instagram nfts

There will be no fees associated with posting or sharing a digital collectible on IG.

See you next week! ✌

— Adam Mosseri (@mosseri) May 9, 2022

Mosseri said the test is small to start so that Instagram can learn from the community. Perhaps in an attempt to tackle distrust of a major social networking platform jumping into NFTs, he brings up a tension between large companies like Instagram and the decentralized ethos of Web3.

“I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power,” Mosseri says.

A potential first step towards Metaverse proper, perhaps, but tech industry veteran John Carmack already has concerns about Metaverse in its current pre-release format.

It’s worth remembering that the NFT market seems to have plummeted, according to The Wall Street Journal’s recent market analysis, which also took into account a variety of studies that suggested the public’s interest in blockchain technology might be dropping as well. To be sure, massive web platforms such as Instagram and Facebook could reinvigorate the market, but this doesn’t seem to be a given at this point in time.

The CEO at Square Enix expressed interest in NFTs not long ago, and the company pivoted heavily towards blockchain technology soon thereafter.
It’s therefore not impossible that the game publisher might already be looking at Instagram/Facebook NFT implementations to further its business.

NFTs and are fundamental to the economy that has been built up around digital assets.

OpenSea, the largest NFT marketplace, recently raised $300 million at a $13 billion valuation earlier this month and facilitated more than $10 billion in NFT sales and trading volume by November 2021. Crypto wallet and finance providers and Coinbase have both signaled plans to open up their own NFT marketplaces as well.

During the company’s rebranding to Meta in October, Chief Executive Mark Zuckerberg said that NFTs would be part of Meta’s shift into the “metaverse,” an interconnected network of virtual worlds, which would allow the purchase and trade of virtual items between users.

Many collectors of NFTs do so as part of a cultural and social experience, using their collections to showcase their personalities.

Meta Platforms Inc., formerly Facebook Inc., is reportedly jumping onto the nonfungible token bandwagon and will allow users of its social media platforms Facebook and Instagram to mint, sell and trade the digital assets.

According to the Financial Times, unnamed sources said that Meta is already working on features that will allow users to display NFTs on social media profiles on Facebook and Instagram. There is also a prototype in the works that will assist users in the minting, or creation, of the tokens.

NFTs are a type of virtual asset secured by peer-to-peer blockchain technology that represents ownership of digital items such as artwork, music, collectibles, videogame items and more.

You know the old Reese’s commercial, “You got peanut butter in my chocolate, you got chocolate in my peanut butter”? Well, Facebook parent company Meta is apparently going for a modern spin on that: “You got your disinformation-infested platform in my destructive and wasteful digital art!” That’s according to a new report from the Financial Times, which says Meta is now exploring the possibility of allowing users to create, sell, and display non-fungible tokens (NFTs) on its platforms.

Per FT, here’s what the whole thing would look like: Meta would use its Novi platform, a digital wallet for storing cryptocurrency that the company launched late last year and has been testing in WhatsApp, to support NFTs. Novi would be used to pay for and store digital art.

FT notes that the project is in the early stages and could change, but Meta has been teasing the idea for a couple of months now. In October, shortly after Facebook tried to paint over its many atrocities and failures by changing its name to Meta and pivoting to building the virtual reality hellscape of the future, CEO Mark Zuckerberg stepped out of his avatar body long enough to say that his metaverse dreamworld would need to support “ownership of digital goods or NFTs.” Likewise, head of Instagram Adam Mosseri said last month that his company was “actively exploring NFTs and how we can make them more accessible to a wider audience.” It’s a classic case of asking if you could rather than if you should, and surely the results will be every bit as exhausting and disastrous as you can imagine.

If you’re unfamiliar with NFTs, here’s basically how they work.

The technology has made it possible for digital items to be collectibles because once minted, an NFT can be traded between parties, and the transaction is recorded.

In 2021 the NFT market reached $41 billion in value, according to a new report from blockchain analytics company Chainalysis Inc. This value rivals the $100 million in digital collectible sales from 2020 tracked by DappRadar.

A large portion of the market surrounds digital art NFTs, including such collections as the CryptoPunks and Bored Ape Yacht Club.
The highest-selling CryptoPunk was CryptoPunk 7523, sold for $11.75 million. Another big example of how NFT digital art made headlines in 2021 was Beeple’s collage “Everydays: The First 5000 Days,” which sold for $69 million at a Christie’s auction.

Many of these sales happen on NFT marketplaces, which FT reported that Meta is also working on for its users.

Zuckerberg reportedly talked about minting your avatar’s clothing as an NFT and taking “it between your different places.” Zuckerberg has talked about NFTs and the metaverse before, saying that he could see them as part of the digital world’s governance. Now, it seems like he’s thinking about them as digital objects, something brought up by Meta before.

He did note on Tuesday that “a bunch of technical things that need to get worked out before that’ll really be seamless to happen.” For one, Meta would have to make sure the objects integrated well on different platforms, which isn’t particularly easy.

It’d also have to, you know, actually, build a metaverse for that to happen in (which does seem like a small technical hurdle).

Instagram won’t be the first major social network with an NFT integration.

NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one of a kind, like a real-life painting, or one copy of many, like trading cards, but the blockchain keeps track of who has ownership of the file.

NFTs have been making headlines lately, some selling for millions of dollars, with high-profile memes like Nyan Cat and the “deal with it” sunglasses being put up for auction.

There’s also a lot of discussion about the massive electricity use and environmental impacts of NFTs. If you (understandably) still have questions, you can read through our NFT FAQ.

Of course, there’s also a metaverse angle here as well.

Some NFTs are used as access to exclusive clubs, for example Bored Ape Yacht Club, which double as profile pictures and access to chat rooms. Other’s people display in the same way someone might lay out a movie poster or sticker collection.

It’s not uncommon for the owners of specific NFTs to publish them as their Twitter profile pictures in order to signal social stature.
Users often also include a link to prove their ownership of the NFT as well in their profile because showcases do not yet exist on these platforms.

All that has been driving industry interest by social media platforms such as Twitter, which hinted at upcoming NFT verified profile pictures and an NFT showcase.

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It is worth noting that the company, which recentlychanged its name from Facebook to Meta, is now primarily engaged in thedevelopment of its own metaverse, within which digital collectibles could play a significant role. It is also still working on its stablecoin project,Diem, which has yet to hit the market.

In a hypothetical metaverse of Meta, NFTs and stablecoins could play a fundamental role, being at the base of the internal market that the metaverse will inevitably have.

In fact, behind the Diem stablecoin project, there is theNoviwallet, which according to Financial Times rumors could in the future alsosupport NFT custody features.

Meta might be the next to hop on the NFT bandwagon. The Financial Times’sources claim Meta is developing ways to create, display and sell NFTs on Facebook and Instagram. The company’s Novi wallet technology would power much of the “supporting functionality,” one tipster said.

Instagram is reportedly testing a way to showcase NFTs, while Meta is also said to be discussing a marketplace that would help you buy or sell these digital collectibles.

The company has already declined to comment, and the sources cautioned the effort was still early and could change.However, Instagram leader Adam Mosseri said in December that his social network was “actively exploring” NFTs. The technology is on the company’s mind, at least.

A dip into NFTs would make sense.

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